Chase accounts that earn bonuses in 2019 will get them worth less, according to a letter to employees from the Federal Reserve Bank of Minneapolis.
Chase bonuses for 2018 and 2019 employees are worth about $11.30 per month, and the company is considering lowering the rates in 2020, according the letter, which was obtained by The Washington Times.
The bank has already lowered the interest rate it charges its customers.
The letter said the bonus depreciation in 2019 is likely to be a little less than the $15 per month it paid for the bonus in 2018, but that it may be lower in 2020.
The interest rate for the 2019 bonus is about 25 percent.
The letters, obtained by the newspaper, said the Chase accounts are “significantly higher” than the interest rates charged by other banks.
The bonuses are part of the bank’s $10 billion bonus plan for 2018, which the bank is calling “the most generous in history.”
Chase, which has nearly $20 trillion in assets, has about 2,000 branches in the U.S., as well as about 6,000 accounts in Canada and Mexico.
The company says it has more than 11 million Chase accounts and has 1.3 million employees in the United States.