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Monday, March 1, 2021

New Chase plan targets underbanked customers



Chase is starting Chase Secure Banking, a low-cost checking account that can help people get access to traditional bank services who are new to banking or have had trouble getting or keeping an account in the past.

Launched in March, the new account comes with a monthly service fee of $4.95. Benefits include free access to 16,000 Chase ATMs and 5,000 bank branches, as well as full use of the Chase mobile app for deposits, bill payment, funds transfers, checking account balances and credit monitoring, and support from bankers in person at Chase branches or over the phone. Customers will also receive a debit card they can use nearly everywhere card payments are accepted. There are no paper checks and the account is designed to help customers only spend what’s available in their account so they won’t be charged overdraft fees.

“A bank account can open doors to economic opportunity and improve the financial lives of so many across the country,” said Thasunda Duckett, CEO of Chase Consumer Banking. “As a bank, we want to help more consumers get access to an account that can better help them manage their everyday needs while building their financial health.”

Chase Secure Banking has the same monthly fee as Chase Liquid, the bank’s reloadable prepaid card, and will replace it because it includes enhancements based on customer feedback that indicated the need for a full banking experience. Current Chase Liquid customers can open a Chase Secure Banking account and keep their Liquid account if they prefer, but it will no longer be offered to new customers.

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