EBT (electronic benefits transfer) is a program in the United States that sends qualified individuals government benefits every month electronically. The funds are put on cards resembling debit or credit cards. An EBT JP Morgan account means that the bank is a retailer for this program. It facilitates the electronic distribution of funds from government agencies to its participants.
The EBT program is an effective way to get money to individuals quickly. The old system of distributing funds included food stamp coupon books and benefits checks sent through the mail. These paper methods lead to lost or stolen benefits. With an EBT account there is more control over the distribution of funds to low-income people.
The bank was started in New York City by its namesake J. Pierpont Morgan, a millionaire. Over time the bank grew into an international business. In 2000, the bank merged with Chase Manhattan Bank. The merger of these two huge international banks created one of the largest banking corporations in the United States. The bank is officially known as JP Morgan Chase, and it has many divisions including the retail division that handles EBT accounts.
The EBT website provides all the information a state agency needs to enrol in the bank’s program. There are enrolment forms, copies of contracts and agreements, and other relevant information to set up an EBT account with the bank. There is a separate page for each of the 50 states because laws regarding electronic benefits transfer differ widely from state to state.
Morgan Chase also provides the equipment a state agency needs to process the electronic transfer each month. Most states require only government sanctioned equipment. JP Morgan even trains those individuals who have licenses to use this government equipment.
Being an EBT retailer is a complicated business because so many protocols are in place to ensure there is no mishandling of funds. The various state laws also make it necessary for those working in the EBT JP Morgan retailer division to stay abreast of all new laws that affect electronic benefits transfers.
As an international bank, JP Morgan Chase offers corporations and government agencies many retail products to help them invest money, save money and send money, including benefits transfers.