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Chase debuts low-cost checkless account for underbanked Americans

March 22, 2019

JP Morgan Chase has announced Chase Secure Banking a consumer account that offers branch and mobile banking services, as well as surcharge-free use of Chase ATMs at a monthly rate of  $4.95. The account, designed to serve consumers who might otherwise be excluded from the traditional banking system, does not include paper checks or overdraft protection.

Accountholders have 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.

Customers receive a debit card to use for purchases; they can also use the mobile app to make payments via electronic check.

"A bank account can open doors to economic opportunity and improve the financial lives of so many across the country," Thasunda Duckett, CEO of Chase consumer banking, said in the announcement. "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 replaces the Chase Liquid reloadable prepaid account and carries the same fee as that account. Chase Liquid customers may open a Chase Secure Banking account, while keeping their liquid accounts. However the bank will no longer offer new Liquid accounts.