American banking giant JPMorgan Chase has introduced a new cheque-less account service for the low-income consumers in the US.
The new service is aimed at driving financial inclusion in the US, where 6.5% of households had no bank account as of 2017, according to a Federal Deposit Insurance (FDIC) study.
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JPMorgan account: services
The new JPMorgan account, called Secure, comes with debit cards and with access to mobile banking, branches and ATMs.
The customers are not required to maintain a minimum balance in the accounts but have to pay $4.95 per month.
Additionally, the new Secure debit card can be used for cab rides and car rentals. These services were not available with Liquid, JPMorgan’s earlier prepaid debit card offering.
However, the service does not allow overdrafts.
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By GlobalDataChase consumer banking chief executive Thasunda Duckett told Reuters that the new account is expected to attract more low-income individuals.
Duckett told Reuters: “The very first step in building financial health really starts with a bank account.”
The introduction of the new JPMorgan account comes at a time when the US regulators are calling on the lenders to cater to the low-income customers.
Other American lenders such as Bank of America and Citigroup have already rolled out similar accounts.
In the US, JPMorgan has around 16,000 ATMs and 5,000 branches.
Earlier this month, the consumer banking unit of JPMorgan Chase announced to open 90 new branches this year.
