- via Kate Fazzini and Emily Glazer at the WSJ
- JPMorgan (NYSE:JPM) has quietly shelved a popular program which allowed customers to replace lost debit cards at many of its 5.3K branches.
- This means a reversion to the old system in which new cards must be mailed.
- JPMorgan (JPM) had previously been one of the first major banks to allow instant-issue debit cards, but about two years ago began to see a big uptick in folks coming in to branches with fake IDs matching customer information, and requesting new cards. This issue was solved, says the bank, by requiring customers to use the same ID they had produced when opening their account.
- This discontinuation, says the bank, is more about a push to cut costs, and customers increasingly moving to alternate payment options.
- Other lenders like PNC Financial (NYSE:PNC), and TD Bank continue with the service, and say it remains quite popular with customers, and with fraud less an issue than mail theft.
- Now read: Is JPMorgan About To Surprise Again?
Original article