JP Morgan is introducing the Chase Workers Compensation Card, a prepaid debit card delivering workers compensation benefits to injured or disabled workers. They are the first major bank to offer this product.
This debit cards gives insurance companies an alternative method for paying injured workers, eliminating the cost and time of paper-based check distribution. Program administrators use an online managing and reporting tool to enroll cardholders, ship cards efficiently, electronically deposit funds into card accounts, track payments, and produce nearly twenty types of reports. New cardholders also can be enrolled via batch file processing.
Injured workers with the debit card can access their funds at ATMs, receive cash back at retail locations, pay bills online, and make purchases at locations that accept Visa debit cards. Cardholders avoid paying check-cashing fees and can access account balances via a toll-free number or online.
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