JPMorgan Chase Announces $4 Million in Grants to Bay Area Nonprofits Helping the Unbanked Connect with the Financial Mainstream
Multi-Year Effort Seeks to Expand Access to Innovative Technology and Services for Low-Income Individuals and Families; Funding Comes as the CFE Fund Announces New Bank On National Account Standards for Low-Fee Banking Accounts
San Francisco, October 27, 2015 — JPMorgan Chase & Co. announced today more than $4 million in grants to 13 Bay Area nonprofits, including EARN, that are working to help low-income individuals and families save money, build credit and improve economic opportunity.
The funding comes as the Cities for Financial Empowerment Fund (CFE Fund) announced today the launch of new Bank On National Account Standards for low-fee banking accounts. The new account standards, unveiled at a kickoff event at San Francisco City Hall, include no overdraft fees, robust transaction capabilities and online bill pay. San Francisco, a leader in consumer advocacy, first launched a Bank On program in 2006 and is the first city to embrace the new Bank On National Account Standards.
“JPMorgan Chase recognizes the transformational power of saving your first $500. Through EARN’s Starter Savings Program, we will provide the power of savings to at least 1,600 families across the United States for the first time, building a safety net against unexpected financial shocks,” said Leigh Phillips, CEO of EARN, a leading provider of microsavings programs. “At EARN, we believe that big dreams start with small savings. We’re delighted that Chase shares this belief.”
“It is critically important that consumers have access to safe and affordable banking,” said Naomi Camper, head of JPMorgan Chase’s Office of Nonprofit Engagement. “The CFE Fund’s new standards will help Bank On programs across the country to direct unbanked and underbanked consumers towards inclusion in the mainstream financial services marketplace. We are delighted to work with so many of San Francisco’s nonprofits, which are leading the nation with their innovative products and services that create bridges to building assets and improving credit.”
Today’s $4 million commitment is part of a larger $35 million national initiative JPMorgan Chase launched last year to provide nonprofit organizations with the resources to help individuals acquire the knowledge, skills and tools needed to achieve financial security while avoiding costly services like payday loans or check cashing outlets for assistance. Through today’s grants, its nonprofit community partners will expand the availability of these innovations, and share best practices on strategies to improve consumer financial health.
JPMC’s funding will support EARN’s successful EARN Starter Savings Program – an online savings product designed to help low-income individuals save through goal setting and small incentives. With the grant, it will attempt to reach 1,600 new savers in San Francisco, New York City, Los Angeles, Dallas and Fort Worth. JPMorgan Chase grant: $750,000 over two years.
EARN is a national nonprofit that gives low-income working families the power to create prosperity for generations. EARN’s ultimate vision is that millions of well-informed, low-wage American families will achieve financial success through proven strategies, fair public policy, and their own hard work.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.