JPMorgan Chase adds to its revenue stream every time an American signs up for food stamps in 23 states


JPMorgan Chase adds to its revenue stream every time an American signs up for food stamps 

 

images

The same corporation that received tens of billions of taxpayer dollars back in 2008 as part of the massive corporate bailout swindle is now reaping hundreds of millions of dollars every year from the federal food stamp program, according to little-known reports. For every American that signs up for the Supplemental Nutrition Assistance Program (SNAP) in 23 states, it turns out, JPMorgan Chase & Co. earns a processing fee of between 31 cents and $2.30 per month, which adds up to nearly $1 billion a year in additional revenues for the company.

Much of the younger generation might not realize it, but the federal food stamp program used to be just that — a system serviced by actual paper food stamps. Today, however, the system is run by an electronic card system known as Electronic Benefits Transfer (EBT), for which plastic cards are issued to recipients. These cards work much like credit or debit cards, and can easily be swiped discreetly at grocery and convenience stores for food purchases. And rather than have to be continually reissued like stamps, EBT cards are simply recharged every month with more money.

But with this advanced technology comes the need for residual processing, and this is where JPMorgan comes into the picture. According to MoneyMorning.com, 23 states currently contract out with JPMorgan to handle the processing responsibilities associated with EBT management. And for each person receiving food stamp benefits, JPMorgan is able to add a monthly sum to its revenue stream which, when compiled across the board, appears to add up to nearly $1 billion annually.

Based on the latest available figures, JPMorgan appears to have raked in roughly $100 million in revenues, on average, from each of the states with which it contracts throughout the past seven years. This adds up to at least $2.3 billion in total revenues during this same time period, although the precise figure cannot be confirmed. Even so, JPMorgan is clearly garnering a pretty penny off the backs of both taxpayers and the nation’s poorest individuals through its EBT contracts.

“This business is a very important business to JPMorgan,” said Christopher Paton, the Managing Director of JPMorgan’s public-sector payments business, to Bloomberg News back in 2010 about its federal food stamp revenue stream. “It’s an important business in terms of its size and scale … Right now, volumes have gone through the roof in the past couple of years.”

JPMorgan also collects fees directly from food stamp recipients

EBT processing fees are not the only source of food stamp revenue for JPMorgan, however. According to MoneyMorning.com, the corporate giant also charges individual states a monthly point-of-sale (POS) machine fee, and SNAP recipients who use their EBT cards at ATMs outside of the JPMorgan network are also charged additional user fees. JPMorgan also charges EPT users fees to replace lost cards, and even charges a 25-cent fee for customer service calls.

“All those charges and fees come directly out of the pocket[s] of SNAP recipients — people so poor they need food stamps to make ends meet,” writes David Zeiler, Associate Editor of MoneyMorning.com. “You’d think a bank that needed a $94.7 billion bailout from U.S. taxpayers as a result of the 2008 financial crisis would have a better sense of civic responsibility. But that’s just not in JPMorgan’s DNA.”

via JPMorgan Chase adds to its revenue stream every time an American signs up for food stamps in 23 states.

via JPMorgan Chase adds to its revenue stream every time an American signs up for food stamps in 23 states.

Advertisements

About Old Boy

Love the past and the future but live in the present

Posted on May 2, 2013, in Food, Government, Health, National Politics, USA, Wealth and tagged , , , , , , , . Bookmark the permalink. 2 Comments.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

sorryless

great vengeance and furious anger served piping hot!

let me photograph you softly

photographs on the street

| SCRIPTEUM |

Blog de escritura

Sally.CS

"Érase una vez una gitana, que escribía historias de amor"

territori del '900

identità luoghi scritture del '900 toscano

fountain hues

the journey of a poetry

Flavorful Delights

A collection of recipes, food inspirations, and finding joy in cooking

Cafė com filosofia

A verdade existe!

From 1 Blogger 2 Another

Sharing Great Blog Posts

A Better Man

Make a Start

johncoyote

Poetry, story and real life.

passaporte no bolso

blogue de viagens

Art Bacchant

drunk on the arts

optimisticlifeat30

The essence of Poetry

Fun Freedom Fables

Stay happy, think positive & live life to the fullest

The Rolling Paper Company

Rolling papers for customized cigarettes has developed from rolling tobacco and weed in dried leaves of trees to rolling them in a paper.

andycritiques

Film & Television Reviews From The Perspective Of A Film & Televison Lover

Truth Troubles

Why people hate the truths of the world.

The Culture Tome

An Online Journal For Appreciating The Past

The Comic Vault

Unlock your inner geek and step inside!

sandsoftime10

A peep into Megha's mind

Education Motivation Inspiration

Warm welcome! This is more than an exploration. Discovery of new ideas and new ways of being.

EXPLORING FOR KNOWLEDGE.

REASONING IS THE FOUNDATION.

Perfect-Style-Knower

Visual Perception- Hot Edgy Erotica Site

THE BOOKS THAT TIME FORGOT.

Reviewing books that time has passed by.

Peach6972's Re🤗Blog🥀

lonly n depress😢🐘make my day 🌷⚘

outofwak (artworldwar)

we are all empty circles, through which the creative power of the universe passes through, whether we like it or not..

Why'd Multiple Sclerosis pick me

My Life with Multiple SCLEROSIS

Windows on Worlds

Because you speak to me in words and I look at you with feelings

Crackdown Review

A place to search something like movie, anime, novel, manga, etc. reviews

Dave's Corner of the Universe

Where strange fact and stranger fiction collide

Trust and Believe in the Unseen

Live with Light of Faith

#FILMose

Crítica para quem gosta de Cinema.

Gaston Bessette, Photographie

La passion de la photo-Photographs as a passion

hands in the garden

short poems for short attention spans

Empowered

Everyday

Iain Kelly

Fiction Writing

The Müscleheaded Blog

"Nothing Exceeds Like Superfluous Jejunity "

After the Final Curtain

"People buy tickets to theatres, not movies." -- Marcus Loew

cracked rear viewer

Fresh takes on retro pop culture

indiescifi451.wordpress.com/

science fiction autopsy. movie reviews, books, quotes, posters. no trash. no bullshit.

%d bloggers like this: