New York State Department of Labor Selects JPMorgan Chase to Provide New Banking Services for Unemployment Insurance Benefits; JPMorgan Chase Electronic Services to Help Speed Benefit Payments

Business Wire, August 4, 2006

NEW YORK -- JPMorgan Chase, a full-service provider of cash management, trade finance, and treasury solutions, today announced that it has been selected by the New York State Department of Labor (DOL) to provide a range of banking services that will help speed payment of unemployment insurance benefits.

The contract means JPMorgan Chase will provide check processing, accounting and reconciliation, debit cards and payment collection services. Direct deposit services are also planned for future implementation. The bank will be responsible for providing payments to 680,000 unemployment insurance benefit claimants each year and 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, JPMorgan Chase, President Northeast Government Banking Group.

The new banking services also provide the DOL with more administrative and cost controls. The agency will have faster access to its account information and reconciliation for outstanding and/or paid checks, as well as check imaging services.

JPMorgan Chase provides similar services to more than 13 million publicly funded accounts both domestically and internationally. Government agencies find that electronic banking enhances services, while reducing costs and administrative work. In New York, JPMorgan Chase has used debit cards to replace food stamp coupons and public assistance checks. Nationally, JPMorgan Chase provides debit card services to agencies in more than 30 states and territories, and provides a similar service to public pension recipients in the United Kingdom. Other JPMorgan Chase debit cards provide payments for Social Security, Supplemental Security Income, child support, subsidized child and foster care, Women and Infant Children (WIC) nutrition benefits, payroll, and disaster benefits.

For more information about JPMorgan Chase services go to http://www.jpmorganchase.com/info/pr/govdebitcards

About JPMorgan Chase

The Treasury Services (www.jpmorganchase.com/ts) business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and operations in 36 countries, JPMorgan Chase Treasury Services is one of the world's largest providers of treasury management services. JPMC TS is a division of JPMorgan Chase Bank, N.A., member FDIC.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.