The US bank is changing its Chase Premier Platinum accounts, which require a minimum of USD 75,000 in deposits and certain investments, into Sapphire Banking accounts, according to figures cited by Reuters.
The new bank accounts will eliminate some fees, including those for wire transfers and foreign exchange at overseas ATMs. Later in 2018, the bank will offer its Ultimate Rewards points, which it pays for credit card spending, as a sign-up incentive to new customers to Sapphire Banking accounts, the publication continues.
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