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Chase Private Client Review: Benefits, Drawbacks, and Requirements

If you have $ 250,000 in liquid assets or more, Chase Private Client is for you.

CPC, as it is known for short, is a Chase preferred relationship built around a special checking account. Chase customers with at least $ 250,000 in qualifying deposit and investment accounts qualify for CPC membership, which carries no additional fees and has a host of service-related, practical and financial benefits that are easy to take advantage of .

What can be difficult for those who are not yet loyal to Chase is transferring sufficient funds from a bunch of different non-Chase accounts. This can be more difficult and potentially damaging for those with enough liquid assets to qualify for Chase Private Client status.

Whether the effort is justified will depend on how you feel about the features and benefits of CPC.

Key features

Here’s what you can expect from Chase Private Client.

Qualification requirements

To qualify for Chase Private Client membership, you must maintain an average daily balance of at least $ 250,000 in any combination of eligible Chase investment and deposit accounts. You will need to maintain this balance limit every month to remain a CPC member.

Certain Chase Business Banking clients automatically qualify for Chase Private Client membership. If you already have a relationship with Chase Business Banking, talk to your business banker about how to qualify if you are not already a card member.

Chase Private Client membership is technically available by invitation only. As you approach or cross the average daily balance threshold, you will likely receive a notice that you are eligible for CPC membership.

If you don’t, just ask your Chase banker or start the process online here . You can open a joint CPC account with an immediate adult relative, such as a spouse, and share CPC privileges. Children under the age of 18 do not qualify as joint CPC account holders.

Access to Chase banking and investment specialists

CPC members enjoy priority access to Chase investment and banking specialists:

Private Client Banker

This is your point of contact at Chase Bank. They will help you manage your liquid assets, identify opportunities to increase your account returns, and recommend credit products aligned with your needs and goals.

If you act on those recommendations, your banker will act as your liaison with other Chase specialists and departments.

Private Client Advisor

This is your point of contact in Chase’s investment division. They will help you develop and execute a comprehensive financial plan, recommending suitable Chase investment products along the way.

Each advisory relationship begins with a personalized financial analysis that assesses the relative risks and rewards of recommended investment strategies. In practice, Private Client Advisors act as sales funnels for Chase’s investment management team, although most new Private Client members already have assets under management with Chase.

Deposit limit and fee waivers

Chase Private Client members pay the few, if any, account and transaction fees that most other Chase clients are subject to. For example, CPC members don’t pay:

  • Checking account service fees
  • Bank transfer fees
  • Foreign debit transaction fees
  • Foreign currency exchange rates
  • ATM fees
  • Safe deposit box rental (3 “x 5” size only; larger boxes have a 20% discount)
  • Personalized Personal Check Rates
  • Cashier’s check fees

Some less common account fees may remain. For a complete list of fees charged and waived for CPC members, see the program terms and conditions.

Chase Private Client members also enjoy higher deposit and transaction limits than regular Chase clients. Actual limits are subject to change, but this benefit covers:

  • Chase QuickPay (bill pay and money transfer)
  • Zelle (money transfer)
  • Chase QuickDeposit (mobile deposit)
  • ATM withdrawals
  • Daily purchase (only with CPC debit card)

Family banking benefit (free debit cards)

CPC members are entitled to free family debit cards with adjustable spending and withdrawal limits, a huge plus for parents looking to teach older kids about money without too much loosening on the leash.

Benefits of commercial banking

Chase Private Client members can take advantage of a host of business banking tools and benefits, including:

  • Reduced Minimum Balance Requirements on Chase Platinum Business Checking SM Accounts
  • No monthly service fee on Chase Total Business Checking ® accounts
  • No electronic deposit fees on Platinum Business Checking and Total Business Checking ® accounts
  • Personalized guidance on business cash flow, working capital, long-term financing, and payment solutions.

Discounted loans

Chase Private Client members can qualify for discount loan opportunities through Chase’s lending branches.

The mortgage discount is particularly attractive, reducing the regular rate by 0.125% for clients with total deposits and investments between $ 250,000 and $ 999,999, and by 0.25% from the regular rate for clients with total deposits and investments greater than $ 1 million.

All CPC customers enjoy a 1.25% discount on Home Equity Line of Credit (HELOC) products.

Chase also discounts auto purchase and refinance loans, typically 0.25%.

Value-based loans

Chase Private Client members may be eligible for competitively priced lines of credit guaranteed by the value of their investment portfolios. The proceeds can be used for virtually any legal purpose, except for the purchase of additional securities.

Because they are secured by tangible assets, securities-based lines generally have low interest rates that are not dependent on the creditworthiness of the borrowers.

Free trade with you Invest by JP Morgan

Chase Private Client members pay no commissions on ETFs and stock trades conducted through You Invest by JP Morgan, Chase’s low-cost online brokerage.

This allowance is valid for up to two taxable and two retirement accounts per CPC member. It does not apply to managed assets under the program You Invest folios, the vertically theft-advisor of You Invest .

Additionally, ETFs may have fees and expenses that Chase cannot control.

Various benefits

Chase Private Client members enjoy a few added perks that, while not the show’s main attraction, certainly sweeten the deal.

The Chase Private Client Arts and Culture program is one example. Available in select cities, it offers CPC members exclusive access (sometimes behind the scenes) to major cultural institutions such as museums and historic sites.

Some additional benefits are practical, such as fast replacement of international credit and debit cards. No matter where you are in the world, Chase is happy to rush you a replacement card.

CPC members can also enjoy an informal exemption from the Chase 5/24 rule, which limits applicants for Chase credit cards to more than five new credit cards within any 24-month period, regardless of their status. solvency or income. However, this exemption is only anecdotal (Chase does not market it or even recognize it) and may be at the discretion of your banker.

Advantage

These are among the main benefits of Chase Private Client:

1. No fees to join or maintain CPC status

Chase Private Client does not list any fees related to the program. In fact, maintaining CPC status could lower your total banking costs by forgoing common account and transaction fees.

However, while those gains could be more than offset by managed investment fees, if you choose to forego free DIY investing through You Invest by JP Morgan.

2. Priority Access to Chase Advisors and Bankers

As a CPC member, you are guaranteed to be by name with at least two Chase employees: your banking contact and your internal financial advisor.

If knowing the people responsible for managing your money is important to you and you can afford to meet CPC’s minimum asset requirements, this is a strong incentive to join.

3. Big discounts on home equity lines

The best discount for CPC loans is on home equity lines of credit, which cost 1.25% less for CPC members than for regular Chase customers. When the prevailing HELOC rates are low, that could represent a big discount.

4. Solid Discounts on Auto and Home Loan Products

CPC members also enjoy nice discounts on auto and home loans – up to 0.25%, depending on product and relationship balance. These discounts can be incentive enough to keep your home and car borrowing with Chase, despite stiff competition for your business elsewhere.

5. Few, if any, regular bank fees

Never say never, but CPC members can expect to avoid virtually all of the common banking fees that Chase charges. This includes account maintenance fees, which can add hundreds of dollars per year to the cost of a high-end account.

6. No commissions for your investments in stocks or ETF operations

CPC members do not pay commissions for trading You Invest shares or ETFs. If you have the time and confidence to build your own investment portfolio (with or without guidance from your Chase advisor), you can do so at surprisingly low cost here.

7. Generous benefits for business owners

CPC members who also own businesses enjoy a host of exclusive benefits, including cash flow and payment support. This is a crucial addition for business owners who do not have accounting degrees and cannot afford to add in-house accounting staff.

8. Replacement of the International Rush card

No matter where in the world they are located, CPC members benefit from quick credit and debit card replacement. You can rest assured that you will never be without your card for more than a day or two.

9. Complimentary CPC membership for immediate family members

CPC members can add adult immediate family members, such as spouses and siblings, to their CPC accounts, making it the ultimate joint bank account.

Disadvantages

Consider these drawbacks before doing everything you can to qualify for Chase Private Client:

1. High minimum asset requirement

Although technically available by invitation only, Chase Private Client is transparent about what it takes to qualify – an average daily balance of $ 250,000 or more in any combination of qualifying Chase investment or deposit accounts.

That’s significantly higher than some comparable private client deals at competing domestic banks.

2. Qualification may require moving funds or opening new accounts

Due in part to CPC’s high asset requirements, potential members may need to move significant amounts of money or open new Chase accounts before they can qualify.

At the very least, that’s a hassle that many busy people can’t bother with. Worse still, asset reallocation can interfere with long-term financial plans.

3. Chase investment products may not appeal to everyone

Chase’s managed investment services attract investors willing to pay more for the peace of mind that tailored, hands-on asset management provides. You Invest from JP Morgan attracts both unsuspecting DIYers who don’t trade frequently and hands-off content with lower-cost robotic adviser portfolios.

Chase does not have a neat solution for high frequency and / or sophisticated traders, including day traders .

4. Minors are not eligible for CPC membership.

Most minors do not have at least $ 250,000 in liquid assets to their name, but those fortunate enough to be born into wealthy families can naturally expect to benefit from membership in a joint CPC account before reaching the majority of age. Chase does not allow this, unfortunately.

Final word

Chase Private Client is not the most accessible Chase banking product. The high asset requirement – an average minimum daily balance of $ 250,000 in any combination of eligible Chase investment and deposit accounts – puts membership out of reach for most Americans.

However, if you are lucky enough to qualify for Chase Private Client membership, seriously think about making the necessary moves to earn it. Twice if you’re interested in comprehensive financial planning and personalized investment management, but haven’t pulled the trigger yet.

You’ll likely pay more for professionally managed portfolios than you’ll save on bank fees, but the trade-off – the true peace of mind – might be worth it.

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