A reader who is a Chase Private Client reached out to let us know about a negative change which Chase is implementing on those with Private Client status:
Previously, if you were a joint accountholder with a private client, you’d get full private client privileges and fee waivers, even on your other accounts which are not adjoined to the private client. However, they are now sending out notice of a change whereby every individual needs to have $150,000 in their own balances to be considered Private Client and get fee waivers and the like.
How frequently can Chase Private Client (CPC) be churned. I am planning to shutdown and transfer my account 90 days after the transfer of assets & getting bonus. Is there a minimum time period account needs to be open?
Following
CPC 2000 bonus still working, where’s to get it
Try this link
Lin :
https://account.chase.com/consumer/banking/chaseprivateclient
Slight correction. If your “lead” account has the minimum and the linkage between the two people is through the “lead” account (meaning not a savings sub account as was my case), the benefits still remain. I had this issue but the Private Banker found a solution and changed the lead account.
Do you mind explaining this more? I thought the ‘link’ between two people was through a joint account. (Does “lead” account = joint account in your comment?) In this case, are you saying the joint account needs to have the minimum to qualify for CPC? If so, I understand, but that seems obvious. If not, I still don’t quite understand the ‘link.’ Thanks.
Real ballers. ($10m liquid cash or more, not counting investments or real estate) aren’t bothering with Chase or any other retail bank. Morgan Stanley, UBS, BNY Mellon, other private banks. And of course they have a private banker they can talk to anytime. They don’t care about a free cup of coffee.
Start the whining chorus of spoiled children attached Mom and Dad’s CPC account…. 3… 2… 1…
aka me
Bye Chase! Leave your preferred client status at the door step and get outta here!
Chase: Well, what about the money?
“What money?”
Chase: Well, you have to PAY to have an account sir.
“Too bad you ain’t in charge no more….. And is that a fact? How much do I owe ya?”
And you know the rest. 😛
fuck you Chase
Hear Hear
Thank you, Jordan.
Too much money sloshing around in the system
As a CPC, I can verify this. However, a workaround is to make the family member with the highest average monthly balance (at least $150K) a cosigner on any other family members’ accounts that would like to keep their CPC status.
I never understood the allure of CPC. I mean, I can get free worldwide ATM rebates with Schwab checking. I can get much better interest rates elsewhere. Besides the signup bonus for CPC, why are people putting so much money to keep the CPC status? /serious question
clout.
and maybe Art and Culture card
I got a net new asset bonus that reduced my mortgage interest rate, in addition to a standard mortgage rate reduction for CPC clients. On top of that, I’m due to receive a new account cash bonus that will cover all of my lender closing costs. That’s without even discussing non-mortgage benefits.
are all of that better than CitiGold ones?
I’d go to discount brokers like owning.com or interactivemortgage.com that provide cut-throat pricing with zero closing costs. Chase rates are nowhere in the reckoning.
interactivemortgage doesn’t seem to offer jumbo loans at all. owning.com might be good for conforming loans, but for jumbo it seems to be similar to what I got from Chase (Chase’s rate was lower, but had some closing costs; Owning’s advertised rate is for 50% LTV, and I’m guessing it’s a worse rate for above 60% LTV); does Owning give better rates once you talk to them?
You mean besides getting $2000 for just parking your funds/etfs at Chase for 3 months. Nobody has a better brokerage promotion going on than Chase.
You’d be surprised how many people put zero thought into their bank. Chase has so many branches people just join out of accessibility. Don’t shop for interest rates/fee free perk options elsewhere. Just the type of idiot that perks up at the thought of being a private client to JPMC.
YouInvest sucks but if you’re just buying and holding ETFs it’s fine. Now I have checking accounts, investment accounts, and main credit cards at one place
Other than the Arts and Culture card, and trying to fend off Chase bankers from putting your assets under their management and charging fees, I don’t see the benefit from going from Sapphire Checking to Private Client. Sure, $2,000 is nice, but I can make $600 -$1,000 a year bouncing between different brokerages without jeopardizing my Chase relationship. So I put $75,000+ in ETFs in Chase (YouInvest), $100,000+ in an IRA with Bank of America (Merrill), and do my daily banking in neither.
What’s the significance of “$75,000+ … in Chase (YouInvest)”. Is that a level of something?
Free sapphire checking, which I mainly use for ATM reimbursement and a safe deposit box as no BoAs have boxes available, but an ancient ex Home Savings branch has plenty.
Premier Plus Checking has free deposit box and 4 ATM transaction fees waved. and you only need $15K to park.
The 4 ATM fees are the Chase fees. They don’t reimburse for surcharges from other banks for the Premier Plus Checking.
The free safe deposit box is something if you’re holding hard precious metals and the like. I’ll get there, some day. 🙁
Will bounce after getting the $2k Chase bonus for our investments account. It’s just a different type of broker bonus to me.
Free incoming and outgoing wire transfers (plus the ability to do it over the web (and maybe the app too?!? not sure) is an absolute game changer. With Sapphire Banking.
Sure, here’s one. Imagine you’re going to a popular Chase branch. You enter inside and you see a huge line of non-English speaking senior folks waiting to talk to a banker to ask some asinine question like how to reset their password. The greeter comes and asks you what you want to do today, and you tell them that you’re a CPC client and would like to speak to someone. You then walk upstairs and skip the line of plebeians and have a nice cup of coffee while talking to your regular banker about money.
who goes to the bank?
Prior to the pandemic, I had 3 family members open an account for their “business”, which was a nice bonus for an hour and more of our time. The person I was working with was more of a don’t-ask-don’t-tell kind of person, and since I was essentially helping them hit their sales quotes, it was logical.
That sounds really old fashioned. Why not skip the bank altogether. Probably for the free cup of coffee. Anything for something “free!”
I wish, but those mailers used to require that you enter a branch. Also, some CIP sign-ups for additional businesses needed a certain type of business banker to help you out. It was definitely worth the visit.
AHAHAHAHAHA. Have you *been* in a retail banking branch lately? Especially a Chase? This is pure fantasy.
Wow
Except that in reality the CPC banker is also helping with the long line and you still have to wait for them to finish… If they’re not “out” that day, at lunch, with another client, or about to be spit out of the churn machine that is Chase and be replaced with a fresh new face.
Do I sound bitter?
Retail footprint and lack of momentum to switch. It’s striking how many mass affluent kind of just default to what’s known vs shopping for better value. But hey not everyone is the DoC type of reader.
Taiwan numbaaaa 1!!!!
Free wires
Though, as someone else said, Sapphire Checking also gives free wires, with a lower balance requirement than CPC.
The CPC mortgage rate discount was useful for me, though that isn’t something I plan to use very frequently (especially since to get the good discount you need to deposit new money into Chase).
1) Arts and Culture Card (can be great if you frequently visit one of the covered places
2) 500k limit on SIPC insurance. Granted, if Chase/Fidelity/Vanguard/etc ever needed to cover that, the country’s probably already in deep s**t. Still, doesn’t hurt to spread the wealth between different institutions
3) That’s it, other than getting a different looking ATM card and the junk mail will be on thicker cardstock
Hi, what do you mean by co-signed? From what is posted co-owner on a joint account no longer qualifies. Isn’t cosigner for a debt and a co-owner would be for an asset like a checking account. Thanks!