Viewpoint: Chase’s Checkless Account Won’t Make A Dent In The Unbanked Ranks

Thursday, March 21, 2019

By Ron Shevlin

As reported by Reuters:

Responding to calls for more bank services for low-income consumers, JPMorgan Chase on Monday began offering checkless accounts with access to its mobile app, branches and ATMs for $4.95 a month and no minimum balance. Thasunda Duckett, chief executive of Chase Consumer Banking, said she hoped the new accounts will attract more low-income individuals and people who have never had bank accounts. “The very first step in building financial health really starts with a bank account,” Duckett said. The annual cost of $60 for the new accounts compares with charges of $200 to $500 a year at check cashing and money order services, she said.”

Anybody wanna make a bet?

I say that, a year from now, of the people who open one of Chase’s new checkless accounts, more will come from the already-banked population than from the unbanked. In fact, I’ll go as far as to say that 90% of the customers Chase gets with this account will already have a checking account.

Photo courtesy of reynermedia.

Source: Forbes (link opens in a new window)

financial health, financial inclusion