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 cashiers 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 Chases 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 cashiers 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
Feb 6, 2021 | 8:40 am
#151
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,636
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.
This is probably going to happen with LOTS of Chase CPC customers.
Feb 6, 2021 | 9:05 am
#152
Flyertalk Posting Legend Moderator: Credit Card Programs, American Express, Capital One, Chase, Citi, Diners Club, Eco Travel, Signatures
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA, IHG & Marriott Platinum; DL & HH Gold
Posts: 51,882
Feb 6, 2021 | 10:03 am
#153
Original Poster
Join Date: Mar 2009
Location: PHX
Programs: HHonors Lifetime Diamond, UA Million Miler Gold, Marriott Platinum
Posts: 1,177
Feb 6, 2021 | 10:27 am
#154
Original Poster
Join Date: Mar 2009
Location: PHX
Programs: HHonors Lifetime Diamond, UA Million Miler Gold, Marriott Platinum
Posts: 1,177
Literally just hung up the phone with my CPC banker. My wife and I have Joint accounts and our Trust. My daughter and I have a joint account. My wife and I also teach have individual accounts. ALL are still covered because our joint and Trust accounts are well above the minimum.
Feb 6, 2021 | 10:34 am
#155
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,636
So far the best combo is still Bof/ML. My relationship banker is trying hard to keep my business. I can get her to waive my bank fees, so I do not have to wait for 30 minutes to talk to a live person.
Like to see what Goldman and Morgan Stanley/ETrade are going to offer in this space.
Feb 6, 2021 | 8:25 pm
#156
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: FA
Posts: 6,483
Clearly that change is on the secondary account holder's own account. Not sure what is not clear here.
So far the best combo is still Bof/ML. My relationship banker is trying hard to keep my business. I can get her to waive my bank fees, so I do not have to wait for 30 minutes to talk to a live person.
Like to see what Goldman and Morgan Stanley/ETrade are going to offer in this space.
So far the best combo is still Bof/ML. My relationship banker is trying hard to keep my business. I can get her to waive my bank fees, so I do not have to wait for 30 minutes to talk to a live person.
Like to see what Goldman and Morgan Stanley/ETrade are going to offer in this space.
LAX
Feb 6, 2021 | 8:38 pm
#157
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,636
Maybe your balance at BofA is much higher than mine was, but no one could do a damn thing about my denied "charge back" request ($25) despite sending in all documentation. I subsequently pulled most of my assets out and left only the minimum to keep the highest preferred level for CC bonus. If there are other CCs that can give me similar bonus to what BofA currently offers, I will transfer out the rest.
LAX
LAX
I may want to add more to Schwab for the bonus money on AmEx Platinum card ($100 on $250k and $200 on $1MM). But I need to run out my AmEx Plat retention bonus period. Morgan Stanley AmEx Plat card also on the horizon. But I need to wait for the ETrade to get settled to see if there is more new offering.
Feb 12, 2021 | 8:39 am
#158
Original Poster
Join Date: Mar 2009
Location: PHX
Programs: HHonors Lifetime Diamond, UA Million Miler Gold, Marriott Platinum
Posts: 1,177
I admit that Chase CPC and Sapphire Banking offer more than BofA without Preferred Rewards. If it offers the full brokerage service, I'll be happy to keep most of my assets with them. I've tried Citi and Chase and learnt the hard way. I thought both of them offer all the stocks and ETFs. But they do not.
I may want to add more to Schwab for the bonus money on AmEx Platinum card ($100 on $250k and $200 on $1MM). But I need to run out my AmEx Plat retention bonus period. Morgan Stanley AmEx Plat card also on the horizon. But I need to wait for the ETrade to get settled to see if there is more new offering.
I may want to add more to Schwab for the bonus money on AmEx Platinum card ($100 on $250k and $200 on $1MM). But I need to run out my AmEx Plat retention bonus period. Morgan Stanley AmEx Plat card also on the horizon. But I need to wait for the ETrade to get settled to see if there is more new offering.
Feb 13, 2021 | 8:08 am
#159
Join Date: Aug 2008
Location: SAF
Programs: Hilton Honors Silver
Posts: 705
Morgan Stanley purchased acquired E*TRADE a while back. Still unclear if/how that will change anything offered from either side. Many are waiting to see how it develops eventually and how that may in the end compare to others like CPC/ JP Morgan.
Feb 13, 2021 | 10:52 am
#160
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,636
Chase just kindly advised that I had one "Good Faith" trading violation. This is just ludicrous. It was just a $3,000 trade that I made like $50. I've not had anything like that for years at several other places.
I'm going to gut my Chase brokerage account and keep about $3k there to keep account open. Elsewhere I can maintain margin and even IRA margin accounts open. So I do not have to wait for the old fashioned 2 day settlement period. So I won't run into any "Good Faith" violation or any kind like that.
ETrade still very disappointing. Its customer service is the worst I've ever experienced. Extremely slow and non-responsive. Merrill is still the best. Followed by Fidelity, Wells Fargo and Schwab, in this order. Can't comment on Vanguard since I do not use it.
I'm going to gut my Chase brokerage account and keep about $3k there to keep account open. Elsewhere I can maintain margin and even IRA margin accounts open. So I do not have to wait for the old fashioned 2 day settlement period. So I won't run into any "Good Faith" violation or any kind like that.
ETrade still very disappointing. Its customer service is the worst I've ever experienced. Extremely slow and non-responsive. Merrill is still the best. Followed by Fidelity, Wells Fargo and Schwab, in this order. Can't comment on Vanguard since I do not use it.
Feb 15, 2021 | 8:59 pm
#161
Original Poster
Join Date: Mar 2009
Location: PHX
Programs: HHonors Lifetime Diamond, UA Million Miler Gold, Marriott Platinum
Posts: 1,177
Chase just kindly advised that I had one "Good Faith" trading violation. This is just ludicrous. It was just a $3,000 trade that I made like $50. I've not had anything like that for years at several other places.
I'm going to gut my Chase brokerage account and keep about $3k there to keep account open. Elsewhere I can maintain margin and even IRA margin accounts open. So I do not have to wait for the old fashioned 2 day settlement period. So I won't run into any "Good Faith" violation or any kind like that.
ETrade still very disappointing. Its customer service is the worst I've ever experienced. Extremely slow and non-responsive. Merrill is still the best. Followed by Fidelity, Wells Fargo and Schwab, in this order. Can't comment on Vanguard since I do not use it.
I'm going to gut my Chase brokerage account and keep about $3k there to keep account open. Elsewhere I can maintain margin and even IRA margin accounts open. So I do not have to wait for the old fashioned 2 day settlement period. So I won't run into any "Good Faith" violation or any kind like that.
ETrade still very disappointing. Its customer service is the worst I've ever experienced. Extremely slow and non-responsive. Merrill is still the best. Followed by Fidelity, Wells Fargo and Schwab, in this order. Can't comment on Vanguard since I do not use it.
Feb 15, 2021 | 9:51 pm
#162
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,636
It is never a good idea to keep just one platform. I've had outages from Merrill, Schwab, Fidelity and Interactive brokers. Some can last for half a day. That becomes rather common now with so many people staying home.
The SIPC insurance is a minor factor.
Here is a standard 2x NASDAQ ETF. Not allowed at all.
Last edited by RedSun; Feb 16, 2021 at 12:12 pm
Feb 25, 2021 | 8:29 am
#164
Community Director Emerita
Join Date: Oct 2000
Location: Anywhere warm
Posts: 35,597
From personal experience, you do not need to transfer more. But you do need to contact Chase, perhaps by going into a branch and meeting with an employee. I was told that in the past month, requirements for a Chase Private Client account have dropped from $250K to $150K.
Feb 25, 2021 | 8:34 am
#165
Join Date: May 2019
Programs: AA EXP, UA 1K, Qatar Gold, Hilton Diamond, Bonvoy Lifetime Titanium Elite, Hyatt Lifetime Globalist
Posts: 631
From personal experience, you do not need to transfer more. But you do need to contact Chase, perhaps by going into a branch and meeting with an employee. I was told that in the past month, requirements for a Chase Private Client account have dropped from $250K to $150K.