Posted by Chuck on October 28, 2018
Bank Account Bonuses

Published on October 28th, 2018 | by Chuck

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Chase will Allow Business Deposits to Qualify for ‘Chase Private Client’ Status

Chase sent out a memo to bankers on Friday with the news that Business deposit accounts with Chase can now count toward meeting the $250,000+ balance required to become a Chase Private Client.

You must be the business owner yourself to qualify. Looks like only business checking and savings balances will count. Unclear whether personal and business can mix to get you to the $250k threshold, but I’d guess that would work too.

This makes private client easier for people who use Chase for their business. As I understand it, once you are a private client from your business, you’ll have private client benefits for all your personal accounts.

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Big thanks to the reader who sent this in



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Jack
Jack

Do your business accounts get the benefits of CPC? E.g. no fees etc

Leslie
Leslie

chase interest rates suck…..better off putting 250K in 2 to 3% interest paying savings or MMA somewhere else.

RD
RD

Especially considering what CPC gets you now is mostly just a free museum pass, and only if you’re in certain states at that, I believe. Curious to hear if anyone thinks the perks are actually worth the opportunity cost?

Reg
Reg

Most diligent investors will not use checking/savings accounts to meet the CPC threshold, but rather some sort of investment account(s) that meet their investment needs.

Leslie
Leslie

True but CPC Status in itself is useless. Had it for 2 years, did not get any perk like free event tickets or targeted credit card offer or anything worth it at all

Celia
Celia

I never bothered getting it, have over 250K in a SEP account, but my sister has it and loves the no fees on ATMs, especially overseas, and needs a personal advisor. She does keep getting a lot of targeted credit card offers but that’s probably because she never takes them.

Rex
Rex

Have you used any other bank that does have Private Wealth Management perks you prefer, maybe Wells?

Avi
Avi

Another Benefit is much higher mobile deposit limit. Also, seems easier to qualify now as businesses keep large amounts in checking for cashflow while personal accounts should/would invest that kind of $

calwatch
calwatch

One of these days DOC should really compare the mass affluent banking products: Chase Private Client/Sapphire Banking, BOA Preferred Rewards, and Citi Priority/Citigold. (Does Wells or US Bank have these products?)

William Charles

Not a bad idea!

calwatch
calwatch

There’s this post from Miles to Memories, which is a bit dated: https://milestomemories.boardingarea.com/bank-elite-status-benefits/ – but something in a tabular format would be nice.

Explore
Explore

I wonder if the demand for the Sapphire accounts has been meeting expectations. I am still considering it but I would not be surprised if the demand has been lackluster.

IRA not counting. Fairly basic investment account. No ability to buy on margin (useful to cover overdraft on checking). No annual bonus.

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