JPMorgan rolls out low-fee, checkless, no-overdraft accounts
By David Henry
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.
The accounts come with debit cards, digital payments and free check cashing, but do not allow overdrafts.
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.
Photo courtesy of David Wright.