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The S.C. Department of Social Services has approved a debit card program that lets one of the nation’s largest banks take money directly from benefits issued to some of the state’s neediest families.
The agency hired JP Morgan Chase this spring to administer the program, which deposits money each month to a debit card issued to low-income residents with dependent children.
In return, JP Morgan Chase can charge those people fees when they use the card to access money and check their account b
Beneficiaries are not allowed to receive their money any other way.
South Carolina joins 29 other states that allow banks to administer debit card programs for social service and unemployment payments, according to the U.S. Department of Labor.
JP Morgan Chase has contracts with seven of those states and pending deals with two others.