I opened the Chase Sapphire Checking account in branch last week for the 60k Ultimate Rewards bonus. Just wanted to follow up on my (long) post with more (long) info from my CPC banker:
-They will waive the $25 monthly fee for the first two months while you get everything set up and transferred. She was kind of shady about this, and double-checked that I was a CSR customer. Not sure if this is the case for all new customers?
-From DOC posts, the UR seem to be 1099d at 1cpp. She had previously told me they weren’t 1099d.
-I opened a Chase savings account at the same time. The money you transfer in for a savings bonus counts towards the $75k in assets.
-Interesting note from the fine print: Chase savings fees are waived if you are a Sapphire Checking customer. So there isn’t the need to keep $300 in the savings account for three months until you can close. You do need $75k in combined assets to keep the account fee free.
-There is a $75 fee when securities are transferred out of the YouInvest account. She had previously told me $0. I can’t find an account closing fee and she again said there wasn’t one, I assume it’s “covered” by the above.
-This offer is already extended to March, so her first thought on future offers being lower was not accurate.
-Probably accounts for her inconsistency / inaccuracy, but YouInvest seems to be a totally separate product. “Self directed” seems to mean that Chase bankers don’t touch it AT ALL. I had to set it up myself (website died the first try), print out the asset transfer forms myself, go to the post office to mail them (they won't take them in branch, there also doesn't seem to be a fax option?), etc. This is a stark contrast to my experience with Merrill Edge where my BofA banker had all the forms waiting for my signature and then sent them right to her back office.
-Along these lines, for a partial transfer you will need to print out forms, fill them out, have them notarized (was done by my CPC, at least), and then mail them in along with a recent account statement from the transferring brokerage. There may be a way to do it online for a full transfer, I didn’t go far enough down that path. It was kind of a pain and I’m used to letting the brokerage deal with all of it themselves.
-Initial impressions of the set up are not overly positive, especially with the CPC bankers being unable to do basically anything with YouInvest. I don’t use many checking account perks, but I’ll see if they come in handy.
-I do a fair amount of brokerage deals and this one, while a bit more complicated / time-consuming, was a good deal for only $75k. I do fly Lufthansa to Europe quite often so I value URs highly.
Hope that wasn’t too long, and that again I could be a bit of help to anyone looking to do this deal.
Last edited by hailstate
on Fri Jan 25, 2019 12:39 pm, edited 1 time in total.