Got the Chase Private Client Invite
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Got the Chase Private Client Invite
Got the CPC invite, along with the bonus $2,000 if I deposit $250,000 new cash.
I have more than $150,000 in the accounts, but a portion are in my Roth IRA with them. I think by 'word of law', retirement accounts don't count. Ignoring those funds bring the assets under $150,000.
However, the fact that I got the invite, does that mean they're OK with the amount and there's some wiggle room?
I have more than $150,000 in the accounts, but a portion are in my Roth IRA with them. I think by 'word of law', retirement accounts don't count. Ignoring those funds bring the assets under $150,000.
However, the fact that I got the invite, does that mean they're OK with the amount and there's some wiggle room?
Re: Got the Chase Private Client Invite
I've received bonus bucks for moving retirement money. Not from Chase.smalliebigs wrote: ↑Fri Jan 14, 2022 6:18 pm Got the CPC invite, along with the bonus $2,000 if I deposit $250,000 new cash.
I have more than $150,000 in the accounts, but a portion are in my Roth IRA with them. I think by 'word of law', retirement accounts don't count. Ignoring those funds bring the assets under $150,000.
However, the fact that I got the invite, does that mean they're OK with the amount and there's some wiggle room?
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
Unfortunately, everything I have other than 401k and HSA, are with Chase. Can't move those, I'm afraid.
Re: Got the Chase Private Client Invite
We have CPC due to my mother having enough assets there.
We do all of our banking with chase. Biz and personal accounts. I feel in general they are really great to work with for everyday banking.
I do not find CPC to provide much value at all and would never bother keeping assets there just to get that status.
That said, a $2k bonus seems nice.
We do all of our banking with chase. Biz and personal accounts. I feel in general they are really great to work with for everyday banking.
I do not find CPC to provide much value at all and would never bother keeping assets there just to get that status.
That said, a $2k bonus seems nice.
Re: Got the Chase Private Client Invite
Thanks for sharing, few questions for you:
1. How did you receive the code? Was it via email? Is it possible to find a code online? I've been scouring and have never seen one.
2. Do you think you took any recent actions that triggered the invite?
3. Does the coupon specify what you need to do with the assets once at Chase to qualify? Have heard a self directed brokerage account doesn't count.
Thanks!
1. How did you receive the code? Was it via email? Is it possible to find a code online? I've been scouring and have never seen one.
2. Do you think you took any recent actions that triggered the invite?
3. Does the coupon specify what you need to do with the assets once at Chase to qualify? Have heard a self directed brokerage account doesn't count.
Thanks!
-
- Posts: 447
- Joined: Fri Oct 11, 2013 1:08 pm
Re: Got the Chase Private Client Invite
I receive these invites all of the time. I forget how long you'd have to keep the cash in your checking to receive the bonus, but if you divide the $2k by the required deposit I think it translates into a somewhat modest interest amount (2-5%) so I wasn't that excited by it.
-
- Posts: 1167
- Joined: Sat Nov 09, 2019 9:09 am
Re: Got the Chase Private Client Invite
A $2,000.00 bonus? That's nice. If you have the cash, I would do it.
-
- Posts: 447
- Joined: Fri Oct 11, 2013 1:08 pm
Re: Got the Chase Private Client Invite
I did the math on having to hold it for 90 days, and it translates to 3-4% annual interest.
Re: Got the Chase Private Client Invite
Good point. If you have some need for cash (or very good 1% margin rates from ETrade/Schwab or Fidelity - on stable large Brokerage portfolio) — May be use this arbitrage — and if you are overflowing with cash (and/or cheap margin) — double the fun by doing CPC separately for your spouse too ..Count of Notre Dame wrote: ↑Sat Jan 15, 2022 1:53 pm I did the math on having to hold it for 90 days, and it translates to 3-4% annual interest.
Last edited by sc9182 on Sat Jan 15, 2022 2:11 pm, edited 1 time in total.
-
- Posts: 164
- Joined: Thu Jan 22, 2015 3:25 pm
Re: Got the Chase Private Client Invite
I just got this invite as well, and it says "qualifying new money or securities". Can I transfer $250k of VTI from my Vanguard account to qualify?
-
- Posts: 3482
- Joined: Sun Sep 11, 2016 11:27 am
Re: Got the Chase Private Client Invite
I believe OP is asking whether IRA accounts are considered as part of the 150K required to qualify for CPC. I think they are.
HOWEVER, for the purposes of a bonus, a 250K xfer into Chase must be to non-retirement accounts.
HOWEVER, for the purposes of a bonus, a 250K xfer into Chase must be to non-retirement accounts.
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
I just got the invite a few days ago. All my funds are with Chase, so eventually it got past the trigger threshold, I guess. I've set up a meeting with a bank to ask about the IRA funds. I don't have $250k elsewhere to bring in so I won't be able to get the $2000 bonus. But I guess if it's no fees, then upgrading from Sapphire banking to CPC is a no brainer. Might as well, I guess. I'm most interested in the arts and culture card and the 3x5 safe box. Other things, I already have most of them from Sapphire banking.
If it's $250k in a regular taxable brokerage account, then yes. Just sign up for YouInvest, then do a "Transfer Securities" process, and it'll be in the account.ScroogeMcDuck wrote: ↑Sat Jan 15, 2022 2:09 pm I just got this invite as well, and it says "qualifying new money or securities". Can I transfer $250k of VTI from my Vanguard account to qualify?
-
- Posts: 132
- Joined: Sat Nov 24, 2018 8:18 pm
Re: Got the Chase Private Client Invite
Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.
Trying to figure out if I should do this.
On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.
On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.
Any obvious benefits I’m overlooking?
Trying to figure out if I should do this.
On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.
On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.
Any obvious benefits I’m overlooking?
Re: Got the Chase Private Client Invite
What are some of the benefits of being a CPC? How does it differ from say Fidelity private Client group (which really doesn't have a ton of benefits besides dedicated 800 number and turbo tax if you're lucky)?
Edit: found this - https://chaseprivateclient.chase.com/banking
Most of the benefits there apply to regular accounts at Fidelity.. With Fidelity CMA account you get no debit card fees worldwide, higher limits etc without needing any status tier.
Edit: found this - https://chaseprivateclient.chase.com/banking
Most of the benefits there apply to regular accounts at Fidelity.. With Fidelity CMA account you get no debit card fees worldwide, higher limits etc without needing any status tier.
Last edited by fetch5482 on Tue Jan 18, 2022 1:15 am, edited 1 time in total.
(AGE minus 23%) Bonds | 5% REITs | Balance 80% US (75/25 TSM/SCV) + 20% International (80/20 Developed/Emerging)
-
- Posts: 3181
- Joined: Mon Feb 01, 2016 10:49 am
Re: Got the Chase Private Client Invite
I got one of these offers, the first condition was to go to a physical branch and meet with a "financial expert" to open up an account. No thanks. Oh and I don't have $250K setting around if counting IRA+brokerage to start with (401K is not possible to move)
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
-
- Posts: 131
- Joined: Tue Jun 28, 2016 9:22 pm
Re: Got the Chase Private Client Invite
I consolidated everything with Chase (except 401K and HSA). There are a few benefits. Some I think are worthwhile, others not really. The biggest benefit for me came when it was time to shop mortgages. They beat everything I threw at them in terms of other offers and made it pretty clear that that due to my 'relationship' with them they wouldn't lose my business. So if you need to refinance soon, are a real estate investor, or could be moving in the next few years keep that mind.Annabel Lee wrote: ↑Tue Jan 18, 2022 12:26 am Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.
Trying to figure out if I should do this.
On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.
On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.
Any obvious benefits I’m overlooking?
There are no fees on anything (including wires). If you travel abroad (or plan to) this can be of some use since there are no ATM fees worldwide. You get a priority line to call if you need help although I'm not sure how value added it is. Website works well and transferring money between accounts is seemless. I do a backdoor Roth every year and its just as easy as it was at Vanguard. If your taxable account is large enough you have access to a securities based line of credit. I may wind up using this feature when we do renovations depending on the tax implications of selling securities.
The reason I did it in the first place was simplicity and convenience. My wife and I had accounts all over the place for a while and it became a real hassle, especially when we were living outside of the US. I've been satisfied so far with them. No regret as far as leaving Vanguard (I still use their funds though!)
-
- Posts: 131
- Joined: Tue Jun 28, 2016 9:22 pm
Re: Got the Chase Private Client Invite
They counted IRA assets for me. I wouldn't come close if they didn't. When I went into the local branch there wasn't any kind of a hard sell or anything. They just recoded all of my accounts, walked me through the benefits, and gave me a welcome packet. Took about 15-20 mins.smalliebigs wrote: ↑Fri Jan 14, 2022 6:18 pm Got the CPC invite, along with the bonus $2,000 if I deposit $250,000 new cash.
I have more than $150,000 in the accounts, but a portion are in my Roth IRA with them. I think by 'word of law', retirement accounts don't count. Ignoring those funds bring the assets under $150,000.
However, the fact that I got the invite, does that mean they're OK with the amount and there's some wiggle room?
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
I just got back from my meeting at the local branch. Met with the branch manager, who happened to also be "1st Vice President" (whatever that means), and signed up. Turns out the Arts & Culture card is cancelled, so is the free 3x5 deposit box. It's basically zoom meetings/events and some local talks from Chase big wigs that I'll get invited to. So basically, seems like there really isn't anything more to CPC over Sapphire banking? A bit disappointing, but I think (hope!) Chase will bring out some perks to balance things out. Ultimately, it really is a 'might as well' thing.
Regarding the investment pitch, a guy can in, said we have "holistic" investments to offer if I was interested, that's it. Didn't bother to pitch too hard, probably because they can see all my investments in YouInvest are with VTSAX/VTI, so it would be hard to sway me. Either way, was very minimal compared to the horror stories you see on the internet.
Offered to change my debit card to the CPC one, but that would mean needing to change my checking account number, so I declined that. It doesn't matter too much, just a cosmetic thing. Benefits are immediately applied to my current card. That said, when my current debit card expires, they'll mail out the CPC version, anyway. Anyway, I don't even know where my debit card is. Have not used cash for like 5 years.
Gave me some documents, cards, said there was a 24/7 CPC-only number that I could call, a personalized service team, etc. That's about it. Now my Chase app says "CPC checking"! That's probably the only change I'll notice, if I'm being totally honest...
Regarding the investment pitch, a guy can in, said we have "holistic" investments to offer if I was interested, that's it. Didn't bother to pitch too hard, probably because they can see all my investments in YouInvest are with VTSAX/VTI, so it would be hard to sway me. Either way, was very minimal compared to the horror stories you see on the internet.
Offered to change my debit card to the CPC one, but that would mean needing to change my checking account number, so I declined that. It doesn't matter too much, just a cosmetic thing. Benefits are immediately applied to my current card. That said, when my current debit card expires, they'll mail out the CPC version, anyway. Anyway, I don't even know where my debit card is. Have not used cash for like 5 years.
Gave me some documents, cards, said there was a 24/7 CPC-only number that I could call, a personalized service team, etc. That's about it. Now my Chase app says "CPC checking"! That's probably the only change I'll notice, if I'm being totally honest...
Last edited by smalliebigs on Tue Jan 18, 2022 2:42 pm, edited 1 time in total.
-
- Posts: 73
- Joined: Sun Nov 28, 2021 3:34 pm
Re: Got the Chase Private Client Invite
I have had Chase Private Client for several years. One thing I like is the waiver of ATM fees. When my kids were 18, they set their checking accounts with Chase and they got PC. It was nice for my daughter whose college campus was in somewhat of a sketchy area. She could go to ATM on campus without having to worry about fees. Of course, neither of them use cash very much these days...
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
That's one of the big benefits. And the way kids/family can benefit would be good too.LuckyInLife wrote: ↑Tue Jan 18, 2022 2:38 pm I have had Chase Private Client for several years. One thing I like is the waiver of ATM fees. When my kids were 18, they set their checking accounts with Chase and they got PC. It was nice for my daughter whose college campus was in somewhat of a sketchy area. She could go to ATM on campus without having to worry about fees. Of course, neither of them use cash very much these days...
I guess with these benefits, you don't think it's useful until they become suddenly very useful that one time.
Re: Got the Chase Private Client Invite
You can get that with a Fidelity Cash Management account.LuckyInLife wrote: ↑Tue Jan 18, 2022 2:38 pm I have had Chase Private Client for several years. One thing I like is the waiver of ATM fees. When my kids were 18, they set their checking accounts with Chase and they got PC. It was nice for my daughter whose college campus was in somewhat of a sketchy area. She could go to ATM on campus without having to worry about fees. Of course, neither of them use cash very much these days...
No special "invite" needed, no minimum to keep in cash account.
But you do lose the feeling of being "invited" to a special club.
Once in a while you get shown the light, in the strangest of places if you look at it right.
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
There's always benefits to a big bank, such as having one near your house, notary services, global presence, loans, etc.
Re: Got the Chase Private Client Invite
Sure, if those things have any value to you.smalliebigs wrote: ↑Tue Jan 18, 2022 3:14 pmThere's always benefits to a big bank, such as having one near your house, notary services, global presence, loans, etc.
I can't remember the last time I stepped into a bank office.
Anything for which I needed a notary, the transacting company seemed to provide one. Don't have loans, but if I needed one, I would shop around on line, chase is unlikely to have best terms.
But, if you are happy with what you are getting for what you are paying (tying up money in cash account does have a cost), that's great. I was just responding to the free ATM perk, which is available without all the restrictions.
Once in a while you get shown the light, in the strangest of places if you look at it right.
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
I think one thing that people misunderstand about the $150,000 CPC requirement is that it includes whatever investments you have in YouInvest too. So my cash is quite a minimal portion of the $150,000. The vast majority of my funds, that qualify me for free CPC, is in VTI/VTSAX. It's at least $150,000 across checking, saving, investments combined for the no fee CPC
-
- Posts: 951
- Joined: Wed May 08, 2019 8:59 pm
Re: Got the Chase Private Client Invite
All big banks have these programs and they are all more or less the same.
The big benefit is cheaper 'relationship mortgages' which are typically up to .25 to .75 cheaper than coming in off the street.
Second benefit is reduced hold time and better all around service. When you call in, you get answered by a US based rep with the power to waive fees and make things happen.
Third benefit is waived fees on most banking services.
Chase CPC = BofA Platinum = Citibank CitiGold = Wells Fargo Portfolio
The big benefit is cheaper 'relationship mortgages' which are typically up to .25 to .75 cheaper than coming in off the street.
Second benefit is reduced hold time and better all around service. When you call in, you get answered by a US based rep with the power to waive fees and make things happen.
Third benefit is waived fees on most banking services.
Chase CPC = BofA Platinum = Citibank CitiGold = Wells Fargo Portfolio
-
- Posts: 1006
- Joined: Sun Aug 12, 2012 12:35 am
Re: Got the Chase Private Client Invite
I became CPC because of one of these bonuses. Just transferred a chunk of VTI to meet the $250k minimum.
Bonuses are a lot easier to collect from Chase than Citi, which always seems to create a hassle to actually get the bonus deposited.
The biggest benefit for me has been the $0 free wire service. I use them as a hub bank for chunks of cash and then wire the money to wherever I need it to go.
CPC does give you better service and shorter hold times. Most checks clear in 24 hours, even large ones.
Bonuses are a lot easier to collect from Chase than Citi, which always seems to create a hassle to actually get the bonus deposited.
The biggest benefit for me has been the $0 free wire service. I use them as a hub bank for chunks of cash and then wire the money to wherever I need it to go.
CPC does give you better service and shorter hold times. Most checks clear in 24 hours, even large ones.
Re: Got the Chase Private Client Invite
Keep in mind that dividends from stocks are just you getting your own money back. (Irrelevance of dividends) Signup bonuses are more akin to interest from savings accounts or bond interest rates.Annabel Lee wrote: ↑Tue Jan 18, 2022 12:26 am Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.
Trying to figure out if I should do this.
On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.
On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.
Any obvious benefits I’m overlooking?
-
- Posts: 9446
- Joined: Sun Oct 08, 2017 7:16 pm
Re: Got the Chase Private Client Invite
How does that differ from Charles Schwab Investor Checking? Schwab reimburses ATM fees worldwide, and you don't have to have $250,000 at Schwab to get this benefit.LuckyInLife wrote: ↑Tue Jan 18, 2022 2:38 pm I have had Chase Private Client for several years. One thing I like is the waiver of ATM fees. When my kids were 18, they set their checking accounts with Chase and they got PC. It was nice for my daughter whose college campus was in somewhat of a sketchy area. She could go to ATM on campus without having to worry about fees. Of course, neither of them use cash very much these days...
Re: Got the Chase Private Client Invite
Correct, Schwab provides this benefit without a required minimum - it’s extremely generous IMO. Brokerage account required. Very few US banks provide this internationally. Many provide domestic ATM reimbursement.
Chase CPC and Sapphire provide a lot more banking features, as discussed previously. They also require $75/150k in assets.
Can’t go wrong with either.
Chase CPC and Sapphire provide a lot more banking features, as discussed previously. They also require $75/150k in assets.
Can’t go wrong with either.
UpperNwGuy wrote: ↑Wed Jan 19, 2022 4:56 amHow does that differ from Charles Schwab Investor Checking? Schwab reimburses ATM fees worldwide, and you don't have to have $250,000 at Schwab to get this benefit.LuckyInLife wrote: ↑Tue Jan 18, 2022 2:38 pm I have had Chase Private Client for several years. One thing I like is the waiver of ATM fees. When my kids were 18, they set their checking accounts with Chase and they got PC. It was nice for my daughter whose college campus was in somewhat of a sketchy area. She could go to ATM on campus without having to worry about fees. Of course, neither of them use cash very much these days...
Re: Got the Chase Private Client Invite
CPC min is $150k now. From what I can tell, Chase Sapphire gets you about the same perks at $75k - I think withdrawal limits are the big difference, and “arts and culture”, which seems like a moot point these days.
SpaceCowboy wrote: ↑Wed Jan 19, 2022 12:02 am I became CPC because of one of these bonuses. Just transferred a chunk of VTI to meet the $250k minimum.
-
- Posts: 9446
- Joined: Sun Oct 08, 2017 7:16 pm
Re: Got the Chase Private Client Invite
Just to be clear, the brokerage account is automatically opened when the checking account is opened, but there is no requirement to add any funds to the brokerage account. It can just sit there with a zero balance.
Re: Got the Chase Private Client Invite
That’s right. I’ve had this account pair with no investments and little cash, strictly for the purpose of a secondary account for international withdrawal (turns out I didn’t end up needing it - go figure). No fees, penalties, minimums, etc.
Would highly recommend. Makes me more inclined to do business with their brokerage.
Initially did the Chase Sapphire bank thing with the same intent. I’ve been happy there too, but had to deal with minimums (and got bonuses on banking and investment sides).
I’m comfortable with the admin associated with multiple bank accounts for perks and redundancy (bofa also). However, there is a lot to be said about the simplicity of a “one stop shop”.
Would highly recommend. Makes me more inclined to do business with their brokerage.
Initially did the Chase Sapphire bank thing with the same intent. I’ve been happy there too, but had to deal with minimums (and got bonuses on banking and investment sides).
I’m comfortable with the admin associated with multiple bank accounts for perks and redundancy (bofa also). However, there is a lot to be said about the simplicity of a “one stop shop”.
UpperNwGuy wrote: ↑Wed Jan 19, 2022 5:25 amJust to be clear, the brokerage account is automatically opened when the checking account is opened, but there is no requirement to add any funds to the brokerage account. It can just sit there with a zero balance.
Re: Got the Chase Private Client Invite
.....
Last edited by jh on Fri Jan 21, 2022 1:48 am, edited 1 time in total.
Retired in 2022 at the age of 46. Living off of dividends.
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
Ok, then I'm not too sure if you're genuinely asking. Check the Chase website for the CPC benefits and see if they interest you.
From my meeting with Chase yesterday, Arts and Culture card has been cancelled. Not sure what/when they'll bring something to replace it.
But maybe because they've dropped the min down to $150,000, so they need to cut costs too.
For me, the CPC upgrade was a no-brainer because I have everything at Chase already: personal, business, investments, etc.
-
- Posts: 308
- Joined: Tue Oct 20, 2020 5:57 am
Re: Got the Chase Private Client Invite
They got rid of the free safe deposit box? I still have that with my regular premier plus checking account.smalliebigs wrote: ↑Tue Jan 18, 2022 2:19 pm Turns out the Arts & Culture card is cancelled, so is the free 3x5 deposit box.
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
If you have it, you can still use it. But they don't give them out anymore. Chase probably want to depreciate that service due to cost (or legal) concernsCrisisAverted wrote: ↑Thu Jan 20, 2022 12:15 am They got rid of the free safe deposit box? I still have that with my regular premier plus checking account.
-
- Posts: 107
- Joined: Sun May 16, 2021 9:00 pm
Re: Got the Chase Private Client Invite
I’m considering doing the same. Did you experience any cost basis issues when transferring shares from your taxable account at Vanguard to Chase?chrisam314 wrote: ↑Tue Jan 18, 2022 1:55 pmI consolidated everything with Chase (except 401K and HSA). There are a few benefits. Some I think are worthwhile, others not really. The biggest benefit for me came when it was time to shop mortgages. They beat everything I threw at them in terms of other offers and made it pretty clear that that due to my 'relationship' with them they wouldn't lose my business. So if you need to refinance soon, are a real estate investor, or could be moving in the next few years keep that mind.Annabel Lee wrote: ↑Tue Jan 18, 2022 12:26 am Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.
Trying to figure out if I should do this.
On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.
On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.
Any obvious benefits I’m overlooking?
There are no fees on anything (including wires). If you travel abroad (or plan to) this can be of some use since there are no ATM fees worldwide. You get a priority line to call if you need help although I'm not sure how value added it is. Website works well and transferring money between accounts is seemless. I do a backdoor Roth every year and its just as easy as it was at Vanguard. If your taxable account is large enough you have access to a securities based line of credit. I may wind up using this feature when we do renovations depending on the tax implications of selling securities.
The reason I did it in the first place was simplicity and convenience. My wife and I had accounts all over the place for a while and it became a real hassle, especially when we were living outside of the US. I've been satisfied so far with them. No regret as far as leaving Vanguard (I still use their funds though!)
Re: Got the Chase Private Client Invite
Looked into this a long time ago for bonus chasing and get frequent letters.
Afaik money in Morgan Stanley self directed does not count towards the $250k. It needs to be securities guided by a financial advisor or cash. The benefits of chase private client are slim and outdated compared to other companies like Bank of America with the credit card multipliers. Yay you get no fees for wiring money... also when you call in for support the regular staff isn’t allowed to service you and transfers you to another person who does the exact same thing
Afaik money in Morgan Stanley self directed does not count towards the $250k. It needs to be securities guided by a financial advisor or cash. The benefits of chase private client are slim and outdated compared to other companies like Bank of America with the credit card multipliers. Yay you get no fees for wiring money... also when you call in for support the regular staff isn’t allowed to service you and transfers you to another person who does the exact same thing
50% VTI | 20% VXUS | 20% BND | 10% QQQ
-
- Posts: 131
- Joined: Tue Jun 28, 2016 9:22 pm
Re: Got the Chase Private Client Invite
No issues at all.greenway23 wrote: ↑Thu Jan 20, 2022 9:42 pmI’m considering doing the same. Did you experience any cost basis issues when transferring shares from your taxable account at Vanguard to Chase?chrisam314 wrote: ↑Tue Jan 18, 2022 1:55 pmI consolidated everything with Chase (except 401K and HSA). There are a few benefits. Some I think are worthwhile, others not really. The biggest benefit for me came when it was time to shop mortgages. They beat everything I threw at them in terms of other offers and made it pretty clear that that due to my 'relationship' with them they wouldn't lose my business. So if you need to refinance soon, are a real estate investor, or could be moving in the next few years keep that mind.Annabel Lee wrote: ↑Tue Jan 18, 2022 12:26 am Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.
Trying to figure out if I should do this.
On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.
On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.
Any obvious benefits I’m overlooking?
There are no fees on anything (including wires). If you travel abroad (or plan to) this can be of some use since there are no ATM fees worldwide. You get a priority line to call if you need help although I'm not sure how value added it is. Website works well and transferring money between accounts is seemless. I do a backdoor Roth every year and its just as easy as it was at Vanguard. If your taxable account is large enough you have access to a securities based line of credit. I may wind up using this feature when we do renovations depending on the tax implications of selling securities.
The reason I did it in the first place was simplicity and convenience. My wife and I had accounts all over the place for a while and it became a real hassle, especially when we were living outside of the US. I've been satisfied so far with them. No regret as far as leaving Vanguard (I still use their funds though!)
-
- Posts: 3482
- Joined: Sun Sep 11, 2016 11:27 am
Re: Got the Chase Private Client Invite
In theory you could get one (smallest size) earlier, but in practice most branches rarely had any available. But if it's not a listed benefit, they could start charging annual safety deposit box fees again for CPC client.smalliebigs wrote: ↑Thu Jan 20, 2022 11:43 amIf you have it, you can still use it. But they don't give them out anymore. Chase probably want to depreciate that service due to cost (or legal) concernsCrisisAverted wrote: ↑Thu Jan 20, 2022 12:15 am They got rid of the free safe deposit box? I still have that with my regular premier plus checking account.
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
I didn't ask because in no way would I want to actually buy the box; it was a nice to have for free. Honestly, I don't even know what to put in the box. I see online articles saying you can put this or that. But it just feels like an inconvenience, really. Everything is digital nowadays, anyway. Maybe instead of the safe deposit box, Chase could give us a free annual subscription to some cloud service or something. That would be a nice modern alternative.SlowMovingInvestor wrote: ↑Fri Jan 21, 2022 9:31 am In theory you could get one (smallest size) earlier, but in practice most branches rarely had any available. But if it's not a listed benefit, they could start charging annual safety deposit box fees again for CPC client.
-
- Posts: 1788
- Joined: Thu Apr 07, 2011 4:58 pm
- Location: Colorado
Re: Got the Chase Private Client Invite
I received this invitation also. I called Chase to ask about the transfer process but couldn't get through on my first call. If/when I'm able to talk to someone, I will post an update.
-
- Posts: 951
- Joined: Wed May 08, 2019 8:59 pm
Re: Got the Chase Private Client Invite
Hated CPC, normal staff would always direct to the special cpc line, my cpc rep didn’t do much,youinvest was terrible and the cpc mortgage rates weren’t competitive. BofA preferred rewards is much better in my opinion.
The major benefit of most of these plans is the ‘secret menu’ of relationship mortgage discounts. For example, BofA offered to drop my existing mortgage rate by a quarter when I called about a refi. Also offered to do a free recast as a top tier status holder.
The major benefit of most of these plans is the ‘secret menu’ of relationship mortgage discounts. For example, BofA offered to drop my existing mortgage rate by a quarter when I called about a refi. Also offered to do a free recast as a top tier status holder.
-
- Posts: 1926
- Joined: Sat Apr 09, 2016 5:06 pm
- Location: NYC
Re: Got the Chase Private Client Invite
That's right on point! The whole "private bank" thing is getting played out; every bank is offering a premium account and calling it "private banking" these days. Outside of the sign up bonuses, it's mostly just for vanity and ego (like metal credit cards). True private banking is much different and you need $10m+ to even be considered. Then you get access to private equity, custom loans on your artwork, financing for your yacht, etc.smalliebigs wrote: ↑Tue Jan 18, 2022 2:19 pm Gave me some documents, cards, said there was a 24/7 CPC-only number that I could call, a personalized service team, etc. That's about it. Now my Chase app says "CPC checking"! That's probably the only change I'll notice, if I'm being totally honest...
The mass affluent "private banking" gets you a different 800 number, refunded ATM fees and maybe a free safe deposit box. But you also get to say you have a private bank!
To be fair, some banks do have decent private banking offerings that are really useful for business owners. You get better service and more options on the business side, and then entice you to move personal accounts over too.
- anon_investor
- Posts: 15111
- Joined: Mon Jun 03, 2019 1:43 pm
Re: Got the Chase Private Client Invite
Haha I feel the same way. I would be all over CPC if they gave a boost to CC cash back like BoA does.NYCaviator wrote: ↑Sat Jan 22, 2022 9:26 amThat's right on point! The whole "private bank" thing is getting played out; every bank is offering a premium account and calling it "private banking" these days. Outside of the sign up bonuses, it's mostly just for vanity and ego (like metal credit cards). True private banking is much different and you need $10m+ to even be considered. Then you get access to private equity, custom loans on your artwork, financing for your yacht, etc.smalliebigs wrote: ↑Tue Jan 18, 2022 2:19 pm Gave me some documents, cards, said there was a 24/7 CPC-only number that I could call, a personalized service team, etc. That's about it. Now my Chase app says "CPC checking"! That's probably the only change I'll notice, if I'm being totally honest...
The mass affluent "private banking" gets you a different 800 number, refunded ATM fees and maybe a free safe deposit box. But you also get to say you have a private bank!
To be fair, some banks do have decent private banking offerings that are really useful for business owners. You get better service and more options on the business side, and then entice you to move personal accounts over too.
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
But I feel like that's simply 2 different operating philosophies. BoA ties up the CC benefits to asset size with them only, to encourage you to park everything with them. Granted, they have Merrill, so there's the benefit of investments. Chase took a more open approach, basically having the good CCs not locked up. You could be with a credit union and still have the Sapphire Reserve card. Both work; different ways to skin a cat.anon_investor wrote: ↑Sat Jan 22, 2022 9:41 am Haha I feel the same way. I would be all over CPC if they gave a boost to CC cash back like BoA does.
- anon_investor
- Posts: 15111
- Joined: Mon Jun 03, 2019 1:43 pm
Re: Got the Chase Private Client Invite
Definitely YMMV but I find the boosted BoA CCs better for me than the Chase ones.smalliebigs wrote: ↑Sat Jan 22, 2022 9:55 amBut I feel like that's simply 2 different operating philosophies. BoA ties up the CC benefits to asset size with them only, to encourage you to park everything with them. Granted, they have Merrill, so there's the benefit of investments. Chase took a more open approach, basically having the good CCs not locked up. You could be with a credit union and still have the Sapphire Reserve card. Both work; different ways to skin a cat.anon_investor wrote: ↑Sat Jan 22, 2022 9:41 am Haha I feel the same way. I would be all over CPC if they gave a boost to CC cash back like BoA does.
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
Hmm, I'll take a look at the BoA Platinum Honors and see if it makes more sense.anon_investor wrote: ↑Sat Jan 22, 2022 11:21 am Definitely YMMV but I find the boosted BoA CCs better for me than the Chase ones.
- anon_investor
- Posts: 15111
- Joined: Mon Jun 03, 2019 1:43 pm
Re: Got the Chase Private Client Invite
If you travel a lot Chase Sapphire Reserve + the different Chase Freedom cards might be better. But for pure cash back, BoA CCs can't be beat. Depending on your card combo 2.62% to 5.25% cash back on purchases with Platinum Honors.smalliebigs wrote: ↑Sat Jan 22, 2022 12:59 pmHmm, I'll take a look at the BoA Platinum Honors and see if it makes more sense.anon_investor wrote: ↑Sat Jan 22, 2022 11:21 am Definitely YMMV but I find the boosted BoA CCs better for me than the Chase ones.
-
- Posts: 450
- Joined: Wed Jan 04, 2017 9:48 am
Re: Got the Chase Private Client Invite
We don't travel a lot, only about once a year, but we make sure it's a good trip for the whole family. With the Freedom Flex, Freedom Unlimited, Sapphire Reserve (CSR), and Business Preferred, I spend accordingly, then pool all the points to the CSR card and book hotels from the Ultimate Rewards platform. The 50% bonus is really nice. Used to buy flights there too, until 2020. If I were to switch to BoA, the best method would be to totally wholesale dump everything from Chase and apply a bunch of cards from BoA. I need to check and see if the hassle is worth it.anon_investor wrote: ↑Sat Jan 22, 2022 1:25 pm If you travel a lot Chase Sapphire Reserve + the different Chase Freedom cards might be better. But for pure cash back, BoA CCs can't be beat. Depending on your card combo 2.62% to 5.25% cash back on purchases with Platinum Honors.