JPMorgan Chase said today that it may now accept government deposits in all 50 states. This is a major milestone since most jurisdictions need or encourage banks to establish a local branch presence in order to collect or keep government deposits in the state, which is sometimes referred to as being a qualified public depository. JPMorgan Chase, the only bank to achieve this status today, is expanding its banking services to new states and municipalities, improving access to innovative and secure financial solutions that enable public entities to operate more efficiently and devote more resources to serving their communities.
“Being able to accept government deposits in all 50 states has been a multi-year effort and a true testament to our firm’s dedication to the public sector,” said Mike Nevins, Head of Government Banking for JPMorgan Chase’s Middle Market Banking & Specialized Industries business. “We’ve been working with governments since 1799 when Aaron Burr founded the earliest predecessor of JPMorgan Chase, the Manhattan Company, to deliver fresh water to lower Manhattan. We have been serving citizens and governments since our inception and are thrilled at the prospect of building on that strong foundation as we enter new communities.”
Chase Consumer Banking launched a massive expansion drive in 2018 to enhance its retail branch footprint, and by August 2021, Chase would have established offices in all 48 states, making it the first national bank to have a retail presence in the contiguous United States. The Bank’s market growth initiative was critical in obtaining today’s distinction.
The expansion benefits public bodies by providing them with additional options when looking for a financial institution to assist with their banking needs. Cities, counties, school districts, and other special districts such as airports, water and transportation agencies, tax assessors, public universities, hospitals, and community colleges are examples of these institutions.
The Government Banking group, which is located in towns around the country, is comprised of a committed team of bankers that provide specialised expertise of these complex organisations to support governments at every level and across all sectors of their business. Implementing contactless payment technology in everyday scenarios such as public transportation, online digital bill payments, lending for capital projects and essential equipment, and tax and fee collection are just a few examples of how governments can be helped to innovate and make citizens’ lives easier.