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 cashier’s 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 Chase’s 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 cashier’s 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 19, 2021, 8:53 am
#121
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
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.
Jan 19, 2021, 4:57 pm
#122
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: 766
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.
Jan 19, 2021, 5:43 pm
#123
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Chase CPC $150k is not that hard. But I still do not see the benefits over the costs on its investment side.
Jan 21, 2021, 9:15 pm
#124
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: OZ Diamond
Posts: 6,134
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.
LAX
Jan 22, 2021, 5:50 am
#125
Join Date: Jan 2006
Location: Pittsburgh, PA
Programs: Hyatt Globalist, Hilton Diamond, Marriott Lifetime Titanium
Posts: 413
I would ask the banker what the differences are. They are obviously going to push to manage your money and charge you a fee. There are plenty of articles on Reddit and Doctor of Credit about the CPC bonus and using a Self Directed Full Service account without a fee and getting the bonus. I can't link to these but if you google "CPC bonus self directed" you will see all of the articles.
Apparently the interface is the same between the JPM Self Directed and You Invest. Again the banker will continue to push to have him manage the account but you do not need to do that. There is a fee to transfer out of Chase if you ever choose to leave of I believe $75 a security.
Another thing to keep in mind, if you transfer stock/ETF in, they will by default use "Average Cost Basis". You need to send a secure message prior to transferring in and ask them to configure you account to be actual cost basis and not average.
Apparently the interface is the same between the JPM Self Directed and You Invest. Again the banker will continue to push to have him manage the account but you do not need to do that. There is a fee to transfer out of Chase if you ever choose to leave of I believe $75 a security.
Another thing to keep in mind, if you transfer stock/ETF in, they will by default use "Average Cost Basis". You need to send a secure message prior to transferring in and ask them to configure you account to be actual cost basis and not average.
Jan 23, 2021, 12:24 pm
#126
Join Date: Jun 2003
Location: La Jolla, CA
Programs: Marriott Ambassador, Lifetime Titanium, Delta Plat, Hilton Diamond , Hyatt Globalist
Posts: 2,615
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.
Jan 23, 2021, 1:11 pm
#127
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
I just created the Chase CPC Wikipost. Some is public content.
The difference of CPC vs. Sapphire is really small. The major difference is that CPC has a dedicated banker vs. the Sapphire dedicated phone line. But I have a lot of contact with my banker at the branch. So he is my (personal) banker regardless of the CPC status.
CPC was a good way to get around Chase 5/24 or for higher bonus or the Reserve card. But those are gone.
The difference of CPC vs. Sapphire is really small. The major difference is that CPC has a dedicated banker vs. the Sapphire dedicated phone line. But I have a lot of contact with my banker at the branch. So he is my (personal) banker regardless of the CPC status.
CPC was a good way to get around Chase 5/24 or for higher bonus or the Reserve card. But those are gone.
Jan 23, 2021, 8:12 pm
#128
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: OZ Diamond
Posts: 6,134
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.
LAX
Jan 23, 2021, 11:38 pm
#129
Join Date: May 2010
Location: SFO
Posts: 97
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
LAX
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.
Jan 24, 2021, 8:48 am
#130
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
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.....
https://www.jpmorgan.com/wealth-mana...ies/you-invest
It seems YouInvest IS the JPM self-directed investment account.....
Jan 24, 2021, 4:36 pm
#131
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: OZ Diamond
Posts: 6,134
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.
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.
LAX
Jan 24, 2021, 9:38 pm
#132
Join Date: May 2010
Location: SFO
Posts: 97
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.....
https://www.jpmorgan.com/wealth-mana...ies/you-invest
It seems YouInvest IS the JPM self-directed investment account.....
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
LAX
Jan 24, 2021, 9:43 pm
#133
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: OZ Diamond
Posts: 6,134
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.
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.
LAX
Last edited by mia; Jan 25, 2021 at 5:03 am Reason: Remove quoted image
Jan 24, 2021, 10:28 pm
#134
Join Date: Jun 2003
Location: La Jolla, CA
Programs: Marriott Ambassador, Lifetime Titanium, Delta Plat, Hilton Diamond , Hyatt Globalist
Posts: 2,615
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.....
https://www.jpmorgan.com/wealth-mana...ies/you-invest
It seems YouInvest IS the JPM self-directed investment account.....
We have both a You Invest account and another that is termed “Full Service” even though we manage ourselves and pay no fees for our advisor.
Now that the full service account trades for free I don’t really see any difference between them.
Below is from our Statements:
Jan 24, 2021, 10:53 pm
#135
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Now I think I know what is going on.
When you bring $$$ to Chase CPC, the banker can put your $$$ into any account type. If he thinks you have intention to have Chase manage the $$$, then it stays in "Full Service" account. If you stated clearly that you would never let Chase manage it, the banker can put the $$$ into JPM self-directed or YouInvest accounts. For the "Full Service" account, the banker can set the fee to be 0%. They do not make much difference, just names.
When you bring $$$ to Chase CPC, the banker can put your $$$ into any account type. If he thinks you have intention to have Chase manage the $$$, then it stays in "Full Service" account. If you stated clearly that you would never let Chase manage it, the banker can put the $$$ into JPM self-directed or YouInvest accounts. For the "Full Service" account, the banker can set the fee to be 0%. They do not make much difference, just names.