Chase Liquid?

[Chicago Jake]

I know Chase banks are pretty ubiquitous, so maybe some of youse guys have seen ads for this new card they are touting, the "Chase Liquid" card. Basically, it works like a reloadable gift card. You load it with as much or as little cash value as you like (from your regular account, or by direct deposit of your paycheck, or by depositing a check at an ATM and sending it to the card), and then you use it like a debit card until it runs out of value, or you reload it.

My question is: what's the freakin' point? I already have a debit card (that I never use) for making non-cash, non-credit purchases. Why the heck would I want to move some of my cash to a separate card and pay with that? And pay the bank $4.95 a month for the privilege?

I don't get it. But I really don't get the point of debit cards, either, so maybe I'm missing something. What say you?

[♥ COVID-19♥]

I'm with you -- I have banked with Chase for over 30 years but have never used a debit card. I don't get the point, but I suppose debit cards may be useful for people who have out-of-control spending habits when they try to purchase with credit cards.

[♥ COVID-19♥]

www.lvrj.com/business/prepaid-cards-growing-in-popularity-165893906.html

J.P. Morgan Chase and Wells Fargo are just two traditional banks now marketing their cards to individuals whose assets and credit scores have been hit hard by sinking home values or other financial challenges.

"Our main customer for the Chase Liquid card is a consumer who wants a checking account, but can't get one," said Gary Kishner, vice president of media relations at Chase in Los Angeles. "It's a graduation product. A way to show they are responsible before moving on to a traditional checking product."

Bank-issued prepaid cards give those consumers a way to pay their bills at a lower cost than services offered by check-cashing stores, payday lenders and some big-box retailers.

The Federal Deposit Insurance Corp. defines unbanked consumers as those without access to mainstream financial products such as bank accounts and low-interest loans. The underbanked might have access to a bank account but rely more on costly alternatives.

The FDIC says 9 million adults in the U.S. are classified as unbanked while 21 million are considered underbanked.

[Chicago Jake]

Ahhh, I begin to understand. It's for people who don't already have a checking account with a debit card attached. That makes sense. I have enough money in the bank that they don't charge me any fees, but I imagine if you are living hand-to-mouth, checking account fees could add up to a lot more than five bucks a month.