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Steve
Steve (@guest_1088987)
November 11, 2020 20:44

I confirmed the threshold is now $150K, not $250K.

Steven Owens
Steven Owens (@guest_1079447)
October 26, 2020 15:34

Considering just downgrading my CPC status. Wealth management/ private banking is basically just sales. The benefit was free ATMs worldwide and having my checking along my credit cards. Both possible at Sapphire level.

Alex
Alex (@guest_1064106)
September 28, 2020 18:35

I got a letter from Chase and called my CPC. It seems that all Chase branches are no longer going to waive the requirement (and thus the fees) for accounts held by anyone who do not have at least 150k. If they want to keep the CPC account without a fee they either have to downgrade or the CPC who has 150k has to be on all of their accounts (i.e. anyone who does not have 150k will need to have all their accounts be joint).

ItsAQuark
ItsAQuark (@guest_1064839)
September 29, 2020 19:37

I was told the same thing too. The client with the qualifying balance has to be listed as a joint owner for that joint account to get CPC. The family member’s personal accounts wouldn’t get the benefit anymore unless that person also qualifies separately.

I was also advised that if the family member is really in it for the ATM rebate, foreign purchase, free wire benefits, etc, they could transfer some money from his/her personal account into the joint account just to make that withdrawal. It seems like a pain in the behind though.

Alex
Alex (@guest_1064995)
September 30, 2020 03:08

Unless I’m missing something so long as they have one joint account they should still be able to have all CPC benefits, they just can’t have a personal CPC account of their own.

Shouldn’t be an issue if they have 1 Total Checking and 1 CPC account in that case. It’s a bit annoying for ATM rebate but that doesn’t sound like the end of the world.

ItsAQuark
ItsAQuark (@guest_1065041)
September 30, 2020 09:18

I guess the question is what benefit do you REALLY get with a joint CPC…lol. If we have 1 Total Checking and 1 joint CPC, would we be charged the fees that are associated with Total Checking on that specific account? For example, if we wired money from the Total Checking account elsewhere, we would still be charged the outgoing wire transfer fees, right?

Money Sloth
Money Sloth (@guest_1055944)
September 16, 2020 09:42

This change became even more confusing after talking with a private client banker. We were told that any CPC relationships for family members that don’t meet the new $150k balance requirement will not be charged a fee. The banker said if a fee shows up on any family member’s account to inform him and he will fix it. Not sure if he is just making an exception, or if this is how they plan to implement the change nationwide. He said that the primary family member who has the >$250k balance is effectively “sharing” that qualifying balance with all the family member accounts when it comes to minimum balance requirement calculations.

ItsAQuark
ItsAQuark (@guest_1063122)
September 26, 2020 15:21

It was confusing to me too. All of my family members that were “sharing” my CPC benefit just got a letter from Chase about their accounts not meeting “either of the ways to waive this Monthly Service Free,” including a joint account that has my name on it even though I do meet the $150k requirement.

Money Sloth
Money Sloth (@guest_1063678)
September 27, 2020 23:03

We just got those letters now too. It is completely different than what the CPC banker told us lol. Leads me to believe certain bankers will be manually waiving fees for family members in order to keep the primary relationship. But this rollout is being horribly handled from a marketing/PR standpoint.

Tom
Tom (@guest_1046236)
August 31, 2020 15:52

I have been a Chase Private Client for a few years in NJ. I talked them into making me a member with some limited funds. I thought their sales pitch was a scam to manage your investments. They backtested funds 5 years that didn’t exist in all the prior 5 years and cherry picked manipulated data. Never used the Arts and Culture as not much interest/availability. My private banker was non-existent, which is perfect for me. For a jumbo mortgage they could probably do something as they are using house money. Normal mortgage they can’t compete. I recommend lenderfi.com. Just closed a 30 year refinance 2.625%, no cost. I’ve lost out on a few years of Chase checking bonuses while being a member. I use Schwab, seems to handle everything fine. You would really have to add up a lot of perk values other than ego to make it worthwhile. I guess I will go back to bonuses as I truly have felt I have lost money being a CPC member.

Will
Will (@guest_1045826)
August 31, 2020 04:27

I got this info from my banker in NYC

Patrick
Patrick (@guest_1045506)
August 30, 2020 12:41

CPC is only worth it if you’re just parking your investments. All Vanguard funds are no fee, so there’s really no difference where stuff lives.

The Arts & Culture card is a huge benefit for families. I get a really cheap (larger) safe deposit box. Free wires and ATM etc.

HSBC Premier used to be $50/month for essentially nothing. Not sure what BOA is doing these days since Chase has the far superior online banking and apps.

John
John (@guest_1045556)
August 30, 2020 14:56

Chase CPC is a joke compared to BoA.

Maurice
Maurice (@guest_1045366)
August 29, 2020 23:18

If you really want to enjoy the “dedicated private banker”, it gonna be you have over 10M networth.

Ton
Ton (@guest_1033471)
August 10, 2020 09:54

CPC is a joke vs BOA premium. The other big banks need to get with the program it all their big money clients will flock to BOA overtime.

TB
TB (@guest_1033877)
August 10, 2020 20:59

Yeah and once that happens, BOA will get rid of Preferred Rewards and you’ll start whining about BOA too

Ray
Ray (@guest_1034211)
August 11, 2020 11:36
  TB

If one of their programs is consistently attracting big money clients, they’re probably not gonna axe it.

Mike G.
Mike G. (@guest_1045438)
August 30, 2020 07:49

Not true.. AMEX 5% Amazon is now capped as of 10/1 because of it’s popularity and their concern is their bottom line, not customer loyalty .. many big spenders are looking for other options now.

Steven Owens
Steven Owens (@guest_1079523)
October 26, 2020 16:54

BofA platinum seems nice but not better than Chase necessarily. Chase has international ATM reimbursement and I still think the Sapphire Reserve is better than any bofa card if you spend a lot on dining/travel.

Lonely virtural card
Lonely virtural card (@guest_1033352)
August 10, 2020 03:01

Is it possible to product change to Sapphire Banking from CPC right now?

David
David (@guest_1033439)
August 10, 2020 08:45

yes

Boozi
Boozi (@guest_1046905)
September 1, 2020 14:20

but wud it trigger the bonus?