Chase Private Client solicitation

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fyre4ce
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Chase Private Client solicitation

Post by fyre4ce »

I keep a personal checking account (most basic kind) at Chase, so I can have an account at a brick-and-mortar bank for depositing cash, and split my direct deposit so that I meet the minimum to avoid fees. (Main checking is a Schwab Investor Checking joint account.) Was in the branch recently and chatted with a banker, and it came out that I'll be selling a house soon and expecting about $150k proceeds. He suggested I could open either a Sapphire Checking or Chase Private Client account and put the money in there. They are currently offering a bonus of $1,000 and $2,000 respectively, and the minimums are $75k and $250k for at least 3 months. Based on the fine print, this requirement can be met only by transferring the money into checking, savings (0.01% APR), or managed JP Morgan investments. The rep mentioned CDs and suggested rates of 1.5-2% for a 6mo, and it's not clear to me whether the bonus could be gotten by moving the money into checking and then immediately buying CDs. If so, the effective APR would be 4.17% on the Sapphire account and 2.64% on the additional $175k to get to CPC, assuming 1.5% APR/6mo. If no additional interest, 2.67% and 1.14% for 6mo on just the bonuses. I asked about moving over investments to meet the requirements and he said they do offer fee-free options but didn't go into details. Bankrate shows 1.9% best rate for a 6mo CD.

We tend to not keep a lot of cash and regularly roll surplus money into our investments (75% stock, 15% bond, 10% RE), but this is a situation where it could make sense. Our lease is up this summer and we are considering buying a house; this would be part of the down payment, so short-term investments are good. The question is whether the effective return is good and whether it's worth the hassle. The banker also played up the benefits of CPC. I was mostly unimpressed; free wire transfers, safe deposit box, etc would be worth something in perpetuity but for a probably temporary account I don't see much benefit. I might be willing to move assets to Chase You Invest to get the benefits, but I've heard bad things about it. They also offer a museum card, but according to their website it's only for five museums in all SoCal, and not always free (20% off San Diego Zoo, whoppie). I meet with a CPC banker next week to get info, but want to get the community's opinion beforehand. Thanks in advance.
ofckrupke
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Re: Chase Private Client solicitation

Post by ofckrupke »

fyre4ce wrote: Tue Jan 07, 2020 1:45 pm They are currently offering a bonus of $1,000 and $2,000 respectively, and the minimums are $75k and $250k for at least 3 months. Based on the fine print, this requirement can be met only by transferring the money into checking, savings (0.01% APR), or managed JP Morgan investments.
For the Sapphire checking and $1k bonus, incoming funds to satisfy the $75k threshold can land in the self-directed branch of YouInvest as well.
I haven't done it, but thinking seriously about it; YouInvest's limitations don't seem fatal for a parking space of this size.
adamthesmythe
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Re: Chase Private Client solicitation

Post by adamthesmythe »

I have a Chase Private Client account. The branch was convenient and the perks are somewhat handy. Since I was going to buy etfs, I did have to have a meeting with their investment advisor (presumably the know-your-cllient thing). I gave vague information about my other assets and the advisor gave me brochures for two of the flavor-of-the-month funds. Easy to ignore and no contact after that.

If the perks and/or incentives make sense to you I see no reason not to use them.
Topic Author
fyre4ce
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Re: Chase Private Client solicitation

Post by fyre4ce »

ofckrupke wrote: Tue Jan 07, 2020 1:55 pm
fyre4ce wrote: Tue Jan 07, 2020 1:45 pm They are currently offering a bonus of $1,000 and $2,000 respectively, and the minimums are $75k and $250k for at least 3 months. Based on the fine print, this requirement can be met only by transferring the money into checking, savings (0.01% APR), or managed JP Morgan investments.
For the Sapphire checking and $1k bonus, incoming funds to satisfy the $75k threshold can land in the self-directed branch of YouInvest as well.
I haven't done it, but thinking seriously about it; YouInvest's limitations don't seem fatal for a parking space of this size.
Ah yes, I missed that in the fine print. Looks like You Invest qualifies for Sapphire bonus, but not CPC. If You Invest has minimal fees and is workable I'd consider parking $75k or even $250k there for the longer term.

Another potential "perk" is a discount on a mortgage rate. I checked rates on a Chase mortgage and they are 3.50% on a 30 year jumbo. Top three lenders on Bankrate are 3.275%, 3.490%, and 3.625%, so more competitive than I thought. A 0.125% discount makes the Chase rate look good, although still not best. I know other banks offer relationship mortgage discounts; I need to look into this more to find the best overall rate.
sk2101
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Re: Chase Private Client solicitation

Post by sk2101 »

YouInvest has no fees, and IIRC you get unlimited trading with a Sapphire account. You can park the money in Vanguard Money market funds there.

I did it twice, for me and wife. Easy $2K.

ETA: Chase kinda got me, now hat I have the sapphire checking I kind of like the perks. Not getting any penalty, money is still invested as it was in Vanguard, so it will keep it for now. Same thing with their Sapphire card, I got it only for the $1,000 signup bonus planning to ditch it before the 1 year anniversary as I always do, but liked it so much that have been happily paying the $450 annual fee every year since.
Topic Author
fyre4ce
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Re: Chase Private Client solicitation

Post by fyre4ce »

Update for the board:

Met with Chase banker today. I had decided in advance that I would go for the Sapphire deal rather than the CPC. The requirements for the $2k CPC bonus are strict (checked by computer), I would have to sell some investments (muni bonds, but would still realize some gains), and the money has to sit for 3 months in either a managed investment account, or checking or savings, which pay basically no interest. Banker said it might be possible to avoid fees in the managed account but seemed like more of a stretch than I'm willing to do. The rate earned on the additional $175k to get the CPC bonus is ~2.3% if held for 3 months and ~1.1% for 6 months, so not a great deal. The $1k Sapphire bonus can be met much more easily, and I can put the funds immediately into You Invest in a good money market fund and earn interest on top of bonus. It's very easy for me to keep $75k in You Invest in perpetuity and get the benefits of the Sapphire account, which are almost as good as CPC. So, this is what I did. I was disappointed to learn that the free safe deposit boxes that come with Sapphire and CPC accounts are not available at this branch or much in our area; they are in too high demand. I also asked if sapphire or CPC gives reduced spreads on foreign physical currency deposits, and the answer was no.

The twist was that the banker offered to immediately upgrade me to CPC after one day, without meeting the $250k deposit requirement (no $2k bonus though). My initial deposit will be ~$150k. (Unlike the CPC bonus, the CPC deposit requirement can be met with You Invest money). I gave him an idea of our level of assets, and he said he can use some discretion in whether to keep the CPC account open. Basically, as long as there's at least $100k in there, and the possibility for that to increase, they are allowed to give clients CPC accounts. CPC accounts don't have any monthly fee, unlike sapphire which automatically deduct a fee if balances drop below $75k. I also got the CPC museum card, which was nice because we'll be visiting a museum-y area next weekend and are looking for things to do.
student
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Re: Chase Private Client solicitation

Post by student »

fyre4ce wrote: Thu Jan 16, 2020 7:59 pm The twist was that the banker offered to immediately upgrade me to CPC after one day, without meeting the $250k deposit requirement (no $2k bonus though). My initial deposit will be ~$150k. (Unlike the CPC bonus, the CPC deposit requirement can be met with You Invest money). I gave him an idea of our level of assets, and he said he can use some discretion in whether to keep the CPC account open. Basically, as long as there's at least $100k in there, and the possibility for that to increase, they are allowed to give clients CPC accounts. CPC accounts don't have any monthly fee, unlike sapphire which automatically deduct a fee if balances drop below $75k. I also got the CPC museum card, which was nice because we'll be visiting a museum-y area next weekend and are looking for things to do.
I thought CPC checking has a monthly fee if it drops below $150k. When I looked at Chase's page on CPC https://chaseprivateclient.chase.com/ I no longer see the $250k min, I only see that $150k to avoid fees.
CardioMD
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Re: Chase Private Client solicitation

Post by CardioMD »

sk2101 wrote: Tue Jan 07, 2020 2:59 pm YouInvest has no fees, and IIRC you get unlimited trading with a Sapphire account. You can park the money in Vanguard Money market funds there.

I did it twice, for me and wife. Easy $2K.

ETA: Chase kinda got me, now hat I have the sapphire checking I kind of like the perks. Not getting any penalty, money is still invested as it was in Vanguard, so it will keep it for now. Same thing with their Sapphire card, I got it only for the $1,000 signup bonus planning to ditch it before the 1 year anniversary as I always do, but liked it so much that have been happily paying the $450 annual fee every year since.
Same here, and I was able to buy FXAIX with NTF so it seemed like a good deal.
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drummerboy
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Re: Chase Private Client solicitation

Post by drummerboy »

Every “perk” for Chase Sapphire Banking seems to be included in Schwab Bank Checking:
  • No foreign transaction fee on ATM card
  • All ATM fees reimbursed
  • No fees for wires, bank checks, etc
I was hoping that Sapphire Banking would add certain perks to their credit cards (e.g. make a Sapphire card earn 1 point more in every category).

Am I missing something?

I think Bank of America Preferred Rewards is a better perk (bumping up your credit card earning percentage anywhere from 25% to 75% depending upon size of assets).

Even Schwab will give you a $100 to $200 discount a year on an AMEX platinum (and a 1.25 conversion rate on points to cash).

What other great benefits (other than a one time $1000) are you seeing with Sapphire banking?
Topic Author
fyre4ce
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Re: Chase Private Client solicitation

Post by fyre4ce »

student wrote: Mon Jan 18, 2021 8:56 am
fyre4ce wrote: Thu Jan 16, 2020 7:59 pm The twist was that the banker offered to immediately upgrade me to CPC after one day, without meeting the $250k deposit requirement (no $2k bonus though). My initial deposit will be ~$150k. (Unlike the CPC bonus, the CPC deposit requirement can be met with You Invest money). I gave him an idea of our level of assets, and he said he can use some discretion in whether to keep the CPC account open. Basically, as long as there's at least $100k in there, and the possibility for that to increase, they are allowed to give clients CPC accounts. CPC accounts don't have any monthly fee, unlike sapphire which automatically deduct a fee if balances drop below $75k. I also got the CPC museum card, which was nice because we'll be visiting a museum-y area next weekend and are looking for things to do.
I thought CPC checking has a monthly fee if it drops below $150k. When I looked at Chase's page on CPC https://chaseprivateclient.chase.com/ I no longer see the $250k min, I only see that $150k to avoid fees.
I think they changed the rules after I wrote that post.
anil686
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Re: Chase Private Client solicitation

Post by anil686 »

My spouse and I each have businesses and we use Chase CPC - I think if you use wire transfers a bit - it is a nice perk. Frankly, I just moved some of my holdings at VG to meet (at the time) the 250K requirement (moved them assets in kind). We use their Youvest platform due to zero costs. I have never traded anything over there and am not intending to - these are old broad market index funds that have significant balances and I do not intend to sell. The only reason we are over there are the businesses but we have a nice CPC relationship banker and if we questions - he is really quick to figure stuff out in terms of who to call and normally handles that stuff well. Hope that helps....
student
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Re: Chase Private Client solicitation

Post by student »

fyre4ce wrote: Mon Jan 18, 2021 3:37 pm
student wrote: Mon Jan 18, 2021 8:56 am
fyre4ce wrote: Thu Jan 16, 2020 7:59 pm The twist was that the banker offered to immediately upgrade me to CPC after one day, without meeting the $250k deposit requirement (no $2k bonus though). My initial deposit will be ~$150k. (Unlike the CPC bonus, the CPC deposit requirement can be met with You Invest money). I gave him an idea of our level of assets, and he said he can use some discretion in whether to keep the CPC account open. Basically, as long as there's at least $100k in there, and the possibility for that to increase, they are allowed to give clients CPC accounts. CPC accounts don't have any monthly fee, unlike sapphire which automatically deduct a fee if balances drop below $75k. I also got the CPC museum card, which was nice because we'll be visiting a museum-y area next weekend and are looking for things to do.
I thought CPC checking has a monthly fee if it drops below $150k. When I looked at Chase's page on CPC https://chaseprivateclient.chase.com/ I no longer see the $250k min, I only see that $150k to avoid fees.
I think they changed the rules after I wrote that post.
Thanks.
tfunk
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Re: Chase Private Client solicitation

Post by tfunk »

Agree with the free wire transfer perk. Since it is free, we use it two or three times per month. Saves $40 each time with out CPC.
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NewMoneyMustBeSmart
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Re: Chase Private Client solicitation

Post by NewMoneyMustBeSmart »

fyre4ce wrote: Thu Jan 16, 2020 7:59 pm Update for the board:
It is my opinion that you are analyzing this correctly!

:beer
-- | Few are those who see with their own eyes and feel with their own hearts - Einstein | *Everything I write here is an unreliable opinion*
MikeG62
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Re: Chase Private Client solicitation

Post by MikeG62 »

tfunk wrote: Mon Jan 18, 2021 8:42 pm Agree with the free wire transfer perk. Since it is free, we use it two or three times per month. Saves $40 each time with out CPC.
Free wire transfers is a nice perk. I will add though that I scheduled a wire through Chase on a Sunday (with an effective date of the following Monday) and the funds did not arrive until late on Tuesday. I was pretty annoyed as the funds were withdrawn from my account on Monday morning, but did not arrive as the destination bank until the following day. I won't schedule again on a weekend - I'll wait to schedule on a business day to hopefully avoid this problem in the future. Also, lost some faith in Chase's ability to process a same day wire. If I "needed" to get the funds there same day, I would initiate the wire from Marcus or Fidelity. Never had an issue with a delayed wire using either of those two financial institutions. In fact, both of those companies consistently do same day ACH transfers (as long as the transfer is initiated early in the day). So no real need to do a wire unless the funds are going to someone else (i.e., not me transferring funds from one of my accounts to another).
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SEAworld9
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Re: Chase Private Client solicitation

Post by SEAworld9 »

current CPC customer; did it for the $2k bonus back in october and just got the $2k last week. my experience:

- the $250k requirement is for the bonus; the requirement for remaining a CPC customer is $150k. this changed in november 2020; i had to review a doc about this when i signed up and it's in the folder they gave me.
- i just did a transfer in kind of some equities from TDA. didn't have to sell anything.
- despite the way the fine print is worded, they don't manage anything if you dont want them to. it's just in an online accessible investment account. they'll want to meet with you just to get to know you and see what your needs are, etc. if you tell them you're a DIYer they'll leave you alone and wont push anything on you.
- everyone is very friendly.
- the perks are nice, but not anything out of the ordinary. free ATMs are kind of a given now (i only pull out cash internationally) and i agree with others about the free wires (though TDA reimburses all wires for me as well). always nice to have options.
- you do have the option of design on your ATM card among other things. i didn't want one with a big "PRIVATE CLIENT" on it and just got a plain one.
- most importantly, the bonus was deposited as promised and on time.
Index4L
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Re: Chase Private Client solicitation

Post by Index4L »

CPC sounds great! Do you have a promotional brochure so we can actually see the fine print. They don’t show it online anywhere and when I called the local branch they kept pushing me to the Private Client Advisor discussion who wouldn’t be in until next week and telling me how great it was with no info.

Thanks!
tj
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Re: Chase Private Client solicitation

Post by tj »

Index4L wrote: Thu Mar 25, 2021 2:29 pm CPC sounds great! Do you have a promotional brochure so we can actually see the fine print. They don’t show it online anywhere and when I called the local branch they kept pushing me to the Private Client Advisor discussion who wouldn’t be in until next week and telling me how great it was with no info.

Thanks!
Ugh, you got me excited that the $1k for $75k offer is back with this bump. This is an old post.
MikeG62
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Re: Chase Private Client solicitation

Post by MikeG62 »

tj wrote: Thu Mar 25, 2021 6:29 pm
Index4L wrote: Thu Mar 25, 2021 2:29 pm CPC sounds great! Do you have a promotional brochure so we can actually see the fine print. They don’t show it online anywhere and when I called the local branch they kept pushing me to the Private Client Advisor discussion who wouldn’t be in until next week and telling me how great it was with no info.

Thanks!
Ugh, you got me excited that the $1k for $75k offer is back with this bump. This is an old post.
The 1.5%-2.0% 6-month CD was the dead give away for me.
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qhdApril
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Re: Chase Private Client solicitation

Post by qhdApril »

I need suggestions on this:

I received An invite of $2000 bonus promotion in December last year from Chase with the term that if I opened up aChase Private Client account and transferred $250k and remain there for 3 months. I happened to have some money Coming out of another program so I contacted Chase and a CPC manager setup an account for me. we went through in details on which money was qualified and which was not, since I’d had a stand saving and checking account with them.
I satisfied the $250k requirement on Jan 2, this year. A week ago more than 4 months later I contacted Chase asking them why I haven’t received the $2000 bonus money I was supposed to get. Shockingly they told me the $8000 I transferred from my old Chase account didn’t count so I was not qualified to receive that $2000 bonus!

This is like spam to me. There is CPC manager who works exclusively with me, and advise me every step of the way, the $8000 old money was not in any business accounts that the program excluded for and the CPC manager gave me an okay to transfer that money in. But at the end it was all lie! How can I hold Chase accountable for their own employee’s mistake for giving customers the wrong advise! It is not fair for me to suffer the loss because of their mistakes.

Please help me!
Thank you.
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8foot7
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Re: Chase Private Client solicitation

Post by 8foot7 »

qhdApril wrote: Thu May 19, 2022 11:04 am I need suggestions on this:

I received An invite of $2000 bonus promotion in December last year from Chase with the term that if I opened up aChase Private Client account and transferred $250k and remain there for 3 months. I happened to have some money Coming out of another program so I contacted Chase and a CPC manager setup an account for me. we went through in details on which money was qualified and which was not, since I’d had a stand saving and checking account with them.
I satisfied the $250k requirement on Jan 2, this year. A week ago more than 4 months later I contacted Chase asking them why I haven’t received the $2000 bonus money I was supposed to get. Shockingly they told me the $8000 I transferred from my old Chase account didn’t count so I was not qualified to receive that $2000 bonus!

This is like spam to me. There is CPC manager who works exclusively with me, and advise me every step of the way, the $8000 old money was not in any business accounts that the program excluded for and the CPC manager gave me an okay to transfer that money in. But at the end it was all lie! How can I hold Chase accountable for their own employee’s mistake for giving customers the wrong advise! It is not fair for me to suffer the loss because of their mistakes.

Please help me!
Thank you.
File a CFPB complaint if indeed their personal rep gave you the OK.
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anon_investor
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Re: Chase Private Client solicitation

Post by anon_investor »

8foot7 wrote: Thu May 19, 2022 11:10 am
qhdApril wrote: Thu May 19, 2022 11:04 am I need suggestions on this:

I received An invite of $2000 bonus promotion in December last year from Chase with the term that if I opened up aChase Private Client account and transferred $250k and remain there for 3 months. I happened to have some money Coming out of another program so I contacted Chase and a CPC manager setup an account for me. we went through in details on which money was qualified and which was not, since I’d had a stand saving and checking account with them.
I satisfied the $250k requirement on Jan 2, this year. A week ago more than 4 months later I contacted Chase asking them why I haven’t received the $2000 bonus money I was supposed to get. Shockingly they told me the $8000 I transferred from my old Chase account didn’t count so I was not qualified to receive that $2000 bonus!

This is like spam to me. There is CPC manager who works exclusively with me, and advise me every step of the way, the $8000 old money was not in any business accounts that the program excluded for and the CPC manager gave me an okay to transfer that money in. But at the end it was all lie! How can I hold Chase accountable for their own employee’s mistake for giving customers the wrong advise! It is not fair for me to suffer the loss because of their mistakes.

Please help me!
Thank you.
File a CFPB complaint if indeed their personal rep gave you the OK.
+1
qhdApril
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Re: Chase Private Client solicitation

Post by qhdApril »

Thanks so much! I will complain to CFPB.
MikeG62
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Re: Chase Private Client solicitation

Post by MikeG62 »

qhdApril wrote: Thu May 19, 2022 11:04 am I need suggestions on this:

I received An invite of $2000 bonus promotion in December last year from Chase with the term that if I opened up aChase Private Client account and transferred $250k and remain there for 3 months. I happened to have some money Coming out of another program so I contacted Chase and a CPC manager setup an account for me. we went through in details on which money was qualified and which was not, since I’d had a stand saving and checking account with them.
I satisfied the $250k requirement on Jan 2, this year. A week ago more than 4 months later I contacted Chase asking them why I haven’t received the $2000 bonus money I was supposed to get. Shockingly they told me the $8000 I transferred from my old Chase account didn’t count so I was not qualified to receive that $2000 bonus!

This is like spam to me. There is CPC manager who works exclusively with me, and advise me every step of the way, the $8000 old money was not in any business accounts that the program excluded for and the CPC manager gave me an okay to transfer that money in. But at the end it was all lie! How can I hold Chase accountable for their own employee’s mistake for giving customers the wrong advise! It is not fair for me to suffer the loss because of their mistakes.

Please help me!
Thank you.
Have you spoken directly with the CPC manager who "gave you the OK to transfer in this $8,000"?

I'd start there before filing a CFPB complaint.

Aren't those calls recorded? Can you ask for a transcript of the call?

Personally, I'd think appealing to this persons sense of decency (he/she approved your moving in the $8,000) will get the result you are looking for. The transcript would be my fall back. And if none of that worked, I would tell them I was going to file the CFPB complaint. Then I would file the complaint if they did not do the right thing.
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qhdApril
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Re: Chase Private Client solicitation

Post by qhdApril »

Thanks Mike.

I have spoken to the CPC account manager and the office manager. Both insisted I didn’t transfer enough, they think it was all my fault, they had no intention to take any responsibility, that’s why I am trying to figure out ways to make them accountable
Invest4lt
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Re: Chase Private Client solicitation

Post by Invest4lt »

Wow... It's surprising that they would sour a relationship over 8k out of 250K. That being said, I have recently received similar offers and I took a look at the fine print. The solicitation I have mentions that the funds must be "new money" and cannot be "existing deposits." The phrase "new money" is bolded--so maybe they have been having problems. This doesn't explain or justify the approval you were given to bend the rules and count "old money" transferred between accounts at Chase, but it might help explain their position. It sounds like they allow transfers between accounts as is normal within a banking relationship, but they should have highlighted the transfer wouldn't qualify for the promo.
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qhdApril
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Re: Chase Private Client solicitation

Post by qhdApril »

The offer back then only excluded the money from Business accounts, saving and checking from personal accounts was qualified money.
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8foot7
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Re: Chase Private Client solicitation

Post by 8foot7 »

qhdApril wrote: Thu May 19, 2022 4:34 pm Thanks Mike.

I have spoken to the CPC account manager and the office manager. Both insisted I didn’t transfer enough, they think it was all my fault, they had no intention to take any responsibility, that’s why I am trying to figure out ways to make them accountable
This is why the CFPB complaint is appropriate. Anyone who has dealt with a large bank knows no one you can see on a daily basis in a branch has the power to do anything anymore. They don't care they made a mistake and, more practically, I suspect neither of those folks has the authority to credit you $2,000 on their own. Only when a regulator breathes down their neck will someone with some authority fix the issue.
MikeG62
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Re: Chase Private Client solicitation

Post by MikeG62 »

qhdApril wrote: Thu May 19, 2022 4:34 pm Thanks Mike.

I have spoken to the CPC account manager and the office manager. Both insisted I didn’t transfer enough, they think it was all my fault, they had no intention to take any responsibility, that’s why I am trying to figure out ways to make them accountable
Have you asked for a transcript of the calling during which the CPC manager told you you were fine to use the $8,000 as part of the $250,000 minimum?

Not that it helps you, but when I did this I transferred in closer to $275,000 to provide a bit of a buffer in case the market were to decline after I moved the assets in. I did the offer back in June of 2020 and received the bonus in Oct if I recall correctly. Still have the assets sitting there in Chase (it's an ETF). I have not been motivated enough to move the ETF back to Fidelity - holding it at Chase in the event I need something from them in the future that being a CPC is a requirement to get.
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bsteiner
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Re: Chase Private Client solicitation

Post by bsteiner »

They'll try to get you to let them manage your assets.

Someone I know gave them $400,000 to manage. They put her in about 65 funds and ETFs, some high cost, some medium cost, and some low cost, and then charged her around 1.25% or so to manage them.
MikeG62
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Re: Chase Private Client solicitation

Post by MikeG62 »

bsteiner wrote: Fri May 20, 2022 9:14 am They'll try to get you to let them manage your assets.

Someone I know gave them $400,000 to manage. They put her in about 65 funds and ETFs, some high cost, some medium cost, and some low cost, and then charged her around 1.25% or so to manage them.
I had a talk with the CPC rep assigned to my account before I transferred any assets in. Told him I was a DIY investor and there was no way this was going change and if he called me to talk about investing I would pull my funds immediately. He pushed back a little, but then retreated his ground and he has held to his word. He has not called.
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qhdApril
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Re: Chase Private Client solicitation

Post by qhdApril »

Thanks for all the wonderful ideas/advises!

I didn't think much when I converted my account to the CPC account, I had banked with Chase for a long time with the regular saving and checking account and had been quite happy with their service until this $2000 bonus issue. I have asked the CPC manager to work with me one more time before I file a complaint to the CFPB. I will ask Chase for the recording of the phone conversation when things come to that.

CPC manager did push me to invest with them, but they charge 2% fees for the funds I could do better myself so I rejected. This $2000 bonus issue maybe a little revenge on that, who knows.
Coburn
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Re: Chase Private Client solicitation

Post by Coburn »

I doubt filing a complaint will get them to change their stance. These offers always mean new money. You really should have verified all this before embarking on this path.
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8foot7
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Re: Chase Private Client solicitation

Post by 8foot7 »

Coburn wrote: Fri May 20, 2022 10:45 am You really should have verified all this before embarking on this path.
So your position is that our poster should not take the word of the Chase Private Client advisor representative who introduced her to the offer and solicited the funds in question after analyzing her entire situation, even after specifically asking about the particular tranche of money that ended up being disqualifying? What further verification do you propose is reasonable to ask of a future Chase customer?
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gobel
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Re: Chase Private Client solicitation

Post by gobel »

8foot7 wrote: Fri May 20, 2022 12:02 pm
Coburn wrote: Fri May 20, 2022 10:45 am You really should have verified all this before embarking on this path.
So your position is that our poster should not take the word of the Chase Private Client advisor representative who introduced her to the offer and solicited the funds in question after analyzing her entire situation, even after specifically asking about the particular tranche of money that ended up being disqualifying? What further verification do you propose is reasonable to ask of a future Chase customer?
It might come down to whether what was said verbally is binding, vs the fine print the OP accepted definitely being binding. (Like when someone here reports getting wrong info from the IRS help line - it doesn't override the actual tax code.) I have done the Chase promos and the terms are very clear about no JPM accounts being counted as new money.

It could also be a misunderstanding on OP's part. They might have asked if it's ok to transfer this 8k into the new account - meaning will it count as part of the 250k - while the rep just thought the question was is the transfer ok.

However, if the OP is saying that when they satisfied the funding on Jan 2, they messaged the rep and asked for confirmation on meeting the requirements, then I'd say they have a much better case.
Coburn
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Re: Chase Private Client solicitation

Post by Coburn »

8foot7 wrote: Fri May 20, 2022 12:02 pm
Coburn wrote: Fri May 20, 2022 10:45 am You really should have verified all this before embarking on this path.
So your position is that our poster should not take the word of the Chase Private Client advisor representative who introduced her to the offer and solicited the funds in question after analyzing her entire situation, even after specifically asking about the particular tranche of money that ended up being disqualifying? What further verification do you propose is reasonable to ask of a future Chase customer?
Did he verify in writing from Chase where the qualifying funds had to come from in order to receive the bonus?

Wouldn't be the first time that representatives walked back on incorrect statements given to a client. If that even is the case here.
qhdApril
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Re: Chase Private Client solicitation

Post by qhdApril »

The key point here is the representative/CPC account manager should have known the products they were offering the best so they could give the correct advises to their customers. If they didn’t know it and gave the customers wrong advises, customers should suffer??? Somebody could not handle the job, would still happily stay on the job?
Coburn
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Joined: Sat Jun 08, 2019 12:46 pm

Re: Chase Private Client solicitation

Post by Coburn »

qhdApril wrote: Fri May 20, 2022 1:53 pm The key point here is the representative/CPC account manager should have known the products they were offering the best so they could give the correct advises to their customers. If they didn’t know it and gave the customers wrong advises, customers should suffer??? Somebody could not handle the job, would still happily stay on the job?
Sounds to me you didn't clarify where all the 250k had to come from to meet the bonus requirement. Something that is in the fine print had you cared to look.
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