Jan 23, 2021, 1:05 pm
Last edit by: Boraxo
Chase Private Client
Qualification:
At least $150,000 with Chase Bank in personal and business bank accounts. Also include investments with JP Morgan. Excludes all employer sponsored retirement plans (401K etc.) and other benefits plans such as HSA etc. but includes IRAs managed by Chase. The investments can be managed by JP Morgan (fee based) or self-directed by the clients.
There is no Monthly Service Fee for Chase Private Client Checking when you have one of the following each monthly statement period: an average beginning day balance of $150,000 or more in any combination of this account and linked qualifying deposits and investments or you have a linked Chase Platinum Business Checking account (with $50,000 balance). Otherwise a $35 Monthly Service Fee will apply.
Benefits:
Chase Sapphire Banking Relationship
Qualification:
At least $75,000 with Chase Bank in personal and business bank accounts. Also include investments with JP Morgan. Excludes all employer sponsored retirement plans (401K etc.) and other benefits plans such as HSA etc. The investments can be managed by JP Morgan (fee based) or self-directed by the clients.
Benefits:
The benefits of Chase Private Client and Chase Sapphire Banking are almost identical. The main difference is that CPC has a dedicated private banker vs Sapphire dedicated service line. CPC is for clients who have more sophisticated banking and investment needs and desire a more personal relationship. CPC may have other banking discounts with mortgage, vehicle loans etc.
Before CPC was a way to get around the Chase 5/24 credit application limitation. It was also the backdoor to apply for the JPM Reserve (former Palladium) card. Both have been blocked or eliminated.
Qualification:
At least $150,000 with Chase Bank in personal and business bank accounts. Also include investments with JP Morgan. Excludes all employer sponsored retirement plans (401K etc.) and other benefits plans such as HSA etc. but includes IRAs managed by Chase. The investments can be managed by JP Morgan (fee based) or self-directed by the clients.
There is no Monthly Service Fee for Chase Private Client Checking when you have one of the following each monthly statement period: an average beginning day balance of $150,000 or more in any combination of this account and linked qualifying deposits and investments or you have a linked Chase Platinum Business Checking account (with $50,000 balance). Otherwise a $35 Monthly Service Fee will apply.
Benefits:
- No monthly service fee on Chase Private Client checking or savings accounts.
- A reduced minimum balance requirement on Chase Platinum Business Checking and no monthly fee on Chase Total Business Checking accounts
- No fees for domestic and international wire transfers completed in person, on the phone or online.
- No Chase fee at a non-Chase ATM (including international ATMs). In addition, Chase refunds ATM fees charged by the ATM owners up to five times per statement period.
- No fee for 3 x 5 Safe Deposit Box and a 20% discount for larger boxes (though Chase exited safe deposit business in California)
- No stop payment fees.
- No fees for cashier’s checks, counter checks or money orders.
- When using your debit card, Chase will increase your daily ATM withdrawal limit of up to $2,000 and a daily purchase limit of up to $7,500.
- No exchange rate adjustment fees for debit card usage or ATM withdrawals abroad, making this another great way to save on overseas ATM withdrawals
- A slightly higher sign-up bonus on the Chase Sapphire Preferred Card. Chase Private Client customers can earn 60,000 bonus points after spending $4,000 on their card within three months of account opening, versus 50,000 points for the public offer. (Possibly outdated)
- Mortgage benefits including the ability to leverage Chase’s 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), a $750 discount on closing costs on all loans, dedicated priority processing and senior underwriting support for loans,
discounts for Home Equity Lines of Creditand direct access to Customer Service Specialists. Note: Chase discontinued new HELOCs in 2020 (existing HELOC accounts are grandfathered with these benefits). Access to the Chase Private Client Arts & Culture program, which includes a card that offers free admission and discounts to museums in about a dozen major US cities. For example, in New York it offers free admission to the American Museum of Natural History for yourself and up to five guests. The card is specific to an individual city, but it appears that Chase is willing to send you new cards when you plan on visiting a particular city.Discontinued.- A private client advisor when you have investments with JP Morgan
Chase Sapphire Banking Relationship
Qualification:
At least $75,000 with Chase Bank in personal and business bank accounts. Also include investments with JP Morgan. Excludes all employer sponsored retirement plans (401K etc.) and other benefits plans such as HSA etc. The investments can be managed by JP Morgan (fee based) or self-directed by the clients.
Benefits:
- No monthly service fee on Chase Sapphire checking or savings accounts.
- One no fee Chase Total Business Checking account (may have been removed)
- No fees for domestic and international wire transfers completed in person, on the phone or online.
- No Chase fee at a non-Chase ATM (including international ATMs). In addition, Chase refunds ATM fees charged by the ATM owners up to five times per statement period.
- No fee for 3 x 5 Safe Deposit Box and a 20% discount for larger boxes.
- No stop payment fees.
- No fees on the first four overdrafts during the current the prior 12 statement periods
- No fees for cashier’s checks, counter checks or money orders.
- When using your debit card, Chase will increase your daily ATM withdrawal limits.
- No exchange rate adjustment fees for debit card usage or ATM withdrawals abroad, making this another great way to save on overseas ATM withdrawals
- 24/4 dedicated Chase Sapphire banking service line
The benefits of Chase Private Client and Chase Sapphire Banking are almost identical. The main difference is that CPC has a dedicated private banker vs Sapphire dedicated service line. CPC is for clients who have more sophisticated banking and investment needs and desire a more personal relationship. CPC may have other banking discounts with mortgage, vehicle loans etc.
Before CPC was a way to get around the Chase 5/24 credit application limitation. It was also the backdoor to apply for the JPM Reserve (former Palladium) card. Both have been blocked or eliminated.
Chase Private Client
Jan 27, 2021, 12:56 am
#136
Join Date: May 2010
Location: SFO
Posts: 97
Now I think I know what is going on.
When you bring $$$ to Chase CPC, the banker can put your $$$ into any account type. If he thinks you have intention to have Chase manage the $$$, then it stays in "Full Service" account. If you stated clearly that you would never let Chase manage it, the banker can put the $$$ into JPM self-directed or YouInvest accounts. For the "Full Service" account, the banker can set the fee to be 0%. They do not make much difference, just names.
When you bring $$$ to Chase CPC, the banker can put your $$$ into any account type. If he thinks you have intention to have Chase manage the $$$, then it stays in "Full Service" account. If you stated clearly that you would never let Chase manage it, the banker can put the $$$ into JPM self-directed or YouInvest accounts. For the "Full Service" account, the banker can set the fee to be 0%. They do not make much difference, just names.
My statement is the same as Damon88's: Under the Questions? header, it says: For Full Service Accounts, Call Private Client Advisor. I don't own any Chase mutual funds or complex or leveraged ETFs (lots of Vanguard ETFs with some individual stocks for fun).
Jan 27, 2021, 10:46 pm
#137
Original Poster
Join Date: Mar 2009
Location: PHX
Programs: HHonors Lifetime Diamond, UA Million Miler Gold, Marriott Platinum
Posts: 1,142
You're probably right.
My statement is the same as Damon88's: Under the Questions? header, it says: For Full Service Accounts, Call Private Client Advisor. I don't own any Chase mutual funds or complex or leveraged ETFs (lots of Vanguard ETFs with some individual stocks for fun).
My statement is the same as Damon88's: Under the Questions? header, it says: For Full Service Accounts, Call Private Client Advisor. I don't own any Chase mutual funds or complex or leveraged ETFs (lots of Vanguard ETFs with some individual stocks for fun).
Jan 28, 2021, 11:59 pm
#138
Join Date: Jun 2003
Location: La Jolla, CA
Programs: Marriott Ambassador, Lifetime Titanium, Delta Plat, Hilton Diamond , Hyatt Globalist
Posts: 2,615
When we made the switch to Chase we simply transferred over one of our taxable Ameritrade accounts. For doing that we received a generous cash welcome bonus and all the benefits that come with a CPC account. The biggest one for us is the ability and ease to transfer to other banks with free wires (daily limit 250K). In addition the waived ATM fees worldwide and higher withdrawal limits are great when we are traveling.
Not sure what you mean by “paying a premium for a brand name.” Having our account at Chase doesn’t cost a dime more than Ameritrade and we actually get many benefits in return.
It has been a win-win for us.
Jan 29, 2021, 8:17 am
#139
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
When we made the switch to Chase we simply transferred over one of our taxable Ameritrade accounts. For doing that we received a generous cash welcome bonus and all the benefits that come with a CPC account. The biggest one for us is the ability and ease to transfer to other banks with free wires (daily limit 250K). In addition the waived ATM fees worldwide and higher withdrawal limits are great when we are traveling.
Not sure what you mean by “paying a premium for a brand name.” Having our account at Chase doesn’t cost a dime more than Ameritrade and we actually get many benefits in return.
It has been a win-win for us.
Not sure what you mean by “paying a premium for a brand name.” Having our account at Chase doesn’t cost a dime more than Ameritrade and we actually get many benefits in return.
It has been a win-win for us.
Charles Schwab has an ATM card that does not charge any ATM fees worldwide. No question asked.
Banking is like commodity now. The real benefit with Chase is its credit card portfolio. But since there is additional benefit linking CCs with Chase banking, CPC benefits have somehow diminished.
Chase's limitation on trading certain products is a big minus. I'm sure JPM won't allow anyone to trade AMC, GameStop etc. They will be happy if you buy the JMP mutual funds. That generates fees and won't crash its trading system like Robinhood did.
Jan 29, 2021, 7:34 pm
#140
FlyerTalk Evangelist
Join Date: Aug 2009
Location: ZOA, SFO, HKG
Programs: UA 1K 0.9MM, Marriott Gold, HHonors Gold, Hertz PC, SBux Gold, TSA Pre✓
Posts: 13,811
Jan 29, 2021, 11:12 pm
#141
Join Date: Jun 2003
Location: La Jolla, CA
Programs: Marriott Ambassador, Lifetime Titanium, Delta Plat, Hilton Diamond , Hyatt Globalist
Posts: 2,615
So far I have not seen any stock they won’t allow one to trade. (Except OTC)
Jan 30, 2021, 4:32 am
#142
Join Date: Nov 2010
Location: ONT
Programs: AGR, UA, AA
Posts: 476
The real limitation of YouInvest is the lack of margin and the delay time in transfer of funds from sales to wait for settlement. They also are very limited on options strategies, only going to Level 2, and Merrill/BoA doesn't have this problem. On the other hand, Chase did offer a safe deposit box at a legacy Home Savings branch while Bank of America has no safe deposit boxes at any branch nearby. Chase also has great money transfer capabilities, including real time transfer, while BoA inexplicably still charges for outgoing ACHs, even for Platinum Honors customers. So I hold $75k in ETFs at Chase and put the rest in BoA, and do my everyday banking in neither.
Jan 30, 2021, 6:39 am
#143
Join Date: May 2019
Programs: AA EXP, UA 1K, Hilton Diamond, Bonvoy Lifetime Titanium Elite, Hyatt Lifetime Globalist
Posts: 453
The real benefits I got was able to work with a banker over the phone, via email and meeting in local branch. He worked hard to chase the new account bonus. Now I get a BofA/ML banker doing the same thing for me.
Charles Schwab has an ATM card that does not charge any ATM fees worldwide. No question asked.
Banking is like commodity now. The real benefit with Chase is its credit card portfolio. But since there is additional benefit linking CCs with Chase banking, CPC benefits have somehow diminished.
Chase's limitation on trading certain products is a big minus. I'm sure JPM won't allow anyone to trade AMC, GameStop etc. They will be happy if you buy the JMP mutual funds. That generates fees and won't crash its trading system like Robinhood did.
Charles Schwab has an ATM card that does not charge any ATM fees worldwide. No question asked.
Banking is like commodity now. The real benefit with Chase is its credit card portfolio. But since there is additional benefit linking CCs with Chase banking, CPC benefits have somehow diminished.
Chase's limitation on trading certain products is a big minus. I'm sure JPM won't allow anyone to trade AMC, GameStop etc. They will be happy if you buy the JMP mutual funds. That generates fees and won't crash its trading system like Robinhood did.
I have a Chase You Invest account and there were no limits on either equity or options trades. I made trades in many of the widely discussed securities.
What trading products have you seen then limit?
Jan 30, 2021, 7:25 am
#144
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Chase (JPM) does not allow trading of any complex ETFs. No leveraged ETFs, no inverse ETFs. Forget about short trading most of those hot stocks. I called JPM Chase several time, they stated clearly that it is the firm's decision to limit certain trading products to limit the "risks" of those products. They won't add them. Period. Move on.
Check TQQQ, QLD, SQQQ and a lot more. Try shorting AMC, GME. Wish you the best luck with them....
Jan 30, 2021, 7:52 am
#145
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
JPM YouInvest has more limitations:
YouInvest does not offer the ability to trade during pre- and post-hours
No penny stocks
limited account types
only basic (single leg) options trades are offered
order types are limited (order types such as trailing stop orders and conditional orders are not available)
Some also say margin account is allowed. My regular account has no margin ability. This is another huge killer of this account offering. All trades take two business days to settle. Depending on you trade, you could be held hostage by this settlement rules for two days and you can't sell. Or you receive either "Good Faith" violation or "Free Ride" violation with your accounts. In this kind of market, this is a no-no.
Some other brokers even offer limited margin with IRA accounts. So you do not have to wait for the two days..... Chase is not even close to that.
YouInvest does not offer the ability to trade during pre- and post-hours
No penny stocks
limited account types
only basic (single leg) options trades are offered
order types are limited (order types such as trailing stop orders and conditional orders are not available)
Some also say margin account is allowed. My regular account has no margin ability. This is another huge killer of this account offering. All trades take two business days to settle. Depending on you trade, you could be held hostage by this settlement rules for two days and you can't sell. Or you receive either "Good Faith" violation or "Free Ride" violation with your accounts. In this kind of market, this is a no-no.
Some other brokers even offer limited margin with IRA accounts. So you do not have to wait for the two days..... Chase is not even close to that.
Jan 30, 2021, 8:42 am
#146
Join Date: Aug 2008
Location: SAF
Programs: HH Gold, IHG Gold
Posts: 674
...Chase also has great money transfer capabilities, including real time transfer, while BoA inexplicably still charges for outgoing ACHs, even for Platinum Honors customers. So I hold $75k in ETFs at Chase and put the rest in BoA, and do my everyday banking in neither.
Feb 4, 2021, 8:30 am
#147
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Negative Change To Chase Private Client Status Benefits
Not good. Only the joint accounts are part of the CPC.
Small Negative Change To Chase Private Client Status Benefits - Doctor Of CreditA 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.
Small Negative Change To Chase Private Client Status Benefits - Doctor Of CreditA 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.
Feb 6, 2021, 12:24 am
#148
Original Poster
Join Date: Mar 2009
Location: PHX
Programs: HHonors Lifetime Diamond, UA Million Miler Gold, Marriott Platinum
Posts: 1,142
Not good. Only the joint accounts are part of the CPC.
Small Negative Change To Chase Private Client Status Benefits - Doctor Of CreditA 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.
Small Negative Change To Chase Private Client Status Benefits - Doctor Of CreditA 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.
Feb 6, 2021, 8:06 am
#149
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
If the new policy is correct, then the secondary's own accounts do not enjoy the CPC benefits.
This has been the case with Chase Sapphire banking relationship. If I have the Sapphire relationship, my family members would have to link their accounts to become joint accounts to get the benefits. They are not considered Sapphire customers, not even spouse.
This has been the case with Chase Sapphire banking relationship. If I have the Sapphire relationship, my family members would have to link their accounts to become joint accounts to get the benefits. They are not considered Sapphire customers, not even spouse.
Feb 6, 2021, 8:35 am
#150
Original Poster
Join Date: Mar 2009
Location: PHX
Programs: HHonors Lifetime Diamond, UA Million Miler Gold, Marriott Platinum
Posts: 1,142
If the new policy is correct, then the secondary's own accounts do not enjoy the CPC benefits.
This has been the case with Chase Sapphire banking relationship. If I have the Sapphire relationship, my family members would have to link their accounts to become joint accounts to get the benefits. They are not considered Sapphire customers, not even spouse.
This has been the case with Chase Sapphire banking relationship. If I have the Sapphire relationship, my family members would have to link their accounts to become joint accounts to get the benefits. They are not considered Sapphire customers, not even spouse.
