Chase Self Directed Brokerage for non-retirement accounts

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vudupulz
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Joined: Wed Sep 27, 2017 12:54 pm

Chase Self Directed Brokerage for non-retirement accounts

Post by vudupulz » Wed Sep 27, 2017 1:05 pm

Hi,

First time post here but a long time lurker.
I bank with Chase and I feel their checking account combined with their ubiquitous presence is very useful. Also have a decent credit card portfolio but that is a separate topic.
I am trying to achieve 2 things :-
1. Not maintain a minimum balance
2. Get a safe deposit box for free at my local branch.

I see that the Premium plus checking account does that. But as a boglehead, I do not have that much of funds in cash. I do have investments over 100K in Fidelity . I was thinking of moving them over to the self directed brokerage of Chase but I am getting a very conflicting message from their investment branch :-

1. The person over phone at my local branch says that for Non-Retirement Self Directed Accounts the online Trade fee is $20 per Trade and $50 per mutual fund
2. The person over phone at Chase Investments said the Person (1) is absolutely wrong. It is $5 per trade and no fees for Mutual Funds including Vanguard.
3. The person at the Secure Message Center ( I sent a Secure Message) replied that chase does not do Self Directed Brokerage for Non-Retirement Accounts at all.

The Person (2) told me that the fees will be disclosed once I open the account, but that seems weird.

I am not interested in Private Banking and not at all interested in Active Fund Management, but if they do indeed have $0 Mutual Funds including Vanguard Admiral Shares, I see no harm in keeping them in Chase vs Vanguard, provided I get some banking perks for free for the higher checking account.

Where can I get an accurate information regarding this ?

mega317
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by mega317 » Wed Sep 27, 2017 3:29 pm

Maybe by walking in to a branch?

I'd be beyond shocked if you can buy Vanguard mutual funds at Chase for $0. Person #1 sounds most likely to be right to me.

The fact that 1) you can't get straight information, and 2) Chase brokerage is never discussed on this forum would keep me away. Just pay for the deposit box and checking account, or find another bank. Most credit unions will give you a free checking account with no or extremely low minimum balance. I don't know about deposit boxes.

I did find this
https://www.chase.com/content/dam/chase ... hedule.pdf
and this
https://www.chase.com/content/dam/chase ... counts.pdf
literally the first two google hits for "chase brokerage".

livesoft
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by livesoft » Wed Sep 27, 2017 3:36 pm

I read the links. They are somewhat ambiguous. I like "Other exclusions may apply."

There are better brokers with no commissions who have just as good, if not better, banking arrangements.
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remomnyc
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by remomnyc » Wed Sep 27, 2017 3:45 pm

I briefly had a Chase private banking account and was offered either very cheap or free trades in a self-direct account. I believe account balance has to be $250k. I ended up consolidating my accounts to Schwab. I still have a checking account at Chase, but I keep the minimum ($5k) required for free checking, and my Chase Sapphire Reserve credit card, which is my go to credit card.

vudupulz
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by vudupulz » Wed Sep 27, 2017 4:31 pm

mega317 wrote:
Wed Sep 27, 2017 3:29 pm
Maybe by walking in to a branch?

I'd be beyond shocked if you can buy Vanguard mutual funds at Chase for $0. Person #1 sounds most likely to be right to me.

The fact that 1) you can't get straight information, and 2) Chase brokerage is never discussed on this forum would keep me away. Just pay for the deposit box and checking account, or find another bank. Most credit unions will give you a free checking account with no or extremely low minimum balance. I don't know about deposit boxes.

I did find this
https://www.chase.com/content/dam/chase ... hedule.pdf
and this
https://www.chase.com/content/dam/chase ... counts.pdf
literally the first two google hits for "chase brokerage".
I absolutely agree with the Credit Union thing. Its just that if I want to get to the bottom of the "buy Vanguard Fund at $0 from Chase" . If it is indeed true, I feel many in bogleheads would definitely be interested. Although I am very skeptic about it.

The branch rep mentioned a 4th clause , that it is indeed $0 for Mutual funds and $5 for Online Trades for non-retirement account, but one needs to have a retirement account with Chase. I get that we are not the target customers for them since they cannot charge fees, but if they are willing to offer that price, and the branch network they have, it might be worth for us :) I Will update the thread with my future findings.

vudupulz
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by vudupulz » Wed Sep 27, 2017 4:33 pm

livesoft wrote:
Wed Sep 27, 2017 3:36 pm
I read the links. They are somewhat ambiguous. I like "Other exclusions may apply."

There are better brokers with no commissions who have just as good, if not better, banking arrangements.
I am very interested to learn more. Can you share some of those brokers? I have a ton of money with Fidelity but I get 0 perks for it. Although I agree their customer service is top notch!

livesoft
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by livesoft » Wed Sep 27, 2017 4:39 pm

Fidelity has no commissions on Fidelity Index funds and many iShares ETFs. They have a decent banking arrangement.

Vanguard has no commissions on Vanguard Index funds and Vanguard ETFs. They have a decent banking arrangement.

Merrill Edge has no commissions on a variety of things and they have a banking arrangement with Bank of America.

WellsTrade has no commission for me, but low commissions for everybody else, and they have the best brokerage and banking arrangement.

TDAmeritrade has no commissions on many ETFs, but I am not sure about their banking, but I used to have a TDWaterhouse bank account and it was outstanding.

Schwab has no commissions and a great banking arrangement.

If you are paying any banking fees and any commissions, then you are not taking advantage of the real world.
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vudupulz
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by vudupulz » Wed Sep 27, 2017 4:43 pm

livesoft wrote:
Wed Sep 27, 2017 4:39 pm
Fidelity has no commissions on Fidelity Index funds and many iShares ETFs. They have a decent banking arrangement.

Vanguard has no commissions on Vanguard Index funds and Vanguard ETFs. They have a decent banking arrangement.

Merrill Edge has no commissions on a variety of things and they have a banking arrangement with Bank of America.

WellsTrade has no commission for me, but low commissions for everybody else, and they have the best brokerage and banking arrangement.

TDAmeritrade has no commissions on many ETFs, but I am not sure about their banking, but I used to have a TDWaterhouse bank account and it was outstanding.

Schwab has no commissions and a great banking arrangement.

If you are paying any banking fees and any commissions, then you are not taking advantage of the real world.
Thanks! I did not know Vanguard has a banking arrangement. Good to know! I think the only problem with these banks are the lack of physical branches. Otherwise they are really good :)

livesoft
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by livesoft » Wed Sep 27, 2017 4:45 pm

Wells Fargo has plenty of physical branches. Do not confuse the self-directed WellsTrade with the salesrep-full WellsFargo Advisors.
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vudupulz
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by vudupulz » Wed Sep 27, 2017 4:54 pm

So they do offer $0 Mutual Funds, but only their approved funds. There is a full list in this PDF :-
https://www.chase.com/content/dam/chase ... _FINAL.pdf

WellsTrade is interesting. I will look into that :) They must be hungry for money now :D

livesoft
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by livesoft » Wed Sep 27, 2017 5:07 pm

vudupulz wrote:
Wed Sep 27, 2017 4:54 pm
WellsTrade is interesting. I will look into that :) They must be hungry for money now :D
I don't think so. They were hungry for money years ago when they offered free trades on stocks, ETFs, and mutual funds (including Vanguard mutual funds), but now they have pretty low commissions. Nevertheless, the web site, the 1099s, the trade executions are superb. Just Monday afternoon I was able to buy some shares of DGS for 1 cent lower than the reported low price all afternoon and paid no commission.
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Earl Lemongrab
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by Earl Lemongrab » Wed Sep 27, 2017 6:17 pm

If you'd be good with ETFs, Merrill Edge plus Bank of America might work. The Preferred Rewards would get you that safe deposit box, free trades, a boost on credit card rewards and other features.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

G-Force
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by G-Force » Tue Oct 24, 2017 6:40 pm

vudupulz wrote:
Wed Sep 27, 2017 4:54 pm
So they do offer $0 Mutual Funds, but only their approved funds. There is a full list in this PDF :-
https://www.chase.com/content/dam/chase ... _FINAL.pdf

WellsTrade is interesting. I will look into that :) They must be hungry for money now :D
Did you ever confirm that the cost to buy mutual funds on the list is $0 in non-retirement accounts. There is another thread about the Chase brokerage where people said you can buy Vanguard Admiral shares but no admiral shares funds are on the list that you linked to. Have you tried to buy any Admiral Shares?

cstar17
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by cstar17 » Fri Nov 10, 2017 3:10 pm

I have a Chase self-directed IRA and I just called them and they said that Vanguard admiral shares are not available for self-directed accounts. I asked why, and he just said that the list of available funds sometimes changes, but I was not really convinced.

Can anyone confirm if Admiral funds can only be held with Vanguard directly? If so, I am thinking of transferring my current Vanguard mutual funds out of Chase now that I can afford the admiral shares.... But I would rather not transfer the funds out because Chase charges $75 for outgoing (I know, it's not much in the grand scheme). Where else might I be able to hold Vanguard admiral shares? TIAA? Scottrade? Federal credit unions? Of course I have nothing against opening an account with Vanguard directly, but I already have too many accounts all over the place. I'm looking to consolidate rather than open new accounts.

Any advice would be most welcome!

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Earl Lemongrab
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by Earl Lemongrab » Fri Nov 10, 2017 5:00 pm

cstar17 wrote:
Fri Nov 10, 2017 3:10 pm
I have a Chase self-directed IRA and I just called them and they said that Vanguard admiral shares are not available for self-directed accounts. I asked why, and he just said that the list of available funds sometimes changes, but I was not really convinced.

Can anyone confirm if Admiral funds can only be held with Vanguard directly? If so, I am thinking of transferring my current Vanguard mutual funds out of Chase now that I can afford the admiral shares.... But I would rather not transfer the funds out because Chase charges $75 for outgoing (I know, it's not much in the grand scheme). Where else might I be able to hold Vanguard admiral shares? TIAA? Scottrade? Federal credit unions? Of course I have nothing against opening an account with Vanguard directly, but I already have too many accounts all over the place. I'm looking to consolidate rather than open new accounts.

Any advice would be most welcome!
Some custodians allow you transfer Admiral index shares in and even reinvest distributions. None that I know of allow purchasing new shares for DIY investors. I use ETFs because you get the same low costs and maximum flexibility.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

cstar17
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by cstar17 » Fri Nov 10, 2017 5:35 pm

Thank you for your quick reply.

IHateCasinos
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Location: Portland, OR

Re: Chase Self Directed Brokerage for non-retirement accounts

Post by IHateCasinos » Fri Nov 10, 2017 6:22 pm

I have to say this is a very entertaining post.
The OP is trying to get a dog to be a cat.

Eventually chase will realize that they have allowed you something they cant make money on.
They WILL then change it and you will be forced put the funds in the proper place/method.

work IN the system, not out of it. eg cc points
still undeceided? just read any recent SEC fine they got handed for not doing the right thing. yet they dont change their behaviour. now you know why.

its great for a friday chuckle though!
Marc.

Jandro
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by Jandro » Thu Mar 08, 2018 5:50 pm

cstar17 wrote:
Fri Nov 10, 2017 3:10 pm
I have a Chase self-directed IRA and I just called them and they said that Vanguard admiral shares are not available for self-directed accounts. I asked why, and he just said that the list of available funds sometimes changes, but I was not really convinced.

Can anyone confirm if Admiral funds can only be held with Vanguard directly? If so, I am thinking of transferring my current Vanguard mutual funds out of Chase now that I can afford the admiral shares.... But I would rather not transfer the funds out because Chase charges $75 for outgoing (I know, it's not much in the grand scheme). Where else might I be able to hold Vanguard admiral shares? TIAA? Scottrade? Federal credit unions? Of course I have nothing against opening an account with Vanguard directly, but I already have too many accounts all over the place. I'm looking to consolidate rather than open new accounts.

Any advice would be most welcome!
I recently opened a self managed brokerage account with chase and have purchased Vanguard Admiral funds. My understanding is there'll be a $50 transaction fee for trading mutual finds but I haven't seen the fee applied yet. I'll have to contact my private banker to confirm, but so far so good.

cstar17
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Joined: Fri Nov 10, 2017 2:55 pm

Re: Chase Self Directed Brokerage for non-retirement accounts

Post by cstar17 » Thu Mar 08, 2018 6:53 pm

Ok thanks. I already moved my Vanguard funds over to a Vanguard account, and am generally planning to move all of my IRAs out of Chase eventually and over to my employer's plan or to Vanguard.

TG2
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Re: Chase Self Directed Brokerage for non-retirement accounts

Post by TG2 » Thu Mar 08, 2018 11:32 pm

Jandro wrote:
Thu Mar 08, 2018 5:50 pm
cstar17 wrote:
Fri Nov 10, 2017 3:10 pm
I have a Chase self-directed IRA and I just called them and they said that Vanguard admiral shares are not available for self-directed accounts. I asked why, and he just said that the list of available funds sometimes changes, but I was not really convinced.

Can anyone confirm if Admiral funds can only be held with Vanguard directly? If so, I am thinking of transferring my current Vanguard mutual funds out of Chase now that I can afford the admiral shares.... But I would rather not transfer the funds out because Chase charges $75 for outgoing (I know, it's not much in the grand scheme). Where else might I be able to hold Vanguard admiral shares? TIAA? Scottrade? Federal credit unions? Of course I have nothing against opening an account with Vanguard directly, but I already have too many accounts all over the place. I'm looking to consolidate rather than open new accounts.

Any advice would be most welcome!
I recently opened a self managed brokerage account with chase and have purchased Vanguard Admiral funds. My understanding is there'll be a $50 transaction fee for trading mutual finds but I haven't seen the fee applied yet. I'll have to contact my private banker to confirm, but so far so good.
As far as I know, mutual fund trades are free. Stocks and ETF's are $5.00 per trade.

Jandro
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Joined: Wed Mar 07, 2018 8:50 pm

Re: Chase Self Directed Brokerage for non-retirement accounts

Post by Jandro » Tue Mar 13, 2018 11:19 am

TG2 wrote:
Thu Mar 08, 2018 11:32 pm
Jandro wrote:
Thu Mar 08, 2018 5:50 pm
cstar17 wrote:
Fri Nov 10, 2017 3:10 pm
I have a Chase self-directed IRA and I just called them and they said that Vanguard admiral shares are not available for self-directed accounts. I asked why, and he just said that the list of available funds sometimes changes, but I was not really convinced.

Can anyone confirm if Admiral funds can only be held with Vanguard directly? If so, I am thinking of transferring my current Vanguard mutual funds out of Chase now that I can afford the admiral shares.... But I would rather not transfer the funds out because Chase charges $75 for outgoing (I know, it's not much in the grand scheme). Where else might I be able to hold Vanguard admiral shares? TIAA? Scottrade? Federal credit unions? Of course I have nothing against opening an account with Vanguard directly, but I already have too many accounts all over the place. I'm looking to consolidate rather than open new accounts.

Any advice would be most welcome!
I recently opened a self managed brokerage account with chase and have purchased Vanguard Admiral funds. My understanding is there'll be a $50 transaction fee for trading mutual finds but I haven't seen the fee applied yet. I'll have to contact my private banker to confirm, but so far so good.
As far as I know, mutual fund trades are free. Stocks and ETF's are $5.00 per trade.
This seems to be the case since I've yet to be charged. Thanks for the info!

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