JPMorgan Chase is allowing some customers early access to their direct deposits, a feature popularized by fintech rivals.
The bank is launching 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.
JPMorgan, the largest U.S. bank by assets, is taking this step as the industry faces soaring pressure from regulators and lawmakers on overdrafts and other fees. While smaller rivals, including Capital One have explained they are dropping overdraft fees, the CEOs of the three largest U.S. institutions have repeatedly refused calls to end the charges altogether.