Chase Launches Low-Cost Accounts To Win Unbanked Consumers

The percentage of unbanked people in the U.S. recently fell to the lowest rate since the 2007-2009 financial crisis, but a new product launch from JPMorgan Chase & Co. underscores the fact that tens of millions of U.S. households remain unbanked.

The financial institution on Monday (March 18) “began offering checkless accounts with access to its mobile app, branches and ATMs for $4.95 a month and no minimum balance,” according to Reuters. “The accounts come with debit cards, digital payments and free check cashing, but do not allow overdrafts.”

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