J.P. Morgan to Explore a Sale of its Corporate and Public Prepaid Card Business
New York, January 9, 2014 - J.P. Morgan announced today that it will explore a full range of options for its prepaid card business, including a sale. The prepaid card business includes all Corporate, U.S. Public Sector and Electronic Benefit Transfer (EBT) programs, as well as Health Savings Accounts (HSA). Additionally, the firm will no longer solicit or accept any new prepaid card business.
As the firm explores a sale, it will continue to fully support current clients and cardholder activities. Cardholders should continue to use their cards unless notified otherwise.
Chase customers, including cardholders of Chase debit, credit, Chase Liquid and commercial cards, are not affected by this decision.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm and one of the largest banking institutions in the United States of America (U.S.), with operations worldwide; the Firm has $2.5 trillion in assets and $219.7 billion in stockholders' equity. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the U.S. and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about J.P. Morgan's capabilities can be found at jpmorgan.com and about Chase's capabilities at chase.com. Information about the Firm is available at www.jpmorganchase.com.