JPMorgan Chase to Introduce Sapphire Banking with No Foreign Exchange Fees

By Paul Riegler on 23 August 2018
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IMG_5256JPMorgan Chase announced plans to extend its Sapphire brand, currently used for credit cards, to other banking services.

The bank said on Wednesday it hopes to attract and keep affluent millennial customers with the move.  Chase said that its Sapphire Reserve card has been a success with that demographic.

The current Chase Premier Platinum account offering, which requires a minimum of $75,000 in deposits and investments, will become Sapphire Banking.  The offering will be intended for customers who do not qualify for Chase Private Client banking or the JPMorgan Private Bank.

Chase will eliminate what many customers consider to be nuisance fees, including foreign exchange fees for overseas ATM use and wire transfers.  It will also introduce Ultimate Rewards points for Sapphire Banking, similar to what it currently offers on most of its credit cards.

Earlier in the week, the bank eliminated the fee for stock trades on self-managed accounts, taking aim at the discount brokerage industry.

(Photo: Accura Media Group)

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