May 12, 2008
Colorado residents who've lost their jobs and are eligible for benefits won't have to check their mailboxes for unemployment checks any more. Benefits will now be paid via Visa debit cards issued by Chase (JPMorgan Chase; assets of $1.6 trillion). The Colorado Department of Labor and Employment will provide Colorado Automated Payment (CAP) cards to eligible unemployed persons, with benefits deposited to the cards on a biweekly basis. CAP cards can be used by benefit recipients anywhere Visa cards are accepted. The new program will substantially reduce operating costs for the state government " postage savings alone will be almost $210,000 in the first year, and check printing and bank processing costs will be eliminated. Additionally, the debit cards will further the state's environmental goal of reducing paper consumption.