Published on March 19th, 2019 | by William Charles27
Chase Launches New ‘Secure Checking’ Account, Targeted At Unbanked
Yesterday Chase launched a new checking account targeted towards unbanked Americans (those without a current checking account). The new account is called ‘Secure Checking’, here are the basics:
- $4.95 monthly fee
- Checks are not available
- Checks can be deposited for free
- Comes with a debit card
- Overdrafts are not allowed
Realistically this type of account is an attempt to compete with check cashing places and prepaid cards such as American Express’ Serve and Bluebird. Chase does not use Chexsystems so for users that have had checking accounts before that have been closed due negative behavior (check overdrafts, unsatisfied balances) it should still be possible to get this new account. Interestingly I haven’t actually been able to find this new checking account for sign up on the Chase website.
A $4.95 monthly fee isn’t high, but given that there are so many credit unions and banks that now offer checking accounts with no monthly fee it’s not particularly attractive. I imagine that this sort of account wouldn’t be needed for most readers, but if it is then my suggestion would be to visit your most local/convenient credit union and see what sort of solutions they have available to you.