Originally Posted by sbft77 (Post 32979525)

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.

Originally Posted by RedSun (Post 32979538)

If that is the case, then $50,000 cash in business account is even harder to maintain than $150,000 in JPM investment accounts such as some taxable and IRA accounts. Even a 1% interest of that $50,000 is $500 loss. Not sure if the Chase CPC yearly benefits even worth that.

Originally Posted by Magic Pickles (Post 32980705)

i specifically stated you can keep it in a linked business brokerage account instead of leaving in checking: Naysayers can write it off if they wish, but It’s a viable option at 1/3 the balance requirement with opportunity for investment returns.

Originally Posted by r.brown (Post 32977538)

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.

Originally Posted by r.brown (Post 32986559)

I would ask the banker what the differences are. They are obviously going to push to manage your money and charge you a fee.

Originally Posted by damon88 (Post 32989577)

We opened ours last summer — we transferred one of our taxable accounts from Ameritrade. We had a pleasant meeting with our Chase rep. He explained what he would charge to manage our account, but did not pressure us at all when I told him we wanted to manage ourselves. Back then IIRC Chase was still charging a trading fee, but sometime last year they eliminated it.

Originally Posted by LAX (Post 32990215)

Do you have the JPM self-directed investment account? Is it truly fee-free? I wonder if I should close my You Invest account then if I decide to upgrade to CPC. I definitely would ask the banker for more details, but sometimes I find FTers are more knowledgeable about some products (especially travel-related) than some reps at the company.

LAX

Originally Posted by Wyfind (Post 32990395)

I have a self-directed brokerage account, and there are no fees.

I am also not pressured by my banker or investments "advisor" to have my investments managed by Chase. The banker asked me how I manage my investments when I signed up (no-fee and self-directed through Merrill Edge) and passed the notes along to the advisor when he introduced me. Interestingly, the advisor told me not to use YouInvest when we first met.

Originally Posted by RedSun (Post 32990937)

I'm not aware of JPM self-directed brokerage account other than the YouInvest accounts. We had the JPM mutal fund accounts, but that was before the YouInvest accounts came out.

https://www.jpmorgan.com/wealth-mana...ies/you-invest

It seems YouInvest IS the JPM self-directed investment account.....

Originally Posted by LAX (Post 32991948)

Did the advisor explain why? I imagine with a JPM brokerage account, there is a chance that the advisor can "take over" with minimal hassle if desired by the client. With You Invest, I supposed it's not designed for advisor management and may require the funds to be transferred to a traditional brokerage account even if the client wants some hand-holding.

LAX

Originally Posted by Wyfind (Post 32992431)

My account type reads "Investments by J.P. Morgan" instead of YouInvest.

He only mentioned YouInvest is "basic," but I imagine the online interfaces between the two account types are the same. (I don't know; I've never used YouInvest.) But I think you're right; it probably gives him. the opportunity to manage the account in the future if I change my mind and want a managed approach.

Originally Posted by RedSun (Post 32990937)

I'm not aware of JPM self-directed brokerage account other than the YouInvest accounts. We had the JPM mutal fund accounts, but that was before the YouInvest accounts came out.

https://www.jpmorgan.com/wealth-mana...ies/you-invest

It seems YouInvest IS the JPM self-directed investment account.....