Chase's new 'Secure' account offers access to ATMs, the mobile app, and branches for a monthly fee of $4.95 and no minimum balance requirement:
citing bank account fees being too high as the reason, according to the FDIC. That indicates there's a gap in products being offered to this segment, opening an opportunity for banks to improve their offerings by providing services that address the reasons these underserved consumers don't have bank accounts; one such way is by offering low-fee accounts.
The services that are available to this segment of the population are largely unaffordable, which could make Chase's offering popular.Duckett pointed out that the annual cost of $60 for the new account compares with $200 to $500 a year at check cashing and money order services. And because Chase is one of the biggest banks in the US — with over 5,000 branches, and 16,000 ATMs — this account can be accessible to a large group of consumers and effectively promote financial inclusion.
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