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.

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