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Good afternoon everyone, I just received an email from Chase that said I had just received a Chase Secure Message (SM). I logged into my Chase online account and went to my Secure Messages window. Chase is making a few changes to the way Chase QuickPay will work for both sending and receiving money. Starting August 19, 2016, users will need to have a Chase checking account or a Chase Liquid Prepaid Card. This change is related to how Chase sends and receives money with a service called clearXchange. I wrote about clearXchange (cXc) last year in this post: Email Address Issues Regarding clearXchange Network Payments from Chase, Wells Fargo, and Bank of America. One positive improvement starting on September 11, 2016, is that all Chase QuickPay payments will automatically be received and deposited into your account, you will no longer need to manually sign in to accept Chase QuickPay payments.
So what is the Chase Liquid Prepaid Card? You can read all about the card here, but the idea is simple. For $4.95 per month (not waived), you can load money (checks and cash) directly to the prepaid card and use the prepaid card anywhere Visa debit cards are accepted. This is perfect for people who want a debit card, do not have a bank account, and like paying monthly fees. If you do not fit that description, stay away from Chase Liquid. To waive the $4.95 monthly fee, you need to “link a qualifying Chase checking account,” which begs the question, why not just use your free Chase debit card (PDF fees and penalties)?
Here is some more information about the Chase Liquid card:
Long story short, Chase wants to encourage people to sign up for a Chase checking account or a Chase Liquid card to continue using Chase QuickPay. Alternatively, Chase wants people who use Chase QuickPay to stop using Chase QuickPay if they do not have a Chase checking account or a Chase Liquid card. I’ve only received 2 Chase QuickPay payments in the last 5 years, so this change does not affect me. Nowadays. everyone uses Venmo or Square Cash to send money.
If you have any questions, please leave a comment below. Have a great day everyone!