Changes To Chase’s Prepaid Card & Checking Account Sign Up Requirements

The Changes

According to the Wall Street Journal, Chase has come to an agreement with the New York Attorney General, Eric Schneiderman regarding their prepaid Liquid card and also the requirements for opening a checking account. Here is a summary of the changes that are coming into effect:

• New applicants for checking accounts won’t be penalize if they were frequent users of overdraft policies, as long as that activity hasn’t occurred in the last two years.
• Liquid prepaid cardholders will now have access to online bill payment
• If the recipient of a payment from a Chase Liquid customer doesn’t accept electronic payments from the bank, Chase will print and mail a paper check free of charge (previously they charged $5-$8 depending on whether they requested a money order or check)
• Liquid cardholders will now also have access to person to person payment services

Why We Care

This won’t really affect most people, the Chase Liquid Card is still not useful for manufactured spending purposes but the checking account changes will help some people be approved that weren’t able to get previously approved. This is great news, as Chase often offers generous sign up bonuses on their checking accounts (up to $300), we keep an updated list of these bonuses here.