Reuters, March 18th, 2019: JPMorgan rolls out low-fee, checkless, no-overdraft accounts
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.
Some 6.5 percent of U.S. households had no one with a bank account in 2017, according to a study by the Federal Deposit Insurance Corp.
