JPMorgan announced on Thursday that it is considering exiting the prepaid card business and that it will discontinue marketing and acceptance of new prepaid cards.
The company said it would “explore a full range of options” for its prepaid business, including a sale. Its prepaid business includes all corporate, public and EBT programs, as well as Health Savings Accounts.
“As the firm explores a sale, it will continue to fully support current clients and cardholder activities,” the bank said in a press release. “Cardholders should continue to use their cards unless notified otherwise.”
JPMorgan said Chase debit, credit, Liquid and commercial cardholders will not be affected by the decision.