U.S. Treasury Selects J.P. Morgan for U.S. Debit Card Program
Program Reduces Paper Checks Issued by the Federal Government
NEW YORK - The U.S. Department of the Treasury’s Financial Management Service (FMS) has renewed its designation of J.P. Morgan as its financial agent to support FMS’s U.S. Debit Card program, which provides prepaid debit card services to federal agencies. The three year award is part of the Treasury Department’s strategic plan to reduce the number of paper checks issued by the federal government.
Two types of debit cards will be offered: single deposit cards and multiple deposit cards. Single deposit cards can be used by agencies to pay a cardholder an incentive, bonus, one-time stipend, per diem or other similar one-time payment type. Multiple deposit cards can be used by agencies to make multiple payments to a debit card for emergencies, stipends, payroll, certain types of benefits or other similar recurring payment types.
Both types of cards can be used at point-of-sale for purchases or at ATMs to withdraw cash. Cardholders also will have the ability to pay bills via a secure website or to transfer money from the card to another account via an interactive voice response (IVR) system. For cards with cardholder owned funds, these funds will be insured through the FDIC and comply with all Regulation E provisions.
“We are pleased to continue our partnership with FMS on the U.S. Debit Card program,” said Laurie Neill, managing director of Public Sector Solutions for J.P. Morgan, “Debit cards will further help U.S. Treasury increase electronic payments issued by the federal government and yield significant savings to taxpayers.”
For more information about J.P. Morgan’s Public Sector Solutions, go to www.jpmorgan.com/publicsector
About Financial Management Service
The Financial Management Service (FMS) provides centralized payment services to federal agencies and operates the federal government’s collections and deposit systems. FMS oversees a daily cash flow of more than $60 billion, provides government-wide accounting and reporting services, and manages the collection of more than $3.7 billion per year in delinquent debts owed to the federal government. FMS also collects more than $3.1 trillion per year in government revenues and disburses more than $1.6 trillion to more than 100 million individuals through social security and veterans’ benefits, income tax refunds and other federal payments. For more information, go to www.fms.treas.gov.
About J.P. Morgan Treasury Services
The Treasury Services business of J.P. Morgan is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 39 countries, J.P. Morgan Treasury Services (JPM TS) is the world’s largest provider of treasury management services. JPM TS is a division of J. P. Morgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and WaMu brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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