Chase Private Client
 

Hey everyone,
Recently moved enough assets to Chase to qualify to Private Client. Have the Chase Trio credit cards. Curious what everyone thoughts were on CPC and what some overlooked benefits may be

CPC benefits are pretty much what has been described by Chase. But I believe the hidden benefit is the access of some non-publicly available investment products.

Related discussion here: https://www.flyertalk.com/forum/chas...uadrupled.html

FWIW, the main tangible benefit I've been able to use is free wire transfers. My daily ACH limit is only 100k which often leaves me needing to initiate a wire transfer. I also use the higher daily ATM withdrawal limit from time to time.

You will get a "banker" who will call you every now and then to ask if you need anything.

Once I got a call notifying me of a CD APY promo that I was interested in. So I stopped by my nearest Chase branch only to wait 15 minutes to be told that since I am Private Client they could not open the account and I had to schedule a meeting at a Private Client branch ...Kind of a hassle for a 1.75% APY.

Note than many private client branches no longer have teller services (although the one's I've been to do have the enhanced ATMs that let you even choose bill denomination and allow your max daily limit of withdrawal as opposed to the ATM's limits)

My bottom line on CPC is it is 95% marketing and 5% free wires and higher cash limits.

As with almost everything in life there is level above Chase Private Client. Just watch the comedy series Modern Family episode when the visit las legas

In my experience the only benefit to being CPC eligible, I didn't take them up on it, and they hounded me incessantly until I emailed the guy back told him to f off. You do get a cooler looking debit card. Beyond that I don't think there are any tangible benefits.

I have a Sapphire Checking and YouInvest account with qualifying balances which waives basically every fee you can throw at the bank account. CPC just gives you some dedicated idiot that will annoy you.

I got invited in to talk about CPC only to be told I didn't qualify.... wasn't really sure why they wasted my time as they have access to my personal and business accounts and could clearly see how much money I was holding and running through. Fwiw, my business runs roughly 1M though them per year and I regularly have balances over 100K in my checking for months so I wasn't really sure what they were looking for? I'm glad to hear that I'm really not missing out on much. I was thinking maybe there was some access to the Chase martini lounge or something. Higher ATM limits is about the only complaint I might have but it's really not that big of a deal.

I am surprised Chase doesn't leverage its line of popular CC into banking/brokerage relationships similar to what BofA does.

LAX

According to google, you need a daily average of $250,000 balance in your accounts to qualify. Honestly it is much easier to be Plat Honor client at BoA and much better benefits (bonus) for their credit cards!

Did they ask if you had money at other institutions that you could move to Chase?

BTW, I kept getting emails from Chase saying that I could get $2000 becoming a Chase Private Client. I have no checking/saving/investment accounts with Chase except for credit cards. It said I just need to schedule a phone meeting, transfer $250k to a Chase account and maintain for 90 days, get $2000 bonus. Maybe they just sent those emails out to everyone with Chase credit cards and not even looking at your Chase's bank account at all.

Honestly - Plat Honor sucks.

I can't remember if they did or not. I don't have 250K liquid cash sitting around (who does?) but my home equity, IRA and value of my company easily exceeds it. I was kind of just annoyed by the whole thing and tuned the guy out pretty quickly.

We like the free cashier's checks and wires, the CPC debit card and (until recently) the safe deposit box. Our local branch is relocating and they told us to come in and get our stuff. When I went to return the key/check the box, they told me they are doing away with the boxes in all new locations. So basically there is very little value. The first year we opened a brokerage account with our dedicated banker/broker but the returns were less than stellar so we moved everything to Vanguard and have done much better.

Still better than what CPC offers, IMHO. However, BofA service DOES suck big time!

LAX

FWIW, from the point of view of many of us as miles and points afficionados and credit card churners, the main perk of CPC WAS (past tense) that it used to be an end run around 5/24. As one datapoint, four years ago I transferred (no capital gains tax) long held mutual funds to Chase specifically to get to CPC and shortly thereafter I was approved for 3 or 4 new Chase credit cards (and bonuses) including Sapphire Preferred followed by Sapphire Reserve 2 months later (a month after it’s introduction) despite being approximately 24/24. Unfortunately, that perk of CPC hit a hard and non-negotiable stop 3 years ago. Main perk for me (until COVID) was higher ATM limit which was helpful for getting a local currency at the best conversion rate without feeling ripped off by foreign transaction and/or ATM fees.

That's not exactly what I mean.

When comparing all non-private banking level top tier banking packages (Note - CPC is not a private banking package, as Chase also offers JPMorgan Private Bank), the best, or I should say the least worst is Wells Fargo. Yes indeed - everyone sucks.

Why everyone sucks? The reason is quite simple - for most benefits, you can get them from Charles Schwab without a balance requirement. For those who offers a rate increase/decrease, the benefit is not as helpful as you choose CU (CUs generally have better interest rates). Safe deposit box is a benefit literally not in existence, given it is difficult to score a new box now.

Wells Fargo is the least worst because it has the lowest requirement to qualify. As other may have mentioned, the beauty of CPC is 5/24 and the welcoming bonus.

I do agree that BofA service sucks, based on my professional experience. Chase's service is standardized - not good, not bad.

This one? https://www.wellsfargo.com/checking/portfolio/

I have had pretty good service with Chase as a regular CC customer. I did sign up for the Sapphire checking account for the bonus a little while ago and have been satisfied with my limited interactions on the banking side. I agree the minimum requirement for most general "private/premium" accounts is too low to provide any meaningful/useful benefits. I wonder if the true private banking relationships (probably way too high for me to qualify) would actually offer worthwhile benefits.

LAX

As someone who has had Wells Fargo Portfolio since 2011 and Chase CPC since 2017 (almost 2 years now), I can say they appear similar, but I still have both because:

• Wells Fargo had 100 free trades on each account when I opened it - my brokerage account was closed due to inactivity and when I noticed that, they would not give the same deal again on new brokerage account - would not re-open closed one.
• Wells Fargo staff in the branch in my town knew less about the products than I did. I had to tell them what it was I needed and bank staff knew zero about the investment side and did nothing to help in that area.
• I do have a safe deposit box at Wells Fargo - free small one included in Portfolio
• The Wells Fargo funds transfer rates to a bank in India I use are competitive (limited to 5K ,but conversion rate at above $4500 is competitive) and no fees added. Obviously they make money in the conversion rate like other services, but not an unreasonable rate.
• Not sure they have changed the trading fees like others.. but I don't trade - but do some transactions - especially this year. The no-fee ETFs have been reasonable. Allows me to still hold some Vanguard Admiral shares transferred as part of inherited IRA, though I am moving to ETFs over time, as they match and easier to reallocate to other ETFs during market hours at same cost level.
• Chase - CPC - the customer service is night and day difference. The banker I use is awesome, knows, no BS and will find out if she does not know. Cares about her customers.
• The YouInvest w/ unlimited free trades for self-managed portfolio is reasonable (not the best but works fine - no issues).
• CPC includes free notarization services that my banker handles - very convenient and she helped us out without any hesitation - including cashing in some US savings bonds in the same meeting session with different notarization services. Don't believe WF includes that - was never able to get them to help much.
• Was able to have my son get CPC benefits based on my CPC status, and our banker helped make sure he got sign up bonus listed on regular checking and then immediately upgrading to CPC account and bonus came through as expected. WF doesn't offer much for those without much resources up front and no family benefits option.
• The CPC free wire transfers may be great for within US, but for the bank in india, conversion rates are absolutely terrible, hence I still rely on WF. Ironically JPMC handles all the wire transactions for the India bank I use but doesn't really offer a competitive conversion rate. :-( Option later may be to use an 3rd party transfer services if I close the WF accounts.
• The free safety deposit box is not available. (Guess that appears to be an issue with all banks and new accounts)..
• I originally considered B of A and even reserved some funds to transfer for the $100k Merrill Edge option to get best rates on the cash back cards, but never pulled the trigger and since then locked in the funds such that I can't do that now.
• I use the Chase UR system having moved from cash back focus to UR points, but still use cash back if it is better.or have special offers on other cards that give a better deal.

While Chase CPC and WF Portolio are supposed to be "special" but basically they are primarily for "reduce the bank fees as much as possible" and try to get some useful banking services in the process. The investing side is leveraged to help meet balance requirements so that we don't need to keep lots of $$$ in near zero interest rate accounts. But luckily I get something out of both Chase CPC and WF Portfolio for now to keep them both. WF would eventually go in my situation - unless they suddenly get much better. I had moved one account over from WF to Chase for a bonus that is still pending - which would be lowered by the $95 closing fee from WF account that I paid.

Hope the pros/cons I encountered are useful for others to know - but each persons situation could be different - especially if the staff at local branches are different.

EDIT: Customer service on Chase has been great - used Secure Message feature online and called - no issues. WF was not easy and so generally avoided trying to get them to do much - was too painful each time on phone and in branch.

Yes indeed.

Not exactly.

Exactly.

FWIW - I am not opposing this kind of top-tier banking. Instead - before you are attracted to these, think about this - how exactly can you benefit this kind of accounts?

If you say CPC will give you $2K for 250K, go for it. Otherwise, many published benefits are not worthy when you compare institutions like Schwab (Schwab offers ATM rebate worldwide, but not Fidelity or eTrade).

Sorry for going OT, but unless it has changed recently, I did get my foreign ATM fee rebated by Fidelity 2 or 3 years ago.

LAX

That's my first thought, but after I see this:

"Please note that there may be a foreign transaction fee of 1% that is not waived, which will be included in the amount charged to your account."

So I would say no.

I just do not see any need to have Chase PC. Chase Sapphire gives me everything I need. The one special thing none of other competitors offer is the free wire transfer all around, in and out, domestic or overseas. You can easily save $40 for an outgoing transfer overseas. But if you never use it, then it is of little difference.

Other than that, the difference is very little. Schwabs does not have min balance requirement. Citi offers possible discount on some CC fees. BofA offers good Preferred Rewards program with CC bonus. But both Citi and Chase brokerage suck big.

For ordinary folks, Schwabs is very good. But if you need to have a local branch, then pretty much anything goes.

I think the international wire transfer benefit has been devalued by the competitor Transferwise which has had consistently lower rates than CPC rates.

The ATM refund aspect has also been devalued in my view by external circumstances as well; my primary use case for ATM refunds was international while traveling, and as an American, the short/medium term outlook on international travel is not good!

I'm glad we have a lot of choices. For this topic at least, I wish CPC had tie into UR bonus and the bonus was allowed for retirement assents. (YouInvest bonus allows retirement assets, but CPC bonus does not - very ironic). UR specials for CPC clients would make it more relevant for me at least - similar to BofA Rewards being boosted by Merrill Edge (or whatever it is called now - just Merrill?).

I have the Wells Fargo portfolio It's a good place to gather multiple accounts to avoid any fees but that's about it. All their products have walls between them so my local banker knows nothing about brokerage who knows nothing about Credit Cards etc.

Every time I talk to my "banker" they have to call someone else on the same number that I would call myself.

I've become so frustrated with Wells that I can see now hoe the start up banks will succeed and dominate.

The final straw was last week when my son (who is attached to my portfolio) had a cashiers check from BofA that he wanted to cash to buy a car. Wells wouldn't cash it. He had to deposit it and wait it to clear. On pushing them they said I could go into the branch to "guarantee" the funds with my account (even though they are linked.

I agreed to do that then they said. Oh, wait we don't have $14,000 in cash on hand. We can give you $5,000 but it'll be iin 20's.

End of rant........

Don't blame Wells. Your rant is primarily based on your lack of knowledge.

Depending on the nature of your request, there is a necessity to transfer.

Not just Wells, but industry-wide, each banker's authority is different. Just because a banker can do something, it does not his/her colleague can do that as well.

Also - to avoid mistakes, a banker generally defers specialized issues to the respective specialists. For example, you want to re-finance? You will need to talk to a mortgage specialist.

It is a standard procedure for all banks, given it is a cashier check. Even you bring the check to Chase, Chase will only deposit it and make it available the next business day.

You want cash? Only BofA can do that.

Depending on the branches and insurance purposes, branches may not have necessary cash. While this is unspoken rule, banks would prefer customers to tell them a business day ahead for large withdrawal so that they can be prepared.

Also - $20 bill is more common in daily usage (many merchants do not accept $100 bill). So banks do not order bills they don't use.

I've been a customer of WFB since 1976 and have multiple accounts with them and at times large amounts on deposit. You show me 1 single WFB employee that can work with you on all their products. If you can then great. I suspect you can't

Due to a confidentiality clause, I can neither confirm or deny the existence of such employee.

I was planning on moving from Citi Gold to Chase PC. Anyone get the $2000 bonus? I don't see any advantage of Citi Gold - only reason I held on to it was credit for Citi Prestige but I think that's gone and the Chase PC incentive seems good.

If your focus is on the incentive only, then Chase is the one. Otherwise, as I have said earlier in this thread, everyone sucks. For many here, CPC is not exactly attractive (setting aside the incentive) as its international "support" is weak.

So you need to think about this - you want the incentive or something else? Incentive, Chase it is. Otherwise, take the incentive and go somewhere else.

You mean products where "JP Morgan" bankers that sit in Chase retail branches try to sell you on funds that charge >1% fees, perform worse than index funds, and are usually managed by another investment bank (which also charges a fee)? Yeah, that's my favorite perk! ;)

In all seriousness, for most people there is no compelling reason to go out of your way to use CPC because, even if just looking at Chase, Sapphire Checking is almost the same and requires a lot less to qualify. I have it because I banked with Chase before and there was no reason not to get a CPC account. If you are happy already at somewhere like Schwab that specializes on the brokerage side of things, the U Invest platform is so-so at best, and certainly doesn't lend itself to someone that wants to actively invest (no pre-market or aftermarket trading or futures) or use leverage.

I hear you. But FWIW - some people do like those options. So you can't say it is not really a perk.

Exactly.

Honestly only reason I had Citi Gold was due to the annual fee reduction in Citi Prestige but i think it stopped - other than that I have not used their services for anything else.

Hence was thinking let me come to Chase for the incentive - i dont know if there is anything here i would like - maybe free wire transfers if they have it? I do have Schwab checking account which i love and use as primary.

Let me know your thoughts. I also wasn't sure what would be best way to move money from Citi Gold to Chase PC - as Citi Gold limits ACH transfers. I do have a capitalone360 which may not have the limits.

This still exists, unless you got downgraded to Citi Priority.

I think it was still advertised as a benefit on the Citigold website when I checked a few weeks ago.

LAX

The bad thing about Chase, both CPC and Sapphire Banking is its brokerage offering. The online brokerage service is very basic. And they won't let you trade any leveraged ETFs. This is a big killer of their offering.

Now I'm thinking of moving my $$$ away from Chase. Not sure where to park the money. Wish both Fidelity and Schwab have some premium offerings like Chase Sapphire. It is the only premium banking that offers free wire both domestic and internationally.

I wanted access to physical branches so I signed up for a Sapphire account. Since opening I kept getting calls to meet with their "guy", so I finally scheduled a phone meeting to hear their pitch.

WOW! This guy sounded like a stereotypical used car salesman. His pitch was to manage my money by putting it into bonds... for a small fee. I told him I was okay managing my own money and would pass. But the guy's opening line alone was enough to make me not want to speak with them ever again.

Well Schwab does have a partnership with American Express offering a co-branded Amex Platinum.