JPMorgan Chase & Co. will now offer checkless accounts that have access to its mobile app, branches and ATMs with a monthly charge of $4.95 and no minimum balance requirement, Reuters reported.
The new account, called Secure, will not have overdraft charges. Secure also comes with debit cards, digital payments and free check cashing services, according to the publication.
Thasunda Duckett, CEO of Chase consumer banking, told Reuters that she hopes the product will entice more low-income customers and those who have never had bank accounts. Duckett also told the news service that while the company will still make "some money" with Secure, it will not be as profitable as other business lines.
JPMorgan's launch of Secure comes on the heels of its plan to open up to 90 retail branches in 2019, of which about 30% will serve low- to moderate-income communities. In a February investor presentation, the banking giant said it plans to expand its physical footprint to 93% of the U.S. population by 2022.
In January 2018, JPMorgan said it also plans to add 500 home-lending advisers to increase services in low- to moderate-income communities to $50 billion over the next five years. It also said it would expand its home-ownership grant program nationwide.