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JP Morgan Chase to issue debits cards for unemployment benefits recipients in Alaska

Monday 23 February 2009 | 12:41 PM CET

US state authorities in Alaska have signed an agreement with financial services provider JPMorgan Chase to launch a joint program aiming to distribute unemployment benefits via debit cards.

The new debit card initiative, which seeks to cut back on cheque printing costs for the US employment security division, will function in parallel with the existing direct debit distribution scheme for unemployment benefits. Recipients who live in rural areas where there are no ATMs or stores which can handle debit card transactions are to continue receiving paper cheques.

Under the term of the issuing agreement, the JPMorgan debit cards are to be employed by users for ATM cash withdrawals and POS purchases. Cardholders are allowed two charge-free ATM withdrawals per month, with an extra fee of USD 1.5 per transaction for subsequent withdrawals.

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