You Invest by JP Morgan Chase

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
SlowMovingInvestor
Posts: 1824
Joined: Sun Sep 11, 2016 11:27 am

Re: You Invest by JP Morgan Chase

Post by SlowMovingInvestor »

Big Jim24 wrote: Wed Jan 08, 2020 4:26 pm $1,000 for depositing $75,000 for 90 days. I can then withdraw that same $75,000 after 90 days, and put it back into the MM account where it currently sits. Am I missing a drawback to this?
None. You could even put it in the MM account at YouInvest.
pj1983
Posts: 58
Joined: Tue Jul 17, 2018 9:50 am
Location: NoVA

Re: You Invest by JP Morgan Chase

Post by pj1983 »

Nummerkins wrote: Wed Jan 08, 2020 12:50 pm It's in the terms of the Sapphire offer.

You can only participate in one Chase Private Client CheckingSM, Chase SapphireSM Checking or You InvestSM new money bonus in a 12 month period.

Here are the terms from the $600 offer:

You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account. Bonuses are considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).

So, does the Sapphire account count as a regular checking account? No idea. You would have to take a guess and find out.
I saw the limitation listed in the Sapphire offer; I guess my question, as silly as it sounds, is "how does Chase define 'you' for that requirement?"

Put another way, if Mrs. pj1983 takes them up on the Sapphire offer and opens an account in her name only, and I open the YouInvest account in my name only, will Chase consider those as two independent accounts that both qualify for each bonus, even though we have an existing joint Chase checking account?

I guess the only way to know for sure is to go to a branch and ask...and even then we might get incorrect guidance.
02nz
Posts: 5565
Joined: Wed Feb 21, 2018 3:17 pm

Re: You Invest by JP Morgan Chase

Post by 02nz »

Has anyone been able to access their consolidated 1099 for a taxable You Invest account yet? Or received in the mail? If I'm not mistaken the IRS deadline is today for them to mail this out, but most other brokerages seem to have made the 1099s available online a few weeks ago. Still shows as unavailable on Chase website.
User avatar
Monster99
Posts: 356
Joined: Tue Aug 29, 2017 10:28 am

Re: You Invest by JP Morgan Chase

Post by Monster99 »

Haven't gotten mine from Vanguard - no email and no forms on the website. (I checked this morning) Most likely not available until Tuesday as Monday is a holiday....
classicindexer
Posts: 95
Joined: Tue Apr 09, 2019 10:43 am

Re: You Invest by JP Morgan Chase

Post by classicindexer »

02nz wrote: Sat Feb 15, 2020 10:13 am Has anyone been able to access their consolidated 1099 for a taxable You Invest account yet? Or received in the mail? If I'm not mistaken the IRS deadline is today for them to mail this out, but most other brokerages seem to have made the 1099s available online a few weeks ago. Still shows as unavailable on Chase website.
Nope. I asked them about this a few weeks ago via secure message and they said there was an IRS extension so:

“All remaining 1099 documents including 1099-DIV, 1099-INT, 1099-MISC, 1099-B, and 1099-OID will be mailed by February 18, 2020.“
02nz
Posts: 5565
Joined: Wed Feb 21, 2018 3:17 pm

Re: You Invest by JP Morgan Chase

Post by 02nz »

classicindexer wrote: Sat Feb 15, 2020 10:57 am Nope. I asked them about this a few weeks ago via secure message and they said there was an IRS extension so:

“All remaining 1099 documents including 1099-DIV, 1099-INT, 1099-MISC, 1099-B, and 1099-OID will be mailed by February 18, 2020.“
Good to know I'm not the only one, thanks. After I posted my question I also saw the thread about the same issue with Fidelity.
classicindexer
Posts: 95
Joined: Tue Apr 09, 2019 10:43 am

Re: You Invest by JP Morgan Chase

Post by classicindexer »

02nz wrote: Sat Feb 15, 2020 8:11 pm
classicindexer wrote: Sat Feb 15, 2020 10:57 am Nope. I asked them about this a few weeks ago via secure message and they said there was an IRS extension so:

“All remaining 1099 documents including 1099-DIV, 1099-INT, 1099-MISC, 1099-B, and 1099-OID will be mailed by February 18, 2020.“
Good to know I'm not the only one, thanks. After I posted my question I also saw the thread about the same issue with Fidelity.
I logged in this afternoon and the consolidated 1099 for my taxable You Invest Account is available under tax documents.
02nz
Posts: 5565
Joined: Wed Feb 21, 2018 3:17 pm

Re: You Invest by JP Morgan Chase

Post by 02nz »

classicindexer wrote: Sat Feb 15, 2020 8:27 pm
02nz wrote: Sat Feb 15, 2020 8:11 pm
classicindexer wrote: Sat Feb 15, 2020 10:57 am Nope. I asked them about this a few weeks ago via secure message and they said there was an IRS extension so:

“All remaining 1099 documents including 1099-DIV, 1099-INT, 1099-MISC, 1099-B, and 1099-OID will be mailed by February 18, 2020.“
Good to know I'm not the only one, thanks. After I posted my question I also saw the thread about the same issue with Fidelity.
I logged in this afternoon and the consolidated 1099 for my taxable You Invest Account is available under tax documents.
Thanks again! Saw the same when I logged in just now.
Topic Author
Dead Man Walking
Posts: 1001
Joined: Wed Nov 07, 2007 6:51 pm

Re: You Invest by JP Morgan Chase

Post by Dead Man Walking »

02nz wrote: Sun Feb 16, 2020 12:04 am
classicindexer wrote: Sat Feb 15, 2020 8:27 pm
02nz wrote: Sat Feb 15, 2020 8:11 pm
classicindexer wrote: Sat Feb 15, 2020 10:57 am Nope. I asked them about this a few weeks ago via secure message and they said there was an IRS extension so:

“All remaining 1099 documents including 1099-DIV, 1099-INT, 1099-MISC, 1099-B, and 1099-OID will be mailed by February 18, 2020.“
Good to know I'm not the only one, thanks. After I posted my question I also saw the thread about the same issue with Fidelity.
I logged in this afternoon and the consolidated 1099 for my taxable You Invest Account is available under tax documents.
Thanks again! Saw the same when I logged in just now.
+1
AbyssalLoris
Posts: 1
Joined: Thu Feb 27, 2020 2:10 pm

Re: You Invest by JP Morgan Chase

Post by AbyssalLoris »

A new user here. I haven't come across many other forums of this type and I wanted to start off by contributing my personal experience with different brokerages - in this case Chase's fairly new venture.

As I was spreading some investments/cash around into multiple accounts, I thought I'd try Youinvest out too. Being a big bank, I though Chase must have this nailed down pretty well. I have to say that my initial experience has been poor, and people on this thread or those looking for inputs on Youinvest may find it useful.

I created a bank account with Chase & then the Youinvest account. As you may know, they are linked and processed by a single login, which may seem convenient, but all is not as smooth as it appears.
a) After this, to fund my account (naturally), I linked to an external account (Etrade in this case). For some reason that I don't recall, I had trouble linking directly to my ETrade brokerage. So I created an ETrade savings account first and then linked to that from the Chase bank account.
b) Then I tried to pull funds from the Chase side. This was blocked because the amount probably exceeded some type of internal limit. They also locked my account access. I called and had that verifed/resolved.
c) Then I re-initiated a fund-pull from the Chase side, but this time for a smaller amount. This went through. I moved the funds to Youinvest.
d) I then initiated a larger fund-pull in the same way. Again this went on hold and I got some type of verification call. After I did this, they told me I still had to verify that I actually owned that Etrade account and bring in a statement. Now, I had just created the ETrade savings account & it hadn't generated a statement (and I didn't want to wait for that to happen), so I sent a "secure message" to Chase through my account to cancel the transaction, which I would take care of in a different way.
e) This time, I linked to the Chase bank account from my ETrade savings account (I mistakenly thought there was a problem doing this earlier), and pushed the funds to Chase from the ETrade side. This went through fine. I then moved the funds to Youinvest.
f) Now I think I am setup and start making trades and so forth.
g) Out of the blue, suddenly my Chase account is locked again. This happens at a time when I am really needing to access the stock market and place important trades. I lose hours as I am not able to make calls (the only way to resolve) with other work commitments.
h) Eventually, I call them and over the space of 3 calls, I get them to just cancel the "pending" transaction (that I had already told them to cancel with my in-account message) and remove the ETrade link. One representative kept telling me that I have to get on a 3-way call with ETrade to verify and process the transaction even as I was telling her that I wanted that transaction canceled and that I don't care about the ETrade link at all anymore. That 3-way call just never connected. Other nonsense that is tiresome to go into... none of which makes sense. These people are just following some script.
i) Finally, the result is that I am back in and all is seemingly well, except that the snafu lost me plenty of money for no reason. Nothing Chase ever does or offers in terms of fees/bank account bonuses/interest rate boosters/whatever will make up for trading losses. And who knows when they'll arbitrarily lock me out from my own money again!

Moral of the story: Youinvest being linked with a single login to other interfaces/bank accounts/transfer partners is a liability, not a benefit. The funds in the brokerage account were legitimate and already cleared. Yet I wasn't able to use them when it mattered. I conclude that Youinvest is incompetent and unsuitable for most people who make individual trades. This doesn't mean active day trader - I am not that. They are not ready for prime time - don't be fooled. Personally, when things are settled and calm, I will probably close this account and pull everything out. Hope this helps provide a data-point when you are evaluating brokerages.

For reference: I have accounts with Fidelity, ETrade, BofA/Merill-Edge, Ally invest (very recent), and in the past with a couple others. Never in any of those cases did I have a problem such as this.
fedfire
Posts: 7
Joined: Wed Nov 14, 2018 9:43 pm

Re: You Invest by JP Morgan Chase

Post by fedfire »

FYI for those that use a You Invest account as a way to store their cash reserves or emergency fund at Chase, I discovered the other day that for some reason the minimum to purchase the Vanguard Treasury MM (VUSXX) fund at Chase is only $3,000 instead of $50,000. I was able to purchase it in two accounts without any issues.
Nummerkins
Posts: 482
Joined: Tue Jun 01, 2010 4:41 pm

Re: You Invest by JP Morgan Chase

Post by Nummerkins »

AbyssalLoris wrote: Thu Feb 27, 2020 2:33 pm...
Unfortunately Chase is known for doing this to new account holders. Sorry you got caught in it! See here
https://www.doctorofcredit.com/psa-dont ... nt-lockup/

Push/pull from another bank is usually best when dealing with Chase. Personally I have had no issues but I've been a Chase customer in some form for 15 years.
Today's high is tomorrow's low.
Blue456
Posts: 1019
Joined: Tue Jun 04, 2019 5:46 am

Re: You Invest by JP Morgan Chase

Post by Blue456 »

To those who have YouInvest. Can you buy Vanguard Life Strategy funds? Or is YouInvest ETF only broker?
tj
Posts: 3379
Joined: Thu Dec 24, 2009 12:10 am

Re: You Invest by JP Morgan Chase

Post by tj »

Blue456 wrote: Sat Aug 22, 2020 11:54 am To those who have YouInvest. Can you buy Vanguard Life Strategy funds? Or is YouInvest ETF only broker?
I held Prime Money Market @ YouInvest last year. I don't know why they wouldn't have the LifeStrategy funds.
arf30
Posts: 738
Joined: Sat Dec 28, 2013 11:55 am

Re: You Invest by JP Morgan Chase

Post by arf30 »

Do YouInvest IRAs still not count toward minimum balance requirements for the high end Chase checking accounts? It's hard to tell from the fine print on the banking pdfs. It'd be nice to move an IRA there for the YouInvest bonus (I don't trust them with my taxable accounts). Kind of a strange decision as BoA and others allow it.
student
Posts: 5161
Joined: Fri Apr 03, 2015 6:58 am

Re: You Invest by JP Morgan Chase

Post by student »

arf30 wrote: Sat Aug 22, 2020 5:45 pm Do YouInvest IRAs still not count toward minimum balance requirements for the high end Chase checking accounts? It's hard to tell from the fine print on the banking pdfs. It'd be nice to move an IRA there for the YouInvest bonus (I don't trust them with my taxable accounts). Kind of a strange decision as BoA and others allow it.
It counts toward sapphire checking.
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