JPMorgan Chase is giving some customers early access to their direct deposits, a feature popularized by fintech rivals, as it hopes to attract users to a no-overdraft checking account.
The bank is switching on this feature — which accelerates payments including payroll, tax refunds, pensions and government benefits by up to two days — to customers of its Secure Banking product starting this week, according to Ryan MacDonald, head of growth financial products for Chase.
That typically means getting paid on a Wednesday rather than Friday, he said.
“Those couple days are often the difference between looking for money from family or not paying that bill on time and getting charged a late fee,” MacDonald said in an interview.
Continue reading JPMorgan Chase, taking a feature from fintech rivals, gives some customers early payday deposits on CNBC
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