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Chase Adopts Pew’s New Model Disclosure for Chase Liquid®

  Chase Adopts Pew’s New Model Disclosure for Chase Liquid®

  New disclosure will ensure our customers can plainly see how Chase Liquid®
                                    works

Business Wire

NEW YORK -- February 26, 2014

Chase today unveiled a new simple and clear disclosure form for its Chase
Liquid® prepaid card. Chase is the first prepaid provider to adopt a new model
disclosure box released today by the Pew Charitable Trusts. The new disclosure
form allows customers to plainly see a description of fees and when deposits
are available in a simple, easy to read format.

“Our customers appreciate that we use clear language when we describe how our
products work,” said Barry Sommers, CEO of Chase Consumer Bank. “Chase Liquid
was built on the premise of being simple and easy to understand, so the Pew
disclosure form is perfectly aligned with this product.”

U.S. Senator Mark R. Warner (D-VA) recently introduced legislation to require
financial institutions to more clearly disclose fees associated with their
prepaid cards. “It’s important that people have access to prepaid cards as we
move into an increasingly digital economy, but we can’t let technology outpace
smart consumer protections. At nearly $700 billion in sales each year, prepaid
cards are one of the fastest-growing segments of the digital economy, but
aren’t required to have the same kinds of consumer protections as other types
of credit cards and gift cards. I commend Pew for their work on this issue and
Chase for being the first prepaid card provider to adopt the disclosure box
for their cards, which I proposed making standard for the industry in my
legislation.”

The new prepaid disclosure form builds on Pew’s success in creating a model
simple disclosure form for checking accounts. In December 2011, Chase worked
with Pew to develop a revised summary guide for Chase Total Checking that made
its terms and conditions easier to understand for consumers.

“Pew's research shows that inconsistent disclosures make it difficult to
understand the fees associated with each prepaid card,” said Susan Weinstock,
director of Pew’s safe checking research. “Terms should be plainly stated so
that consumers can make fully informed financial decisions. Chase is taking an
important step toward making these cards more beneficial and we hope other
providers will follow.”

Chase Liquid combines the control and flexibility of a prepaid card with the
convenience of Chase’s extensive network of branches and ATMs. Chase Liquid is
FDIC-insured and offers reimbursement for unauthorized purchases and
withdrawals.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase &
Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4
trillion and operations in more than 60 countries worldwide. Chase serves more
than 50 million consumers and four million small businesses through more than
5,600 bank branches, 19,000 ATMs, credit cards, mortgage offices, and online
and mobile banking as well as through relationships with auto dealerships.
More information about Chase is available at www.chase.com.

Contact:

Media:
Trish Wexler, (212) 270-5883
patricia.a.wexler@jpmorgan.com
Follow us @Chase
 
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