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
Nov 23, 2020 | 9:56 am
#61
Join Date: Mar 2005
Programs: Continental Onepass, Hilton, Marriott, USAir and now UA
Posts: 7,382
Now I understand. But Chase would be anti-intuitive if Chase do this. Specifically, what exactly Chase (as well as others) wants is to manage your money. That 1% is guaranteed income for Chase. If you gain on the market, Chase earns more and you are happy (because the gain pays for the fee). If you lose, you still have to pay that fee. Also - Chase can also earn a commission as well.
Why would Chase help you to recover from credit reward?
Why would Chase help you to recover from credit reward?
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.
Nov 23, 2020 | 11:10 am
#62
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,634
Now I understand. But Chase would be anti-intuitive if Chase do this. Specifically, what exactly Chase (as well as others) wants is to manage your money. That 1% is guaranteed income for Chase. If you gain on the market, Chase earns more and you are happy (because the gain pays for the fee). If you lose, you still have to pay that fee. Also - Chase can also earn a commission as well.
Why would Chase help you to recover from credit reward?
Why would Chase help you to recover from credit reward?
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.
Nov 23, 2020 | 11:17 am
#63
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,634
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.
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.
Nov 23, 2020 | 9:10 pm
#64
Join Date: Apr 2003
Location: Scottsdale AZ
Posts: 805
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...
How I miss the days Fidelity would give you 50,000 airline points for bringing in $100K and let you double dip...
Nov 24, 2020 | 3:33 am
#65
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: 4,599
I still hold the same shares of that fund which I first transferred to Fidelity about 15 years ago.
Nov 24, 2020 | 3:37 am
#66
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: 4,599
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”.
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”.
Nov 24, 2020 | 7:43 am
#67
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,634
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. (Ive 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. (Ive become a quasi Warren Buffet style investor, buy-and-hold forever and mostly Ive 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) theres another option for those who dont like to keep all their eggs in one basket.
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. (Ive become a quasi Warren Buffet style investor, buy-and-hold forever and mostly Ive 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) theres another option for those who dont like to keep all their eggs in one basket.
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.
Nov 28, 2020 | 5:28 pm
#68
Join Date: Oct 2006
Location: USA
Programs: DL PM, Hyatt Globalist
Posts: 2,369
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.
https://chaseprivateclient.chase.com/arts-and-culture
Nothing too exciting and perhaps it isn't new and I just missed it.
Dec 1, 2020 | 7:57 am
#69
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: 51,877
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.
Dec 1, 2020 | 7:59 am
#70
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,634
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.
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.
Dec 4, 2020 | 9:56 am
#71
Join Date: Apr 2012
Location: RDU
Programs: UA Silver, Marriott LTT, Avis President's Club
Posts: 1,542
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:
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
Dec 4, 2020 | 12:22 pm
#72
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
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.
Because Citi sucks.
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.
Dec 4, 2020 | 7:45 pm
#73
Join Date: Apr 2012
Location: RDU
Programs: UA Silver, Marriott LTT, Avis President's Club
Posts: 1,542
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.
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.
Dec 4, 2020 | 9:31 pm
#74
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
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?
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.
Dec 4, 2020 | 10:49 pm
#75
Join Date: Apr 2012
Location: RDU
Programs: UA Silver, Marriott LTT, Avis President's Club
Posts: 1,542
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.
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.