When bankers come up with a new wonder product, it’s rarely good news for consumers. JPMorgan Chase’s ( JPM ) new “Liquid” card is no exception. Unveiled last week, Liquid is touted as “a reloadable card that offers customers financial control and flexibility with the convenience of Chase’s extensive branch and ATM network.” Co-branded with Visa ( V ), Liquid can be used much like a credit or debit card to withdraw cash from ATMs, pay for purchases in stores and online, and even pay the electric bill. It offers other conveniences, too. For example, you don’t need to have a bank account with Chase to use the card. Plus, Liquid can be “charged” with as little as $25 initially. These two benefits work hand in hand to benefit customers who might not have enough money saved up to open a fee-free bank account. So for the estimated 17 million “unbanked” Americans, Liquid offers a viable alternative to traditional banking. (And an introduction to Chase, which presumably hopes customers will keep on banking with them once their financial situation improves.) But Liquid’s not without its flaws. Indeed, one flaw in particular threatens to make saving up enough to open a traditional bank account harder, not easier. Why is it bad? Earlier this year, as you may recall, Chase was among several banks that tried to push through a $3 monthly fee for using its debit cards . Customer backlash put a quick end to that plan , but now it’s back with a vengeance. Liquid — itself essentially a debit card for people who don’t have a bank account — comes with a $4.95 monthly fee. That’s 65% more than what Chase had hoped to squeeze out of ordinary cardholders. Let’s do the math — $4.95 a month comes to $59.40 a year. That might not sound like much, but remember: This is a fee Chase is charging, basically for the privilege of letting the bank hold on to your money and lend it to other customers.