JPMorgan Chase has been chosen by the New York State Department of Labor to provide a variety of banking services designed to increase the speed in which unemployment insurance benefits are paid.
JPMorgan Chase will offer the department check processing, accounting and reconciliation, debit cards and payment collection services. JPMorgan also plans to offer direct deposit services in the future.
Under the new contract the bank will be responsible for providing payments to the some 680,000 annual unemployment insurance benefit claimants and for processing any overpayments.
“The New York State Department of Labor should be commended for these innovations, which will provide benefits more quickly and conveniently,” said Cheryl Halpern, president of JPMorgan Chase’s Northeast Government Banking Group.