JPMorgan Chase announced it is now able to accept government deposits in all 50 U.S. states. This milestone is significant because most states require or encourage banks to have a local branch presence to be eligible to receive or hold government deposits in the state, often described as a qualified public depository. As the only bank to achieve this status, JPMorgan Chase is expanding its banking services to new states and municipalities, improving accessibility to innovative and secure financial solutions that help public entities operate more efficiently and dedicate more resources to serving their communities.
Chase Consumer Banking announced a major expansion effort in 2018 to increase its retail branch presence and by August 2021, Chase opened branches in all of the lower 48 states becoming the first national bank to have a retail presence in the contiguous United States. The market expansion effort was pivotal in the Bank securing today’s distinction.
“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.”
The expansion benefits public entities as they now have more choices when searching for a financial institution to help with their banking needs. Examples of these entities include cities, counties, school districts and other special districts, like airports, water and transit authorities, tax assessors, public universities, hospitals and community colleges.
“Our business is only as strong as our communities, and that’s why we’re committed to deepening our impact,” said Jamie Dimon, CEO and Chairman of JPMorgan Chase & Co. “We’ve done this in many ways, including by extending credit to vital institutions—such as hospitals, governments and schools—that keep the communities where we live and work healthy, stable and vibrant. Expanding our ability to serve states and municipalities across the country is another example of our commitment and an exciting milestone as we continue to focus on making a positive difference in our communities.”
Located in communities nationwide, the Government Banking group consists of a dedicated team of bankers that brings specialized knowledge of these complex organizations to serve governments at every level and across all areas of their business. Examples of helping governments innovate and make citizens’ lives easier, include implementing contactless payment technology in everyday scenarios like public transportation, online digital bill payments, lending for capital projects and essential equipment, and tax and fee collection, among others.