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Prepaid cards typically target customers who keep low balances or don't qualify for checking accounts. People with a history of writing bad checks, for example, can have difficulty getting a checking account. With prepaid cards, customers cannot write checks from the accounts or overdraw them, limiting the processing and other costs for the bank. Additionally, a loophole in the recent regulation allows banks to continue to collect higher fees from merchants when customers pay with a prepaid card versus the limits on fees when they use a debit card. Shares of JPMorgan Chase & Co., based in New York, fell 40 cents, or 1 percent, to close at $41.38 Tuesday.
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