JPMorgan Launches New Account Targeting Low Income Consumers

JPMorgan Chase launched a new account for low income consumers that offers access to their mobile app, branches and ATMs for $4.95 a month with no minimum balance requirement; the account does not provide overdrafts but allows for free check cashing, a debit card and digital payments; the new account is called Secure and it comes after Bank of America and Citi introduced similar accounts; many fintech startups such as Chime and SoFi offer similar accounts but with no monthly fees. Source.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.