JPMorgan Exploring Sale To Exit Prepaid Card Biz

Law360, New York (January 9, 2014, 3:43 PM EST) -- JPMorgan Chase & Co. is moving away from administering prepaid cards and is exploring a sale of its business, which includes corporate payroll cards and health savings accounts, the company said Thursday. 

JPMorgan said it would no longer solicit or accept any new prepaid card business while it considered what to do with its current business, including a full sale. The business includes corporate and public-sector Electronic Benefit Transfer programs, programs in which companies pay employees on prepaid debit cards, and cards for HSAs. 

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