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
Jan 16, 2021 | 12:43 pm
#107
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: FA
Posts: 6,482
Not sure if all the above is true.
For balance requirement of both Sapphire banking and CPC, assets in all discretionary Chase accounts count toward the balance requirement. This excludes all employer sponsored 401K or similar, pension or HSA. You Invest accounts should be included, even regular IRA accounts.
But to get the bonus for new account or upgrade, it has to be additional new money into Chase. And it has to be non-taxable money, not IRA rollover into Chase. I believe YouInvest accounts are included.
The traditional CPC is fee based. But now you can still get CPC with self-directed accounts. YouInvest accounts are clearly self-directed accounts.
If in deed CPC bonus has to be fee based, you can still wait for 3 months to get bonus and pay the fees for 3 months. Then move your money into YouInvest accounts and still keep CPC status. My banker stated clearly this can be done.
For balance requirement of both Sapphire banking and CPC, assets in all discretionary Chase accounts count toward the balance requirement. This excludes all employer sponsored 401K or similar, pension or HSA. You Invest accounts should be included, even regular IRA accounts.
But to get the bonus for new account or upgrade, it has to be additional new money into Chase. And it has to be non-taxable money, not IRA rollover into Chase. I believe YouInvest accounts are included.
The traditional CPC is fee based. But now you can still get CPC with self-directed accounts. YouInvest accounts are clearly self-directed accounts.
If in deed CPC bonus has to be fee based, you can still wait for 3 months to get bonus and pay the fees for 3 months. Then move your money into YouInvest accounts and still keep CPC status. My banker stated clearly this can be done.
LAX
Jan 16, 2021 | 1:14 pm
#108
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,634
Now I am more confused! There are two different types of CPC brokerage accounts? One with fees (traditional) and one without (self-directed)? That's separate from You Invest? I have no problem parking some funds in a non-interest bearing CPC checking account to get the bonus, but I want to be able to maintain CPC status without having to pay any fees!
LAX
LAX
I was going to move some of my assets into Chase to upgrade to CPC. But I found that Chase would not allow any complicated ETF and only offers limited products. So I've pretty moved most of my assets away from them. The extra 5% or 10% investment return is much more valuable than the perks offered by the CPC. The only benefits I used with Sapphire banking and (possible CPC) were twice international wiring fees and one time ATM fee with overseas travel in Europe. To me, CPC is just not worth it. Sure the bonus is good. But IRA money does not count to get the bonus.
Jan 16, 2021 | 2:29 pm
#109
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: FA
Posts: 6,482
I sat down with my personal banker in his branch when I signed up for the Sapphire checking account. So I've been in touch with him about upgrading to CPC. He stated very clearly, the CPC and Chase Private Banking are for the affluent customers who want a comprehensive solution with a team approach. It is expected that the CPC and CPB customers hire Chase banker as their wealth advisor and pay the advisor fees. Then he added, CPC customers can also be self-directed and do not hire Chase banker as the advisor. He said clearly that Chase prefers CPC clients to give the assets to Chase to manage it, but not required. All my assets at Chase were in YouInvest accounts. Chase will be happy if you buy Chase mutual funds.
I was going to move some of my assets into Chase to upgrade to CPC. But I found that Chase would not allow any complicated ETF and only offers limited products. So I've pretty moved most of my assets away from them. The extra 5% or 10% investment return is much more valuable than the perks offered by the CPC. The only benefits I used with Sapphire banking and (possible CPC) were twice international wiring fees and one time ATM fee with overseas travel in Europe. To me, CPC is just not worth it. Sure the bonus is good. But IRA money does not count to get the bonus.
I was going to move some of my assets into Chase to upgrade to CPC. But I found that Chase would not allow any complicated ETF and only offers limited products. So I've pretty moved most of my assets away from them. The extra 5% or 10% investment return is much more valuable than the perks offered by the CPC. The only benefits I used with Sapphire banking and (possible CPC) were twice international wiring fees and one time ATM fee with overseas travel in Europe. To me, CPC is just not worth it. Sure the bonus is good. But IRA money does not count to get the bonus.
LAX
Last edited by LAX; Jan 16, 2021 at 7:15 pm Reason: Spelling to avoid confusion
Jan 16, 2021 | 2:42 pm
#110
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,634
Thanks for the clarification. Perhaps I am not CPC/CPB's intended target. I honestly don't think I would use CPC perks all that much either, but if they become available at no additional cost, why not? If You Invest or other no fee brokerage is available for CPC, I can essentially park my index EFTs there instead of my current main brokerage. That's essentially what I am doing at BofA/ME (for the CC perks).
LAX
LAX
BofA/ME offers almost all the ETFs as far I know. But they still have some limit. The full brokerages like Fidelity, Schwab and Vanguard offer much more. Schwab even purchased TD Ameritrade (Thinkorswim included). If Chase offers more products, I'll certainly think of coming back. But so far no.
Jan 18, 2021 | 12:32 pm
#111
Join Date: Jan 2006
Location: Pittsburgh, PA
Programs: Hyatt Globalist, Hilton Diamond, Marriott Lifetime Titanium
Posts: 411
I guess it depends on what your goal is - do you just want the signup bonus or do you just want to be CPC?
If you just want CPC, and do not care about the signup bonus, you just need $150k in either cash/checking , You Invest, IRA, CD. Less than $150k and you pay a $35 / month. You are supposed to (within 13 months) get to a $250k balance. They waive the $35 / month fee (under $150k) for 3 months to give you time to transfer money in.
If you want the $2000 signup bonus, you must move $250k of new money into Chase and it can only be held in checking/savings or a JPM Investment account (taxable - not IRA).
The JPM Investment account has 2 options.
1) You can ask them to set it up as a self directed account (they call it Full Service) and there is no management fee. It is similar to You Invest.
2) They manage your money for you (their goal) and fees range based on how much you deposit. I was told 1.45 % for $100k, 1.25% for $250k, and .95% for $1 million.
If you just want CPC, and do not care about the signup bonus, you just need $150k in either cash/checking , You Invest, IRA, CD. Less than $150k and you pay a $35 / month. You are supposed to (within 13 months) get to a $250k balance. They waive the $35 / month fee (under $150k) for 3 months to give you time to transfer money in.
If you want the $2000 signup bonus, you must move $250k of new money into Chase and it can only be held in checking/savings or a JPM Investment account (taxable - not IRA).
The JPM Investment account has 2 options.
1) You can ask them to set it up as a self directed account (they call it Full Service) and there is no management fee. It is similar to You Invest.
2) They manage your money for you (their goal) and fees range based on how much you deposit. I was told 1.45 % for $100k, 1.25% for $250k, and .95% for $1 million.
Last edited by r.brown; Jan 18, 2021 at 12:45 pm
Jan 18, 2021 | 3:40 pm
#112
Join Date: Jan 2003
Location: New York, NY, USA
Programs: UA 1K - 2.1MM, HH LT Diamond, IHG Diamond, Bonvoy LT Titanium, Hyatt Glob
Posts: 777
You can get CPC for only $50k instead of $150k by maintaining a linked Platinum Business Checking with $50k. Alternatively, keep the $50k in a linked business investment account rather than earning nothing in the checking account.
Jan 18, 2021 | 6:02 pm
#113
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,634
Jan 19, 2021 | 5:18 am
#115
Join Date: Jan 2003
Location: New York, NY, USA
Programs: UA 1K - 2.1MM, HH LT Diamond, IHG Diamond, Bonvoy LT Titanium, Hyatt Glob
Posts: 777
Jan 19, 2021 | 7:15 am
#116
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,634
see page 4
https://www.chase.com/content/dam/ch...-will-work.pdf
Chase Platinum Business CheckingSM No Monthly Service/ Maintenance Fee in any statement period in which you Maintain an average beginning day balance of $100,000 ($50,000 when linked to Chase Private Client Checking) or more in any combination of linked business savings (excluding Client Funds Savings accounts), business CDs, other Chase Platinum Business Checking accounts and qualifying investment accounts9
https://www.chase.com/content/dam/ch...-will-work.pdf
Chase Platinum Business CheckingSM No Monthly Service/ Maintenance Fee in any statement period in which you Maintain an average beginning day balance of $100,000 ($50,000 when linked to Chase Private Client Checking) or more in any combination of linked business savings (excluding Client Funds Savings accounts), business CDs, other Chase Platinum Business Checking accounts and qualifying investment accounts9
It only says, the monthly service fee of this Platinum Business Checking account is waived if the "Chase Platinum Business Checking" account has an average day balance of $100,000 or $50,000 if this business account is linked to a Chase CPC account.
This Chase Platinum Business Checking is for large business. Designed to handle the needs of larger businesses with greater monthly transactions and cash management needs. It does not say that you can keep a Chase CPC with just $50,000 balance. You could half the daily balance of this large business checking account if you have existing CPC relationship. But you'll have to qualify for CPC first.
Jan 19, 2021 | 8:05 am
#118
Join Date: Jan 2003
Location: New York, NY, USA
Programs: UA 1K - 2.1MM, HH LT Diamond, IHG Diamond, Bonvoy LT Titanium, Hyatt Glob
Posts: 777
No, this is not what you originally stated.
It only says, the monthly service fee of this Platinum Business Checking account is waived if the "Chase Platinum Business Checking" account has an average day balance of $100,000 or $50,000 if this business account is linked to a Chase CPC account.
This Chase Platinum Business Checking is for large business. Designed to handle the needs of larger businesses with greater monthly transactions and cash management needs. It does not say that you can keep a Chase CPC with just $50,000 balance. You could half the daily balance of this large business checking account if you have existing CPC relationship. But you'll have to qualify for CPC first.
It only says, the monthly service fee of this Platinum Business Checking account is waived if the "Chase Platinum Business Checking" account has an average day balance of $100,000 or $50,000 if this business account is linked to a Chase CPC account.
This Chase Platinum Business Checking is for large business. Designed to handle the needs of larger businesses with greater monthly transactions and cash management needs. It does not say that you can keep a Chase CPC with just $50,000 balance. You could half the daily balance of this large business checking account if you have existing CPC relationship. But you'll have to qualify for CPC first.
Jan 19, 2021 | 8:15 am
#119
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,634
Not correct; they link with each other. It’s also in the letter sent stating how to meet the requirements for those that were going to be kicked out of CPC. A perk of having Plat Bus Checking is free CPC and a perk of CPC is lower balance requirement of Play Bus Checking.
https://www.chase.com/business/checking
https://www.chase.com/business/check...iness-checking
I'll never keep either $50,000 or $100,000 cash in any business checking account. But for large business like a corporation, $100,000 is no problem. But for corporation, there is no need to link to a Chase CPC.
I keep both personal and business relationship with Chase.....
Jan 19, 2021 | 8:48 am
#120
Join Date: Dec 2013
Location: California
Posts: 267
I don't see it mentioned on that website. But the CPC website chaseprivateclient.chase.com says "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. Otherwise a $35 Monthly Service Fee will apply."
And when I opened a CPC account a couple months ago, I got a "Chase Private Client Addendum" PDF (you can search the web for that to see it) that makes it more clear; it has "OR, a linked Chase Platinum Business Checking account" as a separate bullet point than the $150,000 requirement.
And when I opened a CPC account a couple months ago, I got a "Chase Private Client Addendum" PDF (you can search the web for that to see it) that makes it more clear; it has "OR, a linked Chase Platinum Business Checking account" as a separate bullet point than the $150,000 requirement.