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JPMorgan may sell prepaid card division

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By The Associated Press
Friday, Jan. 10, 2014, 12:01 a.m.
 

JPMorgan Chase & Co. said it is considering the sale of its prepaid card business.

The company said on Thursday it is no longer accepting new prepaid card business but will continue to support existing cardholders.

Chase bank customers are not affected by the decision.

JPMorgan said last month that the personal information of about 465,000 users of its UCard prepaid cash card may have been hacked. The UCard is used for programs such as food stamps, unemployment benefits and tax refunds. Corporations use the card to pay workers who don't have checking accounts.

 

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