JPMorgan looks at sale of prepaid card business
NEW YORK (AP) — JPMorgan Chase says it is considering a sale of its prepaid card business.
The company said Thursday it is no longer accepting new prepaid card business but will continue to support existing cardholders. The prepaid card business includes services for corporate and government programs, including health savings accounts.
Chase bank customers are not affected by the decision.
JPMorgan said last month that about 465,000 users of its UCard prepaid cash card may have had their personal information hacked. The bank’s UCard is used for programs such as food stamps, unemployment benefits and tax refunds. Corporations use UCard to pay workers who don’t have checking accounts.
JPMorgan Chase fell 33 cents to $58.54.