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
Sep 5, 2020 | 6:51 am
#16
Join Date: Feb 2011
Location: NYC suburbs
Programs: UA LT Gold 1.2MM (BIS), AA LT Plat (SUBs, BD/Bask), Hilton Dia (CC), Hyatt Glob (BIB), et. al.
Posts: 4,596
FWIW, from the point of view of many of us as miles and points afficionados and credit card churners, the main perk of CPC WAS (past tense) that it used to be an end run around 5/24. As one datapoint, four years ago I transferred (no capital gains tax) long held mutual funds to Chase specifically to get to CPC and shortly thereafter I was approved for 3 or 4 new Chase credit cards (and bonuses) including Sapphire Preferred followed by Sapphire Reserve 2 months later (a month after its introduction) despite being approximately 24/24. Unfortunately, that perk of CPC hit a hard and non-negotiable stop 3 years ago. Main perk for me (until COVID) was higher ATM limit which was helpful for getting a local currency at the best conversion rate without feeling ripped off by foreign transaction and/or ATM fees.
Sep 5, 2020 | 2:25 pm
#17
FlyerTalk Evangelist
Join Date: Aug 2009
Location: ZOA, SFO, HKG
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When comparing all non-private banking level top tier banking packages (Note - CPC is not a private banking package, as Chase also offers JPMorgan Private Bank), the best, or I should say the least worst is Wells Fargo. Yes indeed - everyone sucks.
Why everyone sucks? The reason is quite simple - for most benefits, you can get them from Charles Schwab without a balance requirement. For those who offers a rate increase/decrease, the benefit is not as helpful as you choose CU (CUs generally have better interest rates). Safe deposit box is a benefit literally not in existence, given it is difficult to score a new box now.
Wells Fargo is the least worst because it has the lowest requirement to qualify. As other may have mentioned, the beauty of CPC is 5/24 and the welcoming bonus.
I do agree that BofA service sucks, based on my professional experience. Chase's service is standardized - not good, not bad.
Sep 5, 2020 | 2:47 pm
#18
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: 51,876
Sep 5, 2020 | 5:21 pm
#19
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: FA
Posts: 6,482
That's not exactly what I mean.
When comparing all non-private banking level top tier banking packages (Note - CPC is not a private banking package, as Chase also offers JPMorgan Private Bank), the best, or I should say the least worst is Wells Fargo. Yes indeed - everyone sucks.
Why everyone sucks? The reason is quite simple - for most benefits, you can get them from Charles Schwab without a balance requirement. For those who offers a rate increase/decrease, the benefit is not as helpful as you choose CU (CUs generally have better interest rates). Safe deposit box is a benefit literally not in existence, given it is difficult to score a new box now.
Wells Fargo is the least worst because it has the lowest requirement to qualify. As other may have mentioned, the beauty of CPC is 5/24 and the welcoming bonus.
I do agree that BofA service sucks, based on my professional experience. Chase's service is standardized - not good, not bad.
When comparing all non-private banking level top tier banking packages (Note - CPC is not a private banking package, as Chase also offers JPMorgan Private Bank), the best, or I should say the least worst is Wells Fargo. Yes indeed - everyone sucks.
Why everyone sucks? The reason is quite simple - for most benefits, you can get them from Charles Schwab without a balance requirement. For those who offers a rate increase/decrease, the benefit is not as helpful as you choose CU (CUs generally have better interest rates). Safe deposit box is a benefit literally not in existence, given it is difficult to score a new box now.
Wells Fargo is the least worst because it has the lowest requirement to qualify. As other may have mentioned, the beauty of CPC is 5/24 and the welcoming bonus.
I do agree that BofA service sucks, based on my professional experience. Chase's service is standardized - not good, not bad.
LAX
Sep 5, 2020 | 5:37 pm
#20
Join Date: Sep 2018
Posts: 76
That's not exactly what I mean.
When comparing all non-private banking level top tier banking packages (Note - CPC is not a private banking package, as Chase also offers JPMorgan Private Bank), the best, or I should say the least worst is Wells Fargo. Yes indeed - everyone sucks.
Why everyone sucks? The reason is quite simple - for most benefits, you can get them from Charles Schwab without a balance requirement. For those who offers a rate increase/decrease, the benefit is not as helpful as you choose CU (CUs generally have better interest rates). Safe deposit box is a benefit literally not in existence, given it is difficult to score a new box now.
Wells Fargo is the least worst because it has the lowest requirement to qualify. As other may have mentioned, the beauty of CPC is 5/24 and the welcoming bonus.
I do agree that BofA service sucks, based on my professional experience. Chase's service is standardized - not good, not bad.
When comparing all non-private banking level top tier banking packages (Note - CPC is not a private banking package, as Chase also offers JPMorgan Private Bank), the best, or I should say the least worst is Wells Fargo. Yes indeed - everyone sucks.
Why everyone sucks? The reason is quite simple - for most benefits, you can get them from Charles Schwab without a balance requirement. For those who offers a rate increase/decrease, the benefit is not as helpful as you choose CU (CUs generally have better interest rates). Safe deposit box is a benefit literally not in existence, given it is difficult to score a new box now.
Wells Fargo is the least worst because it has the lowest requirement to qualify. As other may have mentioned, the beauty of CPC is 5/24 and the welcoming bonus.
I do agree that BofA service sucks, based on my professional experience. Chase's service is standardized - not good, not bad.
- Wells Fargo had 100 free trades on each account when I opened it - my brokerage account was closed due to inactivity and when I noticed that, they would not give the same deal again on new brokerage account - would not re-open closed one.
- Wells Fargo staff in the branch in my town knew less about the products than I did. I had to tell them what it was I needed and bank staff knew zero about the investment side and did nothing to help in that area.
- I do have a safe deposit box at Wells Fargo - free small one included in Portfolio
- The Wells Fargo funds transfer rates to a bank in India I use are competitive (limited to 5K ,but conversion rate at above $4500 is competitive) and no fees added. Obviously they make money in the conversion rate like other services, but not an unreasonable rate.
- Not sure they have changed the trading fees like others.. but I don't trade - but do some transactions - especially this year. The no-fee ETFs have been reasonable. Allows me to still hold some Vanguard Admiral shares transferred as part of inherited IRA, though I am moving to ETFs over time, as they match and easier to reallocate to other ETFs during market hours at same cost level.
- Chase - CPC - the customer service is night and day difference. The banker I use is awesome, knows, no BS and will find out if she does not know. Cares about her customers.
- The YouInvest w/ unlimited free trades for self-managed portfolio is reasonable (not the best but works fine - no issues).
- CPC includes free notarization services that my banker handles - very convenient and she helped us out without any hesitation - including cashing in some US savings bonds in the same meeting session with different notarization services. Don't believe WF includes that - was never able to get them to help much.
- Was able to have my son get CPC benefits based on my CPC status, and our banker helped make sure he got sign up bonus listed on regular checking and then immediately upgrading to CPC account and bonus came through as expected. WF doesn't offer much for those without much resources up front and no family benefits option.
- The CPC free wire transfers may be great for within US, but for the bank in india, conversion rates are absolutely terrible, hence I still rely on WF. Ironically JPMC handles all the wire transactions for the India bank I use but doesn't really offer a competitive conversion rate. :-( Option later may be to use an 3rd party transfer services if I close the WF accounts.
- The free safety deposit box is not available. (Guess that appears to be an issue with all banks and new accounts)..
- I originally considered B of A and even reserved some funds to transfer for the $100k Merrill Edge option to get best rates on the cash back cards, but never pulled the trigger and since then locked in the funds such that I can't do that now.
- I use the Chase UR system having moved from cash back focus to UR points, but still use cash back if it is better.or have special offers on other cards that give a better deal.
Hope the pros/cons I encountered are useful for others to know - but each persons situation could be different - especially if the staff at local branches are different.
EDIT: Customer service on Chase has been great - used Secure Message feature online and called - no issues. WF was not easy and so generally avoided trying to get them to do much - was too painful each time on phone and in branch.
Last edited by rapatelrocky; Sep 5, 2020 at 5:48 pm
Sep 5, 2020 | 8:02 pm
#21
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: 13,807
FWIW - I am not opposing this kind of top-tier banking. Instead - before you are attracted to these, think about this - how exactly can you benefit this kind of accounts?
If you say CPC will give you $2K for 250K, go for it. Otherwise, many published benefits are not worthy when you compare institutions like Schwab (Schwab offers ATM rebate worldwide, but not Fidelity or eTrade).
Sep 5, 2020 | 9:33 pm
#22
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: FA
Posts: 6,482
Yes indeed.
Not exactly.
Exactly.
FWIW - I am not opposing this kind of top-tier banking. Instead - before you are attracted to these, think about this - how exactly can you benefit this kind of accounts?
If you say CPC will give you $2K for 250K, go for it. Otherwise, many published benefits are not worthy when you compare institutions like Schwab (Schwab offers ATM rebate worldwide, but not Fidelity or eTrade).
Not exactly.
Exactly.
FWIW - I am not opposing this kind of top-tier banking. Instead - before you are attracted to these, think about this - how exactly can you benefit this kind of accounts?
If you say CPC will give you $2K for 250K, go for it. Otherwise, many published benefits are not worthy when you compare institutions like Schwab (Schwab offers ATM rebate worldwide, but not Fidelity or eTrade).
LAX
Sep 5, 2020 | 11:45 pm
#23
FlyerTalk Evangelist
Join Date: Aug 2009
Location: ZOA, SFO, HKG
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Posts: 13,807
"Please note that there may be a foreign transaction fee of 1% that is not waived, which will be included in the amount charged to your account."
So I would say no.
Sep 8, 2020 | 7:09 am
#24
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,634
I just do not see any need to have Chase PC. Chase Sapphire gives me everything I need. The one special thing none of other competitors offer is the free wire transfer all around, in and out, domestic or overseas. You can easily save $40 for an outgoing transfer overseas. But if you never use it, then it is of little difference.
Other than that, the difference is very little. Schwabs does not have min balance requirement. Citi offers possible discount on some CC fees. BofA offers good Preferred Rewards program with CC bonus. But both Citi and Chase brokerage suck big.
For ordinary folks, Schwabs is very good. But if you need to have a local branch, then pretty much anything goes.
Other than that, the difference is very little. Schwabs does not have min balance requirement. Citi offers possible discount on some CC fees. BofA offers good Preferred Rewards program with CC bonus. But both Citi and Chase brokerage suck big.
For ordinary folks, Schwabs is very good. But if you need to have a local branch, then pretty much anything goes.
Sep 29, 2020 | 11:59 am
#25
Join Date: Sep 2011
Location: SNA
Programs: AA EXP, Hilton Diamond, Hyatt Globalist
Posts: 1,258
I think the international wire transfer benefit has been devalued by the competitor Transferwise which has had consistently lower rates than CPC rates.
The ATM refund aspect has also been devalued in my view by external circumstances as well; my primary use case for ATM refunds was international while traveling, and as an American, the short/medium term outlook on international travel is not good!
The ATM refund aspect has also been devalued in my view by external circumstances as well; my primary use case for ATM refunds was international while traveling, and as an American, the short/medium term outlook on international travel is not good!
Sep 29, 2020 | 1:10 pm
#26
Join Date: Sep 2018
Posts: 76
I just do not see any need to have Chase PC. Chase Sapphire gives me everything I need. The one special thing none of other competitors offer is the free wire transfer all around, in and out, domestic or overseas. You can easily save $40 for an outgoing transfer overseas. But if you never use it, then it is of little difference.
Other than that, the difference is very little. Schwabs does not have min balance requirement. Citi offers possible discount on some CC fees. BofA offers good Preferred Rewards program with CC bonus. But both Citi and Chase brokerage suck big.
For ordinary folks, Schwabs is very good. But if you need to have a local branch, then pretty much anything goes.
Other than that, the difference is very little. Schwabs does not have min balance requirement. Citi offers possible discount on some CC fees. BofA offers good Preferred Rewards program with CC bonus. But both Citi and Chase brokerage suck big.
For ordinary folks, Schwabs is very good. But if you need to have a local branch, then pretty much anything goes.
Sep 30, 2020 | 11:47 am
#27
Join Date: Jan 2000
Location: Santa Cruz, CA
Programs: AA LT EXP, Marriott LT Titanium Elite, DL PLat
Posts: 3,404
I have the Wells Fargo portfolio It's a good place to gather multiple accounts to avoid any fees but that's about it. All their products have walls between them so my local banker knows nothing about brokerage who knows nothing about Credit Cards etc.
Every time I talk to my "banker" they have to call someone else on the same number that I would call myself.
I've become so frustrated with Wells that I can see now hoe the start up banks will succeed and dominate.
The final straw was last week when my son (who is attached to my portfolio) had a cashiers check from BofA that he wanted to cash to buy a car. Wells wouldn't cash it. He had to deposit it and wait it to clear. On pushing them they said I could go into the branch to "guarantee" the funds with my account (even though they are linked.
I agreed to do that then they said. Oh, wait we don't have $14,000 in cash on hand. We can give you $5,000 but it'll be iin 20's.
End of rant........
Every time I talk to my "banker" they have to call someone else on the same number that I would call myself.
I've become so frustrated with Wells that I can see now hoe the start up banks will succeed and dominate.
The final straw was last week when my son (who is attached to my portfolio) had a cashiers check from BofA that he wanted to cash to buy a car. Wells wouldn't cash it. He had to deposit it and wait it to clear. On pushing them they said I could go into the branch to "guarantee" the funds with my account (even though they are linked.
I agreed to do that then they said. Oh, wait we don't have $14,000 in cash on hand. We can give you $5,000 but it'll be iin 20's.
End of rant........
Sep 30, 2020 | 2:16 pm
#28
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Join Date: Aug 2009
Location: ZOA, SFO, HKG
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Not just Wells, but industry-wide, each banker's authority is different. Just because a banker can do something, it does not his/her colleague can do that as well.
Also - to avoid mistakes, a banker generally defers specialized issues to the respective specialists. For example, you want to re-finance? You will need to talk to a mortgage specialist.
The final straw was last week when my son (who is attached to my portfolio) had a cashiers check from BofA that he wanted to cash to buy a car. Wells wouldn't cash it. He had to deposit it and wait it to clear. On pushing them they said I could go into the branch to "guarantee" the funds with my account (even though they are linked.
You want cash? Only BofA can do that.
Also - $20 bill is more common in daily usage (many merchants do not accept $100 bill). So banks do not order bills they don't use.
Sep 30, 2020 | 5:14 pm
#29
Join Date: Jan 2000
Location: Santa Cruz, CA
Programs: AA LT EXP, Marriott LT Titanium Elite, DL PLat
Posts: 3,404
I've been a customer of WFB since 1976 and have multiple accounts with them and at times large amounts on deposit. You show me 1 single WFB employee that can work with you on all their products. If you can then great. I suspect you can't
Last edited by philemer; Sep 30, 2020 at 7:00 pm Reason: insult removed
Oct 1, 2020 | 2:47 am
#30
FlyerTalk Evangelist
Join Date: Aug 2009
Location: ZOA, SFO, HKG
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Due to a confidentiality clause, I can neither confirm or deny the existence of such employee.