JP Morgan Chase becomes the 10th partner to join Bank On Central Texas in helping Austin residents open a bank account and bringing affordable financial services to Central Texas.
“Mainstream financial institutions like Chase are the safest way for consumers to protect their money,” said Jill Shah, Director of Financial Stability at UWCA. “With Bank On, we’re making it possible for the 47,000 people in our community without a bank account to finally open one. Partnering with Chase allows us to reach even more people.”
In its first 9 months, Bank On Central Texas helped 4,300 people open bank accounts, saving a total of $1.7 million in check-cashing fees.
Chase will help the unbanked population by offering no-fee accounts, free check cashing, easy direct deposit and referrals to Bank On’s financial education classes. Chase customers will enjoy a more comprehensive menu of services thanks to this partnership.
“Families with access to basic services like a bank account are more likely to save and less likely to fall prey to high fees and interest rates,” explained Jill. “In these economic times, it’s more important than ever to plan your finances carefully.”