JPMorgan announced on Wednesday the adoption a new disclosure model for its Chase Liquid prepaid card put forth by the Pew Charitable Trusts.
The new disclosure box provides customers with a description of fees and deposit availability schedule in an easy-to-follow format.
“Our customers appreciate that we use clear language when we describe how our products work,” Chase Consumer Bank CEO Barry Sommers said. “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.”
The adoption of the Pew disclosure comes after the non-profit released a new simplified disclosure for checking accounts. In 2011, Chase and Pew worked together to develop a revised summary guide that made the bank’s terms and conditions for checking accounts easier to understand.
“Pew’s research shows that inconsistent disclosures make it difficult to understand the fees associated with each prepaid card,” Susan Weinstock, the director of Pew’s safe checking research, said. “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.”