CHASE will launch commercial banking insurance coverage for its customers, its first-ever coverage of the financial industry, the company announced Monday.
The announcement follows a partnership with the Federal Deposit Insurance Corporation and Bank of America to offer commercial bank coverage.
Chase also announced that it is expanding coverage for uninsured clients.
Chase said it is working to ensure the coverage is accessible and affordable for all customers.
“We are committed to supporting our customers who choose to join Chase,” the company said.
“We believe that this new coverage will benefit consumers, help protect the integrity of the banking industry, and serve as a catalyst for greater banking inclusion and inclusion of diverse communities.”
The first-of-its-kind coverage will include bank and credit union accounts, and will include coverage for deposits and withdrawals, which will be backed by FDIC insured deposit insurance.
The company said it plans to launch coverage for other accounts by the end of the year.
Chases commercial banking coverage will begin on July 1, and it will be available to both insured and uninsured customers, with an average premium of $1,200.