Are you saying that CPC has a 1% account fee?

I pay no fees for my Chase private client account. Then again, I get nothing for a substantial account with them either. (although I will admit that my broker managed to steer me and my money away from a unilaterally Chase imposed "savings account " that paid a glorious 0.01% )

Apparently, the breakpoint for Chase and the next level above CPC is 25MM and then you are in another elite level. I didn't bother asking what it was called.:o

I agreed.

The whole purpose of relationship banking, like Chase CPC & Sapphire, CitiGold and BofA Preferred Rewards is to get premium or affluent clients under one roof, or one bank. Often time, there is a team working together to serve clients needs. This is why BofA/Merrill has been very successful in building its brand. Merrill also has Premium Client and Premium Elite Client servicing teams. Those are not as published as Chase CPC. At > $1MM, BofA/Merrill can get you a private relationship manager, similar to a private banker. Merrill Edge has been an excellent platform.

But Chase CPC does not offer all the above. I get all the credit card benefits without any banking relationship with them. Its YouTrade platform is sub-par. If Chase ever offers any relationship bonus like BofA Preferred Rewards, that would make it more competitive. But I just would not want to park $250,000 assets with Chase that would be underperforming. I just made $3k with a trade today that I was not able to do at Chase.

I think 1% fee is the regular offer of Chase CPC. But you can get Chase CPC as self-directed. Then there is no 1% management fee. Of course they want to make money from you from investing in their mutual funds, trust funds, small business loans. My SO had a Chase investment advisor and the advisor was good to direct on the asset allocation etc. It all depends on each person's needs. But with the FT folks, I figure most are self-directed smart people and good at numbers.

Looks like the $2000 bonus has been extended to 1/15/21 to sign up, 45 days later (approx March 1) to fund. This is the equivalent of a 3.2% CD. Might move my money outta Bask Bank once my bonus miles hit and take AAdvantage (pun intended) of this offer. As someone who invests only in low expense ratio passive index funds, I would never, ever, ever use the investments in CPC. Just look at this as a place to park my cash.

How I miss the days Fidelity would give you 50,000 airline points for bringing in $100K and let you double dip...

Yes indeed, the “good old days”. I exploited that promo 9 times, including 3 times (AA, Delta, AmEx MR) the year before they limited it to once every 12 months. Amazing that I probably transferred (in and out) the exact same shares of the same mutual fund 4 or 5 times and they never said a word. :eek: I still hold the same shares of that fund which I first transferred to Fidelity about 15 years ago.

FWIW, a few days ago I noticed that on-line trading tabs had been added to my CPC JPM account on-line interface. I discussed it with a CPC telephone rep and with my CPC Advisor (not banker) and both said it was new in the past 2-3 months. Previously I could not trade in the account on-line and would have had to place any trades via the CPC Advisor. (I’ve never actually made a trade in my CPC JPM account.)

I asked about commissions and fees for no-load mutual funds, was told there are none. I did not ask about stock commissions and fees. (I’ve become a quasi Warren Buffet style investor, buy-and-hold forever and mostly I’ve been buying leveraged index mutual funds like Profunds Ultra and UltraSector funds which are, to say the least, volatile and not for the faint of heart.) My CPC advisor agreed that with no fee or commission mutual fund trades JPM is targeting discount and deep discount brokerage clientele.

This makes a JPM account more attractive. Now when Ameritrade accounts are merged to Schwab probably sometime next year (after last year's USAA to Schwab merger) there’s another option for those who don’t like to “keep all their eggs in one basket”.

It is not "keep all their eggs in one basket" situation for most people. It is all about what those banks offer. In the old times, you can keep some old time investors and keep clipping like 1-2% management fees with limited gains. With the technology and the no commission investing, more and more people get smart and smarter. We can analyze the markets ourselves and make investment decisions on our own.

Now with Morgan Stanley's acquisition of ETrade, it is going to be interesting to see what they offer. Wells Fargo is in some talks to sell its wealth management division. I figure its self-directed business may go with it.

There are so many changes. It is just much easier for the large bank/brokerage firms to make technology investment and make things much better and easier. We'll see the industry more competitive.

I'm not sure if this is new, but Chase sent me an email about how CPC qualifies for "Culture & Events Benefits."

https://chaseprivateclient.chase.com/arts-and-culture


Nothing too exciting and perhaps it isn't new and I just missed it.

Moderator caution
 

I think the substantive points have been made regarding the eggs in one basket remark. Please write about Chase products, policies and practices, and not about one another.

I think in this competitive world, it all comes to what my bank or my broker offers me. Most of the FT members are very smart. We share experience here at FT and read DoC, TPG and other blogs. We are somehow different from the older generation, which is more relation based.

With all the bank FDIC insurance and broker SIPC insurance etc, the risk by staying with few major banks/brokers are pretty much none to most people. Of course, some probably do not want to "keep your eggs in one basket" to put all the $100 millions with just one bank or one broker. But those people are few and they certainly have the resources to hire investment advisors to sort that out. And they do not need to read FT....

But if BofA Preferred Rewards offer good rewards, I'll be happy to park $100K there. If I can maximize all the benefits at CitiGold, I'll be happy to park some money there too. The same with Chase CPC, Wells Fargo PMA. Wish Fidelity and Schwab offer something similar, but they do not.

So some people like to spread out to maximize the benefits. Some like to stick with one or two banks to enjoy a simpler life. It is all good. It is all people's own choices.

I have an HSBC Premier account and with the recent rumors of HSBC exiting US retail banking I'm looking around. I loved that you can qualify for Premier on direct deposit alone and I didn't need to move any investments around. However, it seems I'll likely need to park some investments if I need to move. What are the major differences between Chase Sapphire Banking (75K Minimum) and CPC (New lower 150K requirement as of Nov 2020?). It seems the only difference is access to a banker?

The primary perks I'm looking for are:

• No ATM fees domestic or international + 3rd party fee rebates
• No fx fees on international atm withdrawals
• No wire transfer fees (don't use them super often but its nice to have)
• No fees on bank checks/certified checks

HSBC didn't have all of the first bullet but with an extensive ATM network out of the US it worked. It seems Chase Sapphire Banking fits all my needs. Am I missing a big selling point of CPC?

This recurring rumor has existed for quite a while, like more than a decade. Nevertheless, layoffs may be possible, but no for exiting retail banking.

Because Citi sucks.

Actually investment advisor.

It really depends on what you are looking for.

If you want a banking package that offer as most as possible when you can still enjoy managing your investment on your own pace, then Charles Schwab is a good alternative. CPC's selling point, to Chase, is to use their "specialized" investment advisors. So if you don't really don't use it, CPC is not as attractive as promoted.

One thing Schwab does not offer is free wire and cashier checks. But there are methods to mitigate those.

Thanks for the reply. Currently I have most of my investments with a robo-advisor (Wealthfront). So I do enjoy the hands off approach. I see Chase has You Invest with cost slightly more. Does the investment advisor just help you use You Invest or are there other benefits?

Then CPC is not for you.

Robo-advisor is YMMW. Some like it. Some don't. But FWIW - if everything works out for you at Wealthfront, I don't see a point that you have to move your portfolio to try something new.

CPC is a mixture of things. To Chase, they want you to use their investment service with an advisor. In that case, they can earn more money by not only managing your portfolio (~1% fee), also they get to sell you securities that are usually not available in the public market (commission).

That's why if your sole concern is banking, Schwab is a very good alternative. First - Schwab has no balance requirement. So you can try it out without moving everything elsewhere from HSBC. Second - although Schwab requires opening of a brokerage account at the same time as the checking account, you are under no obligation to use the account (and again - no balance requirement). So it is practically a free account with many perks without any obligations.

Of course - Schwab is not without its limitation. First, its branches are useless for banking purpose. Second, Schwab does not offer wire and cashier checks.

Fidelity is also an alternative. But its disadvantages are pretty much the same as Scbwab, plus the 1% foreign transaction fee.

Thanks for all the insight! It seems CPC isn't really what I'm looking for at the moment. We'll see if these HSBC rumors pan out or not.