Posted by William Charles on July 27, 2016
Credit Cards

Published on July 27th, 2016 | by William Charles

37

Everything You Need To Know About Chase Private Client (Qualification, Benefits & Sharing Status)

Chase offers something called Chase Private Client (CPC), there isn’t a lot of information about this program on the internet so I thought it would be useful to write a detailed article on the program. It’s described as being a combination of concierge banking along with the investment expertise of J.P. Morgan.

Who Qualifies For CPC?

To be considered for CPC you need to hold a deposit account with Chase (e.g checking or savings account). They frequently offer sign up bonuses for these accounts, so make sure you use one of those (even if they aren’t available publicly they can be purchased from eBay). You also need an average daily balance of $250,000 or more in any combination of linked deposits and investments.

That being said there is actually only a minimum of $100 to open and CPC bankers have the right to give you CPC status before you hit the $250,000 requirement and give you some time to meet this requirement. This is really only done for customers who have a history with Chase and their personal bankers already and CPC bankers do not have to extend this courtesy.

chase private client

Benefits Of CPC

There are numerous benefits for being a CPC, below is a list of the more popular benefits:

  • Chase 5/24 rule does not apply
  • Increased sign up bonuses on some Chase credit cards (you can view what they are currently offering by clicking here)
  • Chase Private Client Arts & Culture program (free admission to museums, via FWF):
  • No Chase Fee at non-Chase ATMs (including international ATMs). They will also refund ATM operator fees up to five times per statement cycle.
  • No fee for non-ATM Cash transactions (e.g obtaining cash from a teller using Chase debit card)
  • No exchange rate adjustment fee for debit card purchases and ATM withdrawals in currencies other than U.S. dollars
  • No Chase fee for all domestic and foreign wire transfers, incoming or outgoing, completed at any Chase branch, chase.com, via telephone or email (must complete and sign a Chase Private Client Wire Transfer agreement before being able to request wire transfers by telephone or e-mail)
  • No fee for counter checks, money orders or cashier’s checks
  • No fee for personal style checks whenordered through Chase; fees may apply for certain other supplies and expedited shipping options
  • No fees for stop payments
  • No fees on deposited items returned, cashed checks returned and collections (domestic and international)
  • No fees for insufficient funds and returned items, Overdraft Protection Transfers or extended overdraft.
  • No monthly fee (waived on linked savings accounts and linked business accounts)
  • No annual fee on 3×5 or smaller Safe Deposit box (subject to availability) and 20% off other sizes
  • Discount of $750 on closing costs on all loans
  • Leverage our best rate when you purchase a home with the Chase Private Client Mortgage Rate Purchase Program (based on your total deposits and investments with Chase
  • Dedicated priority processing and senior underwriting support for loans
  • Discounts for Home Equity Lines of Credit
  • Direct access to Customer Service Specialists

Sharing CPC

Amol from Travel Codex has a great post on how to share your CPC status with family. The basics are that this is possible due to ‘Family Member Privileges‘:

Family members of Private Clients can also take advantage of these benefits. For this, you must be joint owners of a Chase Private Client Checking or a Chase Private Client Savings account. Your family members’ accounts must be upgraded to a Chase Private Client account to receive product and rate privileges. Minors under the age of 18 cannot be owners of a Chase Private Client Checking account and therefore cannot receive all the benefits of Chase Private Client.

Apparently being a co-signer on a safety deposit box (remember 3×5 or smaller is free) will also trigger CPC status.

Final Thoughts

You can find more information about CPC by looking in this information booklet. Is CPC worth it? That really depends on how much you value the benefits, personally the only real value I see is overcoming Chase 5/24 rules and the increased credit card sign up bonuses. Most other features can be found at other banks for free or with less stringent deposit requirements. I’m always weary about actively managed funds as well, as a low fee fund will almost always outperform it – but each to their own. Apparently you don’t need to have the funds actively managed by J.P. Morgan to qualify.

If you have any experience with CPC or have any questions, please feel free to ask in the comments section below.

 

Related: Using Chase Private Client Status to Get Approved for Credit Cards



37 Responses to Everything You Need To Know About Chase Private Client (Qualification, Benefits & Sharing Status)

  1. Jacinto says:

    “I’m always weary about actively managed funds as well, as a low fee fund will almost always outperform it – but each to their own.”

    What types of investments qualifiy to meet the CPC asset goal? For example, to get brokerage account bonuses I park individual securities (stocks and bonds) that I hold for the long term. No management fees involved in holding those individual securities.

    • NinjaX says:

      Various asset classes count, but they want to manage at least some of your $250k. Thats the whole point of CPC. Also JPM doesnt have a brokerage arm for retail investors. Thats added cost.

  2. James says:

    Another nice benefit is free museum visits.

    https://www.fatwallet.com/forums/finance/1461409/

    People can just transfer $250k to a Chase account and then get all the Chase cards as a private client to bypass the 5/24 rules. Afterwards move the money to other accounts if you don’t want to keep it with Chase.

    • Dan says:

      Only problem with that is technically you need to have maintained a $250K balance for the previous 3 months in order to be upgraded to CPC (unless you have a banker who’s willing to do it sooner but that’s very YMMV). That’s a minimum $625 opportunity cost assuming 1% interest in a savings account.

    • Thanks, added benefits.

  3. Sm says:

    Just completed a mortgage with CPC, if they call that expedited service the regular mortgages must be just awful. Was also quoting with Wells Fargo and their underwriting was much more efficient and speedy. I am actually switching to Citigold because this was 2nd mortgage that Chase screwed me on.

    • NinjaX says:

      First of all CPC is a brand. Like any brand, there are various people in EACH branch thats running the show. Plenty of JPM idiots who shouldnt be in CPC serving wealthy clients because they cant even manage their own checking account. You need to visit various agents and branches to get the top producers and tell them how BALLAH you are.. Otherwise, you get outsourced late night customer service service.

      Next, WF. I hate WF, but oh well. Wells Fargo has been the dominant lender in the US for awhile and has consistently been rated as the top mortgage lender. I dont know why because I think they suck but apparently they are really good with Home Mortgages because they want to rob you.

      Citigold? YMMV man…

  4. Dan says:

    I haven’t seen many (if any) data points that CPC bypasses 5/24. Do you have a list of DPs compiled somewhere?

    • NinjaX says:

      they are written about. you just have to go look. CPC doesnt need any more exposure even though it requires $250k.

  5. NinjaX says:

    Just letting anyone who plans to get family involved to get CPC, if you get shut down because of your behavior… Good luck…

  6. Brian K says:

    Walked into a Chase Private Client branch in NYC last week to open a personal checking account. After opening the account, I spoke with a private client business credit specialist about credit cards, since I previously opened a business checking account with them as part of the $500 promotion. We applied for the Chase Ink Plus (70,000 in branch offer) and it was unsuccessful due to being past 5/24, even when he got on the phone with reconsideration himself and tried to negotiate (he said it was a “hard no in their system”). What he did say, which I found interesting, is that if you have $10,000 in an account at any point, that would greatly help the chances of getting approved, as it displays a lasting relationship with the bank. Mind you, I am NOT private client status.

    • MH says:

      “What he did say, which I found interesting, is that if you have $10,000 in an account at any point, that would greatly help the chances of getting approved, as it displays a lasting relationship with the bank.”

      It’s not Rocket Science it Pocket Science!

      Why so many fail to see this amazes me.

    • Don says:

      I have not seen a data point that the 10K and the special consideration form work.

      Didn’t help out in my case.

      http://frequentmiler.boardingarea.com/2016/07/07/chase-special-consideration/

      • GS says:

        Same here. I had over 50k in checking/savings balances and over 3 year relationship. Did not help.

        • Dave says:

          This did appear to help for me, at least in the past.

          My wife got declined for a CSP that she applied for in Feb at the same time as opening an account. It would have been her 3rd credit card ever (recently moved to the US from Canada), but as her credit history was fairly young I wasn’t too surprised. Recon said the same thing: not enough credit history.

          Moved in $40,000 of cash, waited 1 month, re-applied and was approved without any recon.

  7. Vince says:

    Anyone know what the benefits are for the MileagePlus Club card through CPC? I didn’t see that before

  8. Duffman says:

    “5/24 rule doesn’t apply”. is this alluding to the datapoints that a CPC can get the Sapphire in branch? Or generically for all Chase cards?

  9. Jim says:

    Could people with Chase Private Client weigh in whether they bypass 5/24 consistently? Read on a blog that CPC only extends 5/24 to 6/24 and then auto denial kicks in. On the blog, someone applied for ink plus with CPC and got denied due to 5/24. The most cited example of CPC success is getting CSP, but that is an invite offer with a code for CPC clients only. Considering this new Sapphire Reserve and interest in Freedom Unlimited, would like to know if CPC is worth it. Thx 🙂

  10. Bill says:

    I have never had a problem with the 5/24, as I have said many times, I do have a banking relationship with Chase..

  11. Randy says:

    The debate on becoming a CPC client could become easier in the near future.

    Met with a CPC banker and also an investment adviser recently and they mentioned that chase will be rolling out a new brokerage product/service in the next 6-8 months or sooner and it will be a low cost brokerage service to compete with BofA/ML and the other discount brokers and will be a part of CPC, though they mentioned it may have different qualifications. So you’d get discount self directed trading and concierge banking, as well as the other options in CPC.

    Not sure if they’re BSing me to get me to transfer over my accounts?

  12. Beth says:

    The arts and culture card is not available for all CPC clients. My banker indicated it is only available to CPC clients in “some” major metropolitan areas

  13. Greg says:

    If you open your account in a major metro, you still get that metro’s A&C card — I don’t live in NY anymore but just got an NY card in the mail.

    Also, got the CSR at 20+/24 with CPC.

  14. Kenneth Smedberg says:

    Does anyone know what the charges are for CPC? They charge a fee for investing but is there another fee what they purchase a particular stock or bond?

  15. Vamsigadu says:

    How I can join

  16. icemule1 says:

    Regarding this: “Discount of $750 on closing costs on all loans”

    Is that only for mortgages, or any loans? Also wanted to note that it’s not mentioned in the CPC benefits document located at: https://www.chase.com/content/dam/chasecom/en/private-client/documents/deposit_products_services.pdf

    … so I wonder if they don’t offer it anymore.

  17. TomT says:

    I heard somewhere (do not recall where) that once you are designated CPC, it stays for as long as you have an open Chase banking account. Can anyone confirm that? My wife and I are currently CPC due to parking $100k total (not $250k) in various checking, savings and retirement accounts there a few months ago. We have also received two Arts & Culture passes good through 12/31/2018 for Northern CA (home area), Southern CA, Seattle and Chicago. Will be requesting NY soon. Took advantage of the waived-fees ATM benefit in Japan too, so trying our best to offset the opportunity costs. Would love to move the funds out ASAP once we get our last Arts & Culture passes if we can still maintain CPC. Havings two kids, those passes have saved a few hundred dollars in museum passes we would have otherwise purchased.

    • Bob says:

      I can’t comment on your exact situation but here’s my experience. I had about 170k in there when they asked if I wanted to join. They seemed to be willing to waive the requirement, sort of, so I figured why not?

      After going through the application process that they dragged out and meeting one of their financial planners, I indicated that I didn’t want to participate in any of their actively managed investment funds (the ones that are 1.25-1.6%/year or whatever). That’s when they asked me to please deposit 80k more to finish the account at the very end since I wasn’t going to feed them large fees. I wasn’t too happy about that but I figured why not? I could always downgrade back to Premier later.

      Over time, I’ve talked with a few of their bankers. One of them claimed that they really only just check once/year (probably at year end) to make sure there’s 250k so it wasn’t a big deal once you have the CPC already. I haven’t actually heard of anyone who got their CPC pulled due to low balance.

      Another banker told me that they were probably going to switch to more of a discount brokerage model (e.g. Fidelity/Schwab, etc.) in April 2017 because of the new legislation with fiduciaries and all that stuff. He specifically mentioned that they would probably have to drop their current $24.95 fee for stock trades in their self directed accounts down to $4.95 or so to compete with the other brokerages. If this actually happens, I don’t mind moving in some ETFs and letting them sit there to get up to the 250k as then it’s not really an opportunity cost (vs the current .06% savings account rate) for me anymore.

    • VL says:

      Here is my situation for more DPs.

      I got CPC in 2014 when parked ~$200K in the account for 3 months. It was an initiative of one CPC banker I knew. I never asked for it, and openly told her that I will have to move the funds in a few months. She said that it is OK. The accounts are reconsidered annually, (she said) and even if the status is taken away from me in a year, I still could enjoy being a CPC for that time. I agreed. Did you not need to meet with anybody, or do anything. For the record: my history with Chase goes back to Washington Mutual days.

      As I expected I pulled those funds from the account in 4 months, but still have CPC status even now in 2017. Since 2014 I changed the banker, and Chase had plenty of opportunities to review my account but never attempted to downgrade me (knock on wood). I do not use much of the benefits, but the status is nice to have.

      I do not know if it ever helped me when I talked to reconsideration few times, I did mention my history with Chase along with all other reasons, and my several reconsideration requests were successful.

      Good luck.

      • griffingrowl says:

        I got “upgraded” to CPC for free when I did my mortgage with Chase a couple of years ago. It’s been a great product but I was in no way maintaining their $250K account balance minimum (nor did I ever intend to)

        Today my CPC “banker” called and told me to discuss why I wasn’t maintaining the balance and told me I’ll be downgraded if I don’t maintain the balance.

        Wondering what to do. A few threads on here and FatWallet discuss moving some passive investments over (such as IRA) but seems like their investment fees are quite high.

        • BW says:

          What are the fees for exactly? I heard through a co worker that they do offer some very low ER index funds or target date funds. I don’t know if there’s some other fees for the account on top of the ER though.

  18. Dan says:

    Doc – what about perks at other banks for similar balances?

    So far, only BOA/Merrill seems to be worth the hassle. CPC is laughable, but are there others?

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