Update 8/29/20: Some additional information:
- Business balances will not count towards the $150,000 requirement. Having a linked Chase Platinum Business Checking account will waive the $35 fee entirely.
- New Chase CPC clients will have the $35 fee waived for the first three months
- Existing CPC clients will be systemically waived until February 26, 2021
- In February clients who either opened or upgraded to CPC before November 8th will be systemically converted into an appropriate Chase checking/savings product.
- The following changes to benefits will go into effect on November 8th:
- Standard overdraft protection will apply and CPC accounts may be charged insufficient funds and returned items fees. We will waive the insufficient funds and returned item fees if item(s) are presented or withdrawal request(s) are made against an account with insufficient funds on four or fewer business days during the current prior 12 statement periods
- To get the full benefit of Chase Private Client, clients are required to have a Chase Private Client checking account. Clients must have a Chase Private Client checking account to be able to open/convert to a Chase Private Client Savings account.
Update 8/9/20: Reader J. sent in the official new terms on Chase Private Client which is now being sent out as account update for clients. Reading through the terms, it seems I got the info a bit wrong: it’s not that they are lowering the actual threshold – the official CPC threshold remains at $250,000; they are just adding a fee for those who don’t meet a lower level $150,000 threshold. They still might kick you off the program if you are over $150,000 and under $250,000, since $250,000 is the real requirement for CPC.
Here’s a link to the full PDF of new terms. I’ve updated the title to reflect the new information as well.
Original Post 7/23/20:
A source tells us that Chase will lower their threshold for becoming Chase Private Client from $250,000 in balances to $150,000 in balances. The change is slated to happen in November 2020.
Specifically, we heard:
- Chase Private Client to reduce asset requirement to 150,000 in November 2020.
- Existing Private Clients that can’t maintain the $150,000 requirement will be charged $35/month.
My read is that along with the lower threshold, they’ll also begin enforcing the balance requirement. It’s an open secret that people have been able to get Private Client status by telling a banker they ‘plan on’ depositing $250,000, without actually depositing; eventually, you’ll probably get kicked off the program, but it supposedly can work for a while. Sounds to me that beginning November they’ll just make it a clear $150,000 requirement, with a monthly fee that kicks in if you don’t meet the requirement.
Related: Everything You Need To Know About Chase Private Client (Qualification, Benefits & Sharing Status)
