Responding to calls for more bank services for low-income consumers, JPMorgan Ch...
NEW YORK - Responding to calls for more bank services for low-income consumers, JPMorgan Chase & Co on Monday began offering checkless accounts with access to its mobile app, branches and ATMs for $4.95 a month and no minimum balance.
Fees for overdrafts generated significant revenue for banks in the past. They have angered customers, brought down the wrath of politicians and discouraged people with low incomes from using banks. Regulators have been pushing banks to do more to attract low-income customers. “Financial inclusion” has become a rallying cry for groups trying to help people out of poverty.
Since 2012, JPMorgan has offered a prepaid debit card with many banking services for $4.95 a month. But customers said that card, called Liquid, came up short. It could not be used for Uber taxi rides and car rentals, for example.Financial technology startups, such as Chime and SoFi, offer accounts with large networks of ATMs and without monthly fees. Chase’s fee, Duckett said, provides ATMs that accept checks and bankers to question in person.
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