JPMorgan Chase has launched a current account for those employed
by the US military services.

The Military Banking account is available for active duty Armed
Forces service members and members of the Guard and Reserve.

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JPMorgan Chase said that the accounts of its existing military
client base would automatically be upgraded to the new Chase
Premier Plus account, which offers premium services that are
usually offered to affluent customers.

The Chase Military Banking account comes with:

  • No monthly fee or balance requirements;
  • No Chase ATM withdrawal fee for using non-Chase ATMs anywhere
    in the world;
  • No Chase fee on incoming/outgoing wire transfers;
  • No fee for money orders, official and travellers cheques at any
    of Chase’s 5,300 branches;
  • Free safe deposit box;
  • Interest on balances;
  • Chase Plus Savings with higher interest rates and no monthly
    service fee, and
  • Two additional Chase Premier Plus Checking accounts with no
    monthly service fee.

New Chase Military Banking customers will receive the benefits
if they set up direct deposit of their military base pay. The
deposit of allotments does not meet this requirement.

The bank is also offering a mortgage service for military
personnel.

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The military personnel-focused products are part of JPMorgan
Chase’s newly-aligned strategy to focus more on segment specific
needs of the military.