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 No longer works
  • 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 wary 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

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Tramy
Tramy (@guest_1133280)
January 24, 2021 22:17

Is Chase Private client checking FDIC insured?

Charles Mann
Charles Mann (@guest_1033590)
August 10, 2020 13:44

I pretty much get all the same benefits with a Chase Sapphire account and the minimum balance is only $75,000

peter
peter (@guest_768291)
June 7, 2019 13:54

I just have had a first experience of a private banker who was quite useless and slow as a turtle. Who do I complain to?

Charles Mann
Charles Mann (@guest_1033593)
August 10, 2020 13:46

That’s too bad, but many are actually very good, it’s just the luck of the draw I guess.

Raymond
Raymond (@guest_1169266)
April 1, 2021 00:14

Reddit

Lburns201@gmail.com
[email protected] (@guest_612302)
July 3, 2018 16:24

Hopefully you are WARY, not weary(tired)!

Dan
Dan (@guest_387362)
April 10, 2017 22:04

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?

TomT
TomT (@guest_369460)
March 13, 2017 19:22

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
Bob (@guest_371614)
March 16, 2017 20:42

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
VL (@guest_390310)
April 16, 2017 04:36

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
griffingrowl (@guest_450275)
July 31, 2017 18:58
  VL

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
BW (@guest_495748)
October 17, 2017 17:24

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.

calwatch
calwatch (@guest_619913)
July 21, 2018 02:12

It’s now $5 to make a trade. Go buy your favorite Vanguard or Schwab ETF and call it good.

icemule1
icemule1 (@guest_360563)
February 26, 2017 12:36

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.

icemule1
icemule1 (@guest_361419)
February 27, 2017 19:11

My CPC banker said that it only applies to mortgages.

Vamsigadu
Vamsigadu (@guest_348865)
February 5, 2017 04:39

How I can join

Kenneth Smedberg
Kenneth Smedberg (@guest_326389)
December 12, 2016 19:48

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?

Greg
Greg (@guest_318430)
November 23, 2016 00:47

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.