Chase introducing programs that extend premium checking account features and mortgage servicing benefits to active military servicemembers.
Chase (NYSE: JPM) has launched a new program called Military Banking that provides enhanced benefits for active members of the military.
Beginning July 1, current active duty military personnel who have Chase checking accounts will be automatically upgraded to Chase Premier Plus Checking, which is typically suited for customers who keep high balances in their accounts.
Under the Military Banking program, Chase Premier Plus will have no monthly fee or balance requirements, no wire transfer fees, and Chase will not charge withdrawal fees when using non-Chase ATMs – but the ATM servicer may still charge transaction fees.
Other Chase Premier Plus features include interest on deposits, free Chase checks, free safe deposit box, and two additional fee-free Premier Plus accounts for family members.
Regular customers who want Chase Premier Plus Checking face a $25 monthly fee unless a minimum $15,000 average daily balance is maintained across Chase deposit and investment accounts. Premier Plus is the middle tier consumer checking account from Chase, between Total Checking and Premier Platinum Checking.
“Our servicemen and servicewomen deserve the very best Chase has to offer,” said Todd Maclin, CEO of Chase Retail Banking, in a press release. “We are lowering the cost for military personnel to do their everyday banking wherever they are around the world.”
To qualify, military personnel must set up direct deposit of their military base pay through their Chase checking account.
Additionally, active duty servicemembers with small businesses can waive their fee for Chase Business Select Checking and qualify for discounts and fee waivers on loans and lines of credit.
Military Mortgage Program
Since Chase took a lot of heat in February for overcharging on mortgages for nearly 4,000 military personnel, the bank has instituted a major overhaul in its military programs.
Reduced pricing, mortgage modification, home ownership assistance, job offerings, and dedicated advisory services were part of a Chase movement to improve relationships with military and veteran customers.
Along with Military Banking, Chase is also launching the Military Mortgage program that will provide better deals on home loans for military service members. Some benefits include lower fees, cash back on mortgage payments, VA loan benefits, and customized mortgage servicing.