2 Billion Dollars would have provide 1 Million Unbanked clients accounts for one year with estimated annual costs on the account 8 x current market. What positive impact would 1 million financially healthy bring.
TRUTH OR WHAT? JP MORGAN’S CEO ACCEPTS ACCOUNTABILITY BUT KEEPS JOBS
JP MORGAN CHASE loses two billion dollars in derivities, but excludes a portion of the adult population in Amerprica from mainstream banking services. The deemed Unbanked are hard costs with very return on the investment. That model is deemed not feasible in the banking industry. Let’s us investigate. The bank pays around $120-$220 in annual charges a basic checking account that would be used by the Underbanked. Let’s look at increase the cost of each account to $1000 annually, and JP Morgan Chase offers the checking accounts to the UNBANKED. First, the integration of more consumers into mainstream would be a positive impact from the local community up to some aspects of the real economy. How many clients would $2 Billion dollars provide JP Morgan Chase. 1 Million Unbanked clients would be ushered into the Mainstream Banking System.
