Account has been open approximately 5 years:

2021 AF = $450
2022 AF = $550

Chase postponed the fee increase from $450 to $550 due to the pandemic. They finally implemented the $550 fee in August 2021, which means you should have been billed at the level in 2022. Do you have anything in writing stating that CPC accounts receive a discount.

I know of folks with CPC and they have never received a discount on the AF for the CSR.

Ive been CPC approaching 10 years. Never got discount or AF waived on CSR.

Just FYI to anyone who is considering CPC, here is why I dumped CPC as a manager for my IRA:

(1) Fees are too high - both Morgan Stanley and Fidelity will now provide dedicated personal advisors for AUM fees that are 35-40% lower (this varies depending on AUM)

(2) CPC Banking promised a lot when we signed up but has basically gutted the program, to wit:

• No more safe deposit boxes in California (exited business and booted us from 2 branches)
• No more HELOC discounts (stopped writing HELOCs in 2020, though existing customers were grandfathered)
• No more Culture Access cards (never used this much but it saved some $$ on museums when our kids were young)
• Mortgage origination service has gone to h++ (was great prior to 2019) but deteriorated with RIFs

(3) In the old days you had a personal CPC banker and Investment Advisor. The value of the CPC banker was huge, they would handle all sorts of tasks by phone or email, and would also grease credit card apps by calling the underwriters to clear flags, etc. Now the CPC personal bankers are largely gone though the in- branch staff does what they can.

(4) On the IRA management side, the portfolios were mostly cookie cutter allocations to large index funds. Of course nothing wrong with that but does not really justify the fee structure (to be fair there are many other advisors who charge the same or higher fees for worse management).

I still have high regard for Chase as a bank, the online banking and bill pay are superior to most of the other major banks, and I rarely have any issues with credit cards, etc. In my view the major plus to having a CPC relationship is that your calls are routed to the "executive team" line which does a good job of addressing any needs. The fee waivers described in the wiki are also nice, but you can easily find similar waivers at Schwab, etc.

That would be me too, though I was fortunate enough to secure a JPM Reserve card when they were still offered to CPC customers, which includes the unpublished but valuable United Club membership.

Vanguard's personal advisors are 0.3% of AUM, which I believe is yet lower.

There's a lot to be said for cookie cutter allocations to large index funds. The odds of doing better (after fees) are not great.

So you moved from CPC to Schwab then? How do the Schwab perks compare to what you had under CPC?
Generally I agree with what you are saying. When I signed up the CPC benefits where much more valuable than they are now. Also not mentioned is that you can get most of the benefits with Sapphire Banking which has a much lower deposit requirement ($75k).

I ran into this one firsthand mid-2021. The level of nickel and diming and absolute lack of transparency or responsibility has sworn me off Chase entirely. If I didn’t get good value out of URs, I’d probably have severed my relationship with Chase altogether because of this. I refuse to bank with them despite the constant offers to open checking accounts for a couple hundred bucks.

Meanwhile, I’ve had nothing but good things to say about Schwab on the banking side. I had to do an outgoing wire from the checking account, but I’d missed the wire deadline. The phone rep very helpfully suggested I move the money over to the brokerage side where the wires were 1) free, and 2) had a later 4pm deadline for same-day transfer. I’m a pretty small potatoes customer over at Schwab too; only a couple thousand in the account.

The same goes for Fidelity service. Someone reliably picks up the phone within ~5min of my calling and is motivated to help figure out what I need to do. I honestly don’t know why people go to traditional banks anymore, considering the brokerages offer much better service and perks (free wires, better rates on checking/money market, better phone service, unlimited ATM fee reimbursments worldwide, etc.).

I like the idea of premium banking services, but the value just isn’t there outside of niche products (JPM Reserve w/ unpublished UC benefit) that aren’t accessible without huge sums under active management.

Two reasons for me:

• Safe deposit box
• Bank of America provides a service where I can order just about any foreign currency and have it delivered either via post (for a small fee) or I can pick it up at my local branch for free

Second one is actually pretty valuable to us. We got burned once in Italy using at ATM, so we've grown to appreciate the ability to order the currency we need/want, based on where we are going and just have it with us when we land. No more stressing about finding/using ATMs, etc.

Honestly, could probably live w/o the safe deposit box, but would really miss #2.

But if not for those two items, I too would likely just consolidate @ Fidelity. I've been very impressed with them as well.

Regards

I'm in California and still have a safe deposit box (free). However, the safety deposit box vault looks nearly abandoned, with boxes hanging open and hardly any of them still in use.

I believe there was a notice that went out from Chase back in September 2022 that stated they are no longer renting out new boxes, but for existing customers, no changes as of yet.

I tried to get a box with Chase all the way back in 2016 or so (Southern California area) and was told they were discontinuing buildouts with safe deposit boxes nationwide. I suspect those are going the way of the dodo, if they haven’t already.

Oh, I agree and at some point we'll cross that bridge, but for the time being our local BofA provides us one and unlike Chase they haven't (at as of yet) rattled their sabers about discontinuing that service.

Regards

The safety deposit box is not a huge benefit in my personal needs

Looking for answers.

Don't know if anybody can answer these questions. I sold my house and put the profits in a Chase Sapphire checking account. I was assigned a Private Client rep but left the state shortly after and never used him. I am currently travelling the U.S. and was wondering if I can just stop in at any location and use the rep there?