Certain customers of Chase, the consumer and commercial banking arm of JPMorgan Chase, can now get access to their paychecks sooner.
The bank announced Wednesday that its Chase Secure Banking customers will get access to payroll, tax refunds, pensions, government benefits and certain other direct deposits up to two days early. Eligible customers are automatically enrolled in the new service, which starts this month, Chase said.
"Millions of customers rely on payday to keep up with their bills, so having early access helps them manage unexpected expenses and avoid potential late fees," Chase Consumer Banking CEO Jennifer Roberts said in a statement. "This is another way we are giving customers more value and greater flexibility over their finances."
The early direct deposit service "covers nearly 90 percent of Secure Banking direct deposits," the bank said in the press release.
Additionally, it does not come with an additional fee. Secure Banking’s existing $4.95 monthly service charge covers it, according to the bank.
JPMorgan Chase's announcement marks the latest bank to offer similar early payday services. Fifth Third, Capital One, Citizens Bank and Wells Fargo are among the others that have previously launched them.
|JPM||JPMORGAN CHASE & CO.||145.73||-1.41||-0.96%|
|FITB||FIFTH THIRD BANCORP||25.70||-0.68||-2.58%|
|WFC||WELLS FARGO & CO.||41.23||-1.07||-2.54%|
|COF||CAPITAL ONE FINANCIAL CORP.||98.27||-0.66||-0.67%|
|CFG||CITIZENS FINANCIAL GROUP INC. (RHODE ISLAND)||26.56||-0.41||-1.52%|
Numerous financial technology companies, including Chime and Current, also offer such services.