One of these offerings is the bank’s Secure Banking checking account, which allows 17-year-olds open accounts in-branch; lets account holders spend only the money they have, so there are no overdraft fees; and waives monthly service fees for all customers ages 17-24, Chase said in a Tuesday (May 5) press release.
The bank also offers a Chase Savings account that waives monthly service fees for customers under 25; a Freedom Rise Credit Card that is designed to help any customer who is new to credit start building credit; and a Credit Journey tool that helps customers understand where their credit stands and what is influencing it, according to the release.
Chase also enhanced its mobile app with a home screen that features quicker access to recent transactions, a reimagined wallet, prominent Zelle access and easy external account linking; a refreshed monthly spend view; and contextual next steps that help customers save, watch their spending, build credit and manage payments.
The bank is also expanding its financial health education and resources through learning modules such as Chase Money Skills and through in-person financial health workshops offered in communities across the country, per the release.
“Young adults are digital-first, but not digital-only,” Matt Gromada, head of emerging growth segments at Chase, said in the release. “By pairing a modern app experience with the nation’s largest branch network, we offer the best of both worlds: speed and convenience every day, plus expert guidance when life gets more complicated.”
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It was reported in February that Chase plans to add 160 branches this year as part of its 2024 pledge to open upwards of 500 branches in three years. The consumer banking brand has branches in every state within the continental United States and is expanding to to help reach its goal of having 15% of the country’s retail deposits, according to the report.
The PYMNTS Intelligence report “The New Challenges Facing Finance: Algorithms, Finfluencers and the Quest for Reliability” found that 53% of retail banking customers in the United States look to their financial institutions for financial guidance.
