The Federal Reserve's decision to raise interest rates for the first time in nearly a decade is said to be prompting at least one large bank to boost the rates it pays to depositors.
The Wall Street Journal reported Monday that JPMorgan Chase will increase rates for its largest clients beginning in January, citing a person familiar with the matter. The story did not say how large the increase would be.
JPMorgan Chase officials weren't immediately available for comment, but its chief financial officer, Marianne Lake, said earlier this year that the bank would likely move quickly to boost rates on deposits once the Federal Reserve started to move rates higher. She cited advances in mobile banking, which have made it easier for depositors to move money in search of higher rates, among the reasons why the bank would want to act quickly.
It remains to be seen if other large banks follow suit. Other banks contacted by the Journal, including Wells Fargo, Citigroup and Bank of America, said they have yet to adjust deposit rates.