Chase has added new terms regarding information they are allowed to access, it states (emphasis ours):
We may obtain and use information about your accounts with us and others such as Checking, Deposit, Investment, and Utility accounts from credit bureaus and other entities. You also authorize us to obtain credit bureau reports and any other information about you in connection with: 1) extensions of credit on your account; 2) the administration, review or collection of your account; and 3) offering you enhanced or additional products and services. If you ask, we will tell you the name and address of the credit bureau from which we obtained a report about you.
This is likely due to Project REACh, or the Roundtable for Economic Access and Change which aims to consumers with no credit score access to credit cards. Some large financial institutions (JPMorgan Chase, Wells Fargo, U.S. Bank) have agreed to share information.
Hat tip to Proud Money
View Comments (12)
big brother jamie
Maybe this will help with shutdowns? I know many people with high checking/investment balances that were shutdown when their spending ramped up for one or two months. Hopefully, Chase has realized how stupid those stutdowns are but I won't hold my breath.
You guys are like youtube commenters. 5 views, 27 comments.
That's some TikTok math right there.
The things banks have to do to accommodate poor people.
There's plenty of Fintech apps geared towards the unbanked so I don't see this as a win for low income folks anyways. Big banks want people with money so that they can charge monthly fees.
Poor banks, so sad.
Already been there for decade, called secured card. Many people started with BOA Secured Card. Basically, no one would be turned down to get a secured card.
And loner people without kids
oh so lonesome.
Project OVERreach
lol ha-ha thx for that