If you have $150,000 in liquid assets or more, then Chase Private Client is for you. Show
CPC, as it’s known for short, is a preferred Chase relationship built around a special checking account. Chase clients with at least $250,000 in qualifying deposit and investing accounts qualify for CPC membership, which carries no additional charges and boasts a slew of financial, practical, service-related benefits that are easy to take advantage of. What may be difficult for those not already loyal to Chase is moving sufficient funds in from a bunch of disparate non-Chase accounts. This may be more difficult, and potentially disruptive, for those with just enough liquid assets to qualify for Chase Private Client status. Whether the effort is justified depends on how you feel about CPC’s features and benefits. Let’s take a closer look. Key Features of Chase Private ClientHere’s what to expect from Chase Private Client. Qualification Requirements for Chase Private ClientTo qualify for Chase Private Client membership, you must maintain an average daily balance of at least $150,000 in any combination of eligible Chase deposit and investment accounts. You’ll need to maintain this balance threshold every month to remain a CPC member. Certain Chase Business Banking clients automatically qualify for Chase Private Client membership. If you have an existing Chase Business Banking relationship, talk to your business banker about how to qualify if you’re not a card-carrying member already. Chase Private Client membership is technically available by invitation only. As you approach or cross the average daily balance threshold, you’ll probably receive notice that you’re eligible for CPC membership. If you don’t, simply ask your Chase banker or begin the process online here. You can open a CPC joint account with an adult immediate family member, such as a spouse, and share CPC privileges. Children under age 18 don’t qualify as CPC joint account holders. Access to Chase Banking & Investing SpecialistsCPC members enjoy priority access to Chase banking and investing specialists: Private Client BankerThis is your point of contact at Chase Bank. They’ll help you manage your liquid assets, identify opportunities to increase your account yields, and recommend credit products aligned with your needs and goals. If and when you act on those recommendations, your banker will act as your liaison with other Chase specialists and departments. Private Client AdvisorThis is your point of contact at Chase’s investment arm. They’ll help you develop and execute a comprehensive financial plan, recommending suitable Chase investment products along the way. Each advisory relationship begins with a Customized Financial Analysis that assesses the relative risks and rewards of recommended investing strategies. In practice, Private Client Advisors act as sales funnels for Chase’s investment management team — though most new Private Client members already have assets under management with Chase. Fee & Deposit Limit WaiversChase Private Client members pay few, if any, account and transaction fees to which most other Chase clients are subject. For instance, CPC members pay no:
Some less common account fees may remain. For a complete list of fees charged to and waived for CPC members, refer to the program’s terms and conditions. Chase Private Client members also enjoy higher transaction and deposit limits than regular Chase customers. Actual limits are subject to change, but this benefit covers:
Family Banking Benefit (Free Debit Cards)CPC members are entitled to free family debit cards with adjustable spending and withdrawal limits — a great perk for parents looking to teach older kids about money without loosening the leash too far. Business Banking BenefitsChase Private Client members can take advantage of a slew of business banking tools and perks, including:
Discounted BorrowingChase Private Client members may qualify for discounted borrowing opportunities through Chase’s lending arms. The mortgage discount is particularly attractive, knocking 0.125% off the regular rate for clients with total deposits and investments between $500,000 and $999,999, and 0.25% off the regular rate for clients with total deposits and investments above $1 million. And if you have substantially more than $1 million on deposit with Chase? You could qualify for additional rate discounts, up to 0.5%. These discounts may apply to home equity line of credit (HELOC) products as well. Meanwhile, Chase knocks $500 off its home loan processing fee for clients with combined assets of $150,000 to $499,999. It waives the full processing fee ($1,150) for clients with more than $500,000 in the bank. Chase also discounts auto purchase and refinance loans, typically by 0.25%. Securities-Based LendingChase Private Client members may be eligible to take out competitively priced lines of credit secured by the value of their investment portfolios. Proceeds may be used for virtually any legal purpose, except for the purchase of additional securities. Because they’re secured by tangible assets, securities-based lines typically carry low interest rates that aren’t dependent on borrowers’ creditworthiness. Free Trading With You Invest by J.P. MorganChase Private Client members pay no commissions on ETF and stock trades placed through You Invest by J.P. Morgan, Chase’s low-cost online brokerage. This allowance is good on up to two taxable and two retirement accounts per CPC member. It doesn’t apply to assets managed under the You Invest Portfolios program, You Invest’s robo-advisor vertical. Additionally, ETFs may carry fees and expenses Chase can’t control. Miscellaneous Benefits of Chase Private ClientChase Private Client members enjoy some additional benefits that, while not the program’s main attraction, certainly sweeten the deal. The Chase Private Client Arts & Culture program is one example. Available in select cities, it offers CPC members exclusive (sometimes behind-the-scenes) access to top cultural institutions, like museums and historic sites. Some additional benefits are practical, like international rush debit and credit card replacement. No matter where you happen to be in the world, Chase is happy to rush you a replacement card. CPC members may also enjoy informal exemption from Chase’s 5/24 rule, which limits Chase credit card applicants to more than five new credit cards within any 24-month period, regardless of creditworthiness or income. However, this exemption is anecdotal only — Chase doesn’t market or even acknowledge it — and may depend on your banker’s discretion. Advantages of Chase Private ClientThese are among Chase Private Client’s top advantages.
Disadvantages of Chase Private ClientConsider these drawbacks before going out of your way to qualify for Chase Private Client.
How Chase Private Client Stacks UpChase Private Client competes against high-end banking solutions the world over. One of its biggest rivals is the Bank of America Preferred Rewards program, which is more accessible but less generous in some ways.
Final WordChase Private Client is not the most accessible Chase banking product. The high asset requirement — an average minimum daily balance of $150,000 in any combination of eligible Chase deposit and investment accounts — puts membership out of reach for many Americans. However, if you’re fortunate enough to qualify for Chase Private Client membership, think seriously about making whatever moves are necessary to earn it. Doubly so if you’re interested in comprehensive financial planning and customized investment management but haven’t pulled the trigger on either yet. You’ll likely pay more for professionally managed portfolios than you’ll save on bank fees, but the tradeoff — true peace of mind — could be more than worth it. Does Chase charge for international wire transfers?Wires sent using the Chase Mobile app or chase.com to a bank outside the U.S. in foreign currency (FX) have no Chase wire fee for amounts equal to $5,000 USD or more, and only a $5 Chase wire fee when less than $5,000 USD. Chase wire fees and availability vary by product.
Can I wire more than 25000 Chase?How much money can I transfer? Most Chase accounts have a $25,000 per day limit. Chase Private Client and Chase Sapphire Banking limits are $100,000 per day.
What are the fees for Chase Private Client?There is a $35 Monthly Service Fee for Chase Private Client Checking OR $0 when you have at least one of the following each statement period: an average beginning day balance of $150,000 or more in any combination of this account and linked qualifying deposits¹/ investments² OR, a linked Chase Platinum Business ...
Do Chase Private Clients get free wire transfers?Your Private Client Banker will show you how. No Chase fees on most everyday banking transactions including: No ATM fees worldwide. No Chase fee on incoming or outgoing wire transfers.
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