JPMorgan Chase Launches a Low-Fee Checking Account with Free Check Cashing

JPMorgan Chase Launches a Low-Fee Checking Account with Free Check Cashing

March 19, 2019         Written By Bill Hardekopf

JPMorgan Chase is rolling out a new checking account targeted at low-income consumers, according to Reuters. Known as Secure, the new account includes debit cards, free check cashing and digital payment services, all for a $4.95 monthly fee.

Secure accounts do not offer overdraft abilities, which is where many banks make a significant profit. Overdraft fees vary by bank, but they are usually around $30 per transaction. Thasunda Duckett, chief executive of Chase Consumer Banking, said the bank will “make money” from Secure accounts, but these accounts will not be as profitable as other services they offer.

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These low-fee accounts are considered checkless, which means customers cannot write physical checks for their accounts. They can, however, use their debit card to make purchases, and can cash checks for free. Duckett says most consumers in this category spend $200 to $500 per year on check cashing and money order services.

Chase Secure is similar to the bank’s Liquid prepaid card, which also has a $4.95 monthly fee. However, the prepaid card does not have all the functions of a debit card, and it requires ATM fees.

The information contained within this article was accurate as of March 19, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.