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June 13, 2019

Chase Private Client Review

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Chase Private Client offers premium relationship perks to those with $250,000 on deposit with Chase. It is worth it? We analyze the benefits in this in-depth review. Read on.

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    Chase

    Chase Private Client

    • Enjoy a $1,250 bonus when you join Chase Private Client. Within 45 days, transfer a total of $250,000 or more in qualifying new money or securities to a combination of eligible personal checking, savings and/or investment accounts, (excludes: Any J.P. Morgan retirement accounts and CDs) and maintain the balance for at least 90 days. Offer available to existing Chase customers only.
    • Experience a banking relationship that brings you more
    • A team dedicated to you
    • Banking with fewer fees
    • Visit your nearest CPC branch
    • Email my upgrade code
    • Available in: AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KY, LA, MA, MD, MI, MS, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, TN, TX, UT, VA, WA, WI, WV

What Is Chase Private Client

Chase Private Client (CPC) is an elite relationship status for high-balance Chase banking and investment customers. You get a more personalized banking experience tailored to your needs.

You get exclusive benefits, including:

  • A private banker
  • A private advisor to help with your investment strategy
  • Banking fee waivers
  • Discounted rates for home and auto loans
  • Guidance to help with your business needs

Read on to learn more about each benefit in detail. And we'll share our thoughts on whether they're worth the high requirement.

Who Chase Private Client is Best For:

  • High net worth individuals who leave large balances in checking or savings.

  • Those who regularly require banking services, such as wire transfers and money orders.

  • Those who want an all-inclusive banking and investment experience.

View Offer Details Apply Now

How to Qualify

To qualify, you must maintain an average daily balance of $250,000 or more across any combination of qualifying personal, business, or investment accounts with Chase. You'll be invited to upgrade to Chase Private Client.

There is no membership fee to join. All you have to do is maintain the minimum balance. However, there have been reports that you can still retain your CPC status if your balance falls below $250,000.

Qualifying Accounts Include:
  • Chase Personal Checking and Savings Accounts (excluding Chase Premier Savings)

  • Chase Liquid Cards

  • Chase Business Checking and Savings Accounts

  • Investment and Annuity Products

There have been some reports of people who were invited to join CPC with less than $250,000 and given time to meet the requirement. This largely depends on your history with Chase and relationship with your banker.

You can also join Chase Private Client if you have an immediate family member who is a CPC. Read more about it below.

    Chase

    Chase Private Client

    • Enjoy a $1,250 bonus when you join Chase Private Client. Within 45 days, transfer a total of $250,000 or more in qualifying new money or securities to a combination of eligible personal checking, savings and/or investment accounts, (excludes: Any J.P. Morgan retirement accounts and CDs) and maintain the balance for at least 90 days. Offer available to existing Chase customers only.
    • Experience a banking relationship that brings you more
    • A team dedicated to you
    • Banking with fewer fees
    • Visit your nearest CPC branch
    • Email my upgrade code
    • Available in: AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KY, LA, MA, MD, MI, MS, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, TN, TX, UT, VA, WA, WI, WV

Pros & Cons

Pros

  • Dedicated advisors to provide guidance
  • Personal relationship with your banker
  • Banking fee waivers
  • Discount rates on home and auto loans
  • Benefits extend to adult immediate family members
  • Dedicated phone line

Cons

  • Not all branches offer CPC services
  • Low interest rates compared to other banks
  • Must have $250,000 with Chase
  • No longer bypasses the Chase 5/24 rule
  • Arts & Culture card is limited use

Now let's review the Chase Private Client program in detail.

Dedicated Advisors

When you become a Chase Private Client, you'll get a team of advisors to help you find the best financial solutions for your goals. You get:

  • Private Client Banker
    Your private banker will oversee your banking relationship, guide you through your benefits, and find the best solutions.

    Your banker will also connect you to other dedicated Private Client experts for loans and business banking needs.

    Not all Chase branches offer CPC services and have a Private Client Banker. Find a branch here.

  • JP Morgan Private Client Advisor
    A dedicated advisor will work with you to understand your full financial picture and plan a custom investment strategy to meet your goals.

  • Business Banking Advisor
    If you have a small business, you'll get a dedicated advisor and a team of specialists who can help find the best business solutions.

Banking Benefits

Fee Benefits:

  • No monthly service fee when you link a CPC Checking account to a CPC Savings account.

  • No monthly service fee on up to 9 CPC checking accounts.

  • No ATM fees worldwide; Chase will even refund ATM fees charged by other owners.

  • No fees for international debit card purchases.

  • No foreign exchange rate adjustment fees.

  • No fees incoming or outgoing wires.

  • No fees for cashier's checks, counter checks, and money orders.

  • No insufficient funds or returned item fee.

  • No stop payment fee.

  • No fee for Overdraft Protection transfer.

If your CPC Checking and CPC Savings accounts are not linked, then you must have a daily balance of $15,000 in your CPC Savings to avoid a $20 monthly service fee.

Higher Limits Benefits:

  • Daily ATM withdrawal limit up to $2,000.

  • Daily purchase limit up to $7,500 when you use the CPC debit card.

  • Chase QuickDeposit limits of $25,000/day ($100,000 every 30 days).

  • Chase QuickPay with Zelle limits of $5,000/day ($40,000 every 30 days).

Other Benefits:

  • Free 3x5 Safe Deposit Box (20% discount on larger boxes).

  • Free rushed debit or credit card replacement to anywhere in the world.

  • Free personal check designs.

  • 24/7 Private Client Banking Services line in the U.S.

Credit Card Benefits

Getting around the Chase 5/24 rule used to be one of the biggest attractions of being a CPC. But that's no longer the case. This policy restricts you from being approved for a new card if you have opened 5 or more credit card accounts in the past 24 months.

However, there have been some old reports of Private Clients who were able to get a new Chase card despite being over 5/24. This will largely depend on your banker and you shouldn't count on it.

Chase Sapphire Reserve
Apply for Chase Sapphire Reserve
At Chase's Secure Site
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • Named "Best Premium Travel Credit Card" for 2018 by MONEY® Magazine
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year
  • 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. $0 foreign transaction fees.
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $750 toward travel
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Access to 1,000+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select
  • Up to $100 application fee credit for Global Entry or TSA Pre✓®
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
19.24% - 26.24% Variable
$450

Loan Benefits

Home Loan Benefits:

  • Rate discount when you purchase or refinance a home.

  • Dedicated Home Lending Advisor.

  • Dedicated support, underwriting, and processing.

  • Rate discount for Home Equity Line of Credit; no origination fee and $50 annual fee waiver.

Auto Loan Benefits:

  • 0.25% rate discount when you purchase a new car.

  • Up to 0.50% rate discount when you refinance your existing car loan.

Lending Benefits:

  • Access to a portfolio line of credit at a competitive rate.

  • No annual fees and no origination fee.

  • Loan can be used for any purpose.

Investment Benefits

  • Dedicated JP Morgan Private Client Advisor.

  • Personalized investment strategy based on your financial situation, time frame, risk level, and goals.

  • Regular meetings to update your strategy.

  • Retirement and education planning.

  • Get real-time global insights, market conditions, and trends.

  • Free online stock and ETF trades with You Invest.

Note that Chase likes to push JP Morgan's managed portfolio service. This will have an annual management fee of 1.25%. However, you don't have to use it. You can retain your own self-directed account on You Invest and still be a member of CPC.

You Invest is JP Morgan's self-directed brokerage. Being a CPC will give you unlimited free trades. However, the You Invest platform is not very robust. It only offers stocks, ETFs, mutual funds, and fixed income securities.

    Chase

    You Invest℠ by J.P. Morgan

    • Enjoy up to $625 when you open and fund a new You Invest Trade account with $25,000 or more in new money. Find out how.
    • Get 100+ commission free online stock and ETF trades when you open a new account. Fees and restrictions may apply.
    • You Invest is an easy, smart and low-cost way to invest online.
    • Choose an account that's right for you: Brokerage, Traditional IRA or Roth IRA
    • Easily manage your Chase banking and J.P. Morgan investments all in one place.
    • Get tools and expertise to make smarter investment decisions.
    • Enjoy industry-low pricing, leaving you more money to invest.

    INVESTMENT PRODUCTS: NOT A DEPOSITNOT FDIC INSUREDNO BANK GUARANTEEMAY LOSE VALUE

Business Benefits

  • Dedicated Business Banking Advisor.

  • Guidance on improving cash flow, finding payment solutions, and providing financing options.

  • Reduced minimum balance requirement on Chase Platinum Business Checking.

  • No monthly service fee on Chase Total Business Checking.

  • No fee for electronic deposits.

    Chase

    Chase Total Business Checking®

    • Get $200 as a new Chase business checking client, when you open a Chase Total Business Checking® account with qualifying activities
    • Access to 16,000 ATMs and nearly 5,000 Chase branches
    • Chase has business specialists at your local branch to help with your business needs
    • Account Alerts are a great way to stay on top of your account's activity and enhance security
    • Unlimited electronic deposits at no charge, including Chase QuickDeposit℠, ACH and ATM

Family Member Privileges

Once you're a Chase Private Client, your benefits can extend to adult immediate family members when you are joint owners on a CPC deposit account.

Your family members must be enrolled in the Chase Private Client program in order to receive the perks. To do so, you can open a new joint CPC checking or savings account and your joint owner will be upgraded to CPC as well.

Again, you'll have to visit a specialized branch that offers CPC services. Find a branch here.

Kids under 18 cannot be enrolled in CPC. But being a CPC member does allow you to set up these accounts for your children:

  • Free Chase College Checking account for your college student
  • Free Chase High School Checking account for your teen
  • Free Savings account for your kids

Arts and Culture Program

Lastly, your benefits include an Art & Culture card that grants you (plus guests) free admission to museums in select cities. Included in the list of museums is the renowned American Museum of Natural History in NYC.

This is another big draw for a lot of people that sounds great. But there is important fine print that limits or completely negates the value.

You must live in one of the 8 designated regions. And you can only attend the museums within your region. This means if you're visiting NYC, your card is useless.

The 8 regions are: Arizona, Chicago, Florida, New York City, Northern California, Southern California, Seattle, and Texas.

If you don't live in one of these regions, this benefit is of no use to you.

Is Chase Private Client Worth It?

So is it worth it to park $250,000 with Chase? Are the benefits worth it?

Let's break it down:

  • Low Interest Rate
    $250,000 is a lot of money to tie up. Many other banks offer over 2% APY, which can translate into thousands of dollars in growth with that amount.

    However, remember that your funds can be in a Chase investment account as well. So you can still have your money invested while enjoying the benefits of CPC.

  • Banking Fee Waivers
    While it's great that many banking fees are waived, there are other banks that also offer some of the same fee benefits without such a high balance requirement.

    For example, Charles Schwab gives you unlimited ATM fee rebates worldwide and has no foreign transaction fees. And the minimum is $0. Ally Bank and Discover Bank also waive lots of common bank fees and have $0 minimum.

    How often will you really make use of the banking services, such as cashier checks or wire transfers? If you really do perform a lot of the banking services, then CPC may be worth considering.

  • Credit Card Benefits
    There is no benefit here. Even being a CPC won't let you get around the Chase 5/24 rule. And you don't even need to be a CPC to apply for the Chase Sapphire Reserve or Chase Sapphire Preferred in the first place.

    Read more about how to qualify for the Sapphire Reserve and Sapphire Preferred.

  • Investment Benefits
    You get free trades on You Invest, but the platform only has a very slim range of products. Chase pushes the JP Morgan managed portfolio service, which has an annual management fee.

    Other similar managed portfolios have lower fees and smaller account minimums, such as Vanguard Personal Advisor and Personal Capital. Both offer professional advisors to provide personalized on-going advice.

  • Rate Discounts
    This could come in handy if you're buying/refinancing a car or home. However, it's still smart to shop around at other lenders. A rate discount with CPC doesn't mean it'll be the lowest rate.

Bottom Line

The value of Chase Private Client depends on what you hope you get. If you want personalized service and to feel special, CPC will certainly provide that. It's good for high net worth individuals who want an all-inclusive banking and investment experience.

It's also worth considering if you really do perform a lot of banking actions that currently cost you fees. The fee waivers can add up to a lot of savings. The home and auto loan rate discounts are another benefit that could be valuable.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on June 13, 2019. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase. This site may be compensated through the Advertiser's affiliate programs.

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