The Colorado Department of Labor and Employment recently renegotiated its contract with JPMorgan Chase in an effort to cut down the fees assessed on the Colorado Automated Payment card, one of the options for the state’s unemployment insurance payments.
The new contract eliminates all point-of-sale fees, allows one free denied transaction per month and increases the maximum ATM withdrawal limit to $809.
Unemployment claimants will have unlimited use at any Chase ATM and can have up to two teller withdrawals for free — but any more than that and claimants will have have to pay a $5 fee each month. There is a $1.50 fee for non-Chase ATMs.
The state-issued debit card was first created as a method for receiving unemployment payments in April 2008. A direct-deposit option has been available since February 2009. However, many claimants still prefer the debit card for its instant and portable convenience.
The new contract, which went into effect in August, will result in more than $500,000 in savings each year to unemployment insurance claimants, according to Cher Haavind, spokeswoman for the Department of Labor and Employment.
