Who here has Chase Private Client? - I have questions for you

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eleventhstreet
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Who here has Chase Private Client? - I have questions for you

Post by eleventhstreet » Sat Nov 16, 2019 10:39 pm

I'm thinking of getting chase private client for complicated reasons but had some questions that the phone rep cant answer:

1. For those "free international wires" at "preferred rates" for Private Client members, anyone capable of checking what the spread is? Is it the typical 10% spread or do they do a good job of cutting it down for private client members

2. Are mutual funds also "fee-free" to purchase? They mention free ETF purchases but they are weirdly silent on mutual funds

edamashek
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Re: Who here has Chase Private Client? - I have questions for you

Post by edamashek » Mon Nov 18, 2019 2:07 pm

I've never done an international wire but taking a look right now, for example, Chase is quoting an exchange rate of $1.00 USD = 0.7561 GBP vs 1 USD = 0.7714 GBP on XE.com. There is no fee for the actual transfer. I hope that helps a little bit!

As far as fees for mutual funds there should be no fees to trade mutual funds unless you execute a representative-assisted trade. Funds are commission fee for non-private client customers too, I believe, on their You Invest platform.

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BoglePaul
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Re: Who here has Chase Private Client? - I have questions for you

Post by BoglePaul » Mon Nov 18, 2019 2:21 pm

Let me know if you find a list of available funds to purchase. Seems to be elusive. Can Vanguard Primecap Core or other Vanguard Muni Admiral class funds can be purchased through CPC?

livesoft
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Re: Who here has Chase Private Client? - I have questions for you

Post by livesoft » Mon Nov 18, 2019 2:32 pm

I know there is no fee to buy Vanguard Prime Money Market fund which pays a higher rate than any Chase CDs
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Super Hans
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Re: Who here has Chase Private Client? - I have questions for you

Post by Super Hans » Mon Nov 18, 2019 2:38 pm

I'm getting $1 USD = 0,7640 GBP with my JPMorgan account, no fee (or $1 = 0,8940 EUR). I never understood how the terms generally compared to the retail accounts.

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BoglePaul
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Re: Who here has Chase Private Client? - I have questions for you

Post by BoglePaul » Mon Nov 18, 2019 4:06 pm

livesoft wrote:
Mon Nov 18, 2019 2:32 pm
I know there is no fee to buy Vanguard Prime Money Market fund which pays a higher rate than any Chase CDs
What about Equity Admiral funds such as:
VEXRX - Vanguard Explorer Fund Admiral Shares
VWUAX - Vanguard US Growth Admiral
etc.

livesoft
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Re: Who here has Chase Private Client? - I have questions for you

Post by livesoft » Mon Nov 18, 2019 4:09 pm

^Don't know for sure. I only helped a friend who has Chase Private Client sign up for You Invest to buy Prime MM instead of the lower paying CDs advocated by the Chase sales reps.
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softwaregeek
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Re: Who here has Chase Private Client? - I have questions for you

Post by softwaregeek » Wed Nov 20, 2019 2:01 pm

I have Chase Private Client.

I am closing this weekend. Other than the museum card, it's been a disaster.

Don't think your CPC rep is there to help you. Mine has awful to deal with and a hard sell for totally inappropriate investments (WTF lady, I'm not asking for disability insurance).

YouInvest is a hot mess and I counsel avoidance. They can't figure out basics like depositing checks and wiring money in.

In addition, things you should be able to do online/over the phone aren't possible because you are CPC. Normal chase reps can't deal with your account, they forward you to the CPC line, which has a longer wait time (!) and tries to push you into the branch, presumably so they can give you another hard sell. Even things you can do on the phone with a normal Chase account you can't do without a trip to the branch for CPC.

Now, service is *nicer* than their competitors, and more polite. But smiles don't cover for the degree of garbage you have to deal with in this program.

BofA/Merrill Edge isn't as pleasant to deal with, but far fewer issues to clean up.

That said, Schwab is better than all of them, and gives equivalent banking services to CPC with zero minimum with far better investment services.

edamashek
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Re: Who here has Chase Private Client? - I have questions for you

Post by edamashek » Wed Nov 20, 2019 2:21 pm

Just another perspective here...

I've only had good experiences with CPC. In my area there are lots of Chase branches and I've found them very competent in resolving any issues I've had. I don't really use their investment services too much... you will find much better options over at Schwab or any other dedicated brokerage. For banking services though, CPC is really good and provides high limits for cash access, transfers, easy wires online, etc. You pay zero fees for any banking services... granted you get paid nearly zero interest, but that's what online banks are for (or money market funds accessible via your brokerage account).

rjbraun
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Re: Who here has Chase Private Client? - I have questions for you

Post by rjbraun » Wed Nov 20, 2019 3:13 pm

softwaregeek wrote:
Wed Nov 20, 2019 2:01 pm
I have Chase Private Client.

I am closing this weekend. Other than the museum card, it's been a disaster.
The museum card was quite nice but is now pretty useless, imo.

I like the free safe deposit box. I can't say that I've used it much, but I intend to start soon. As I don't really maintain what I assume are minimum balance requirements, I just hope I don't lose the box once I actually start to use it.

I also like the no-fee fx transactions when traveling abroad. I would probably be better off financially by potentially moving my account elsewhere, but inertia has interfered, so far.

I also have several Chase credit cards (CSR, etc.), so maybe that helps to make things worthwhile enough for both parties.

ARoseByAnyOtherName
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Re: Who here has Chase Private Client? - I have questions for you

Post by ARoseByAnyOtherName » Wed Nov 20, 2019 9:37 pm

rjbraun wrote:
Wed Nov 20, 2019 3:13 pm
I like the free safe deposit box. I can't say that I've used it much, but I intend to start soon. As I don't really maintain what I assume are minimum balance requirements, I just hope I don't lose the box once I actually start to use it.
Be careful...
https://www.nytimes.com/2019/07/19/busi ... theft.html

rich126
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Re: Who here has Chase Private Client? - I have questions for you

Post by rich126 » Wed Nov 20, 2019 10:07 pm

This probably isn’t news to most but those bankers, reps, or whatever you want to call them that help clients, make some serious money. About a decade ago I had a friend whose wife was in that business and got a good six figure bonus to switch companies. They weren’t giving her the bonus based on some financial strategy but because they were expecting her to bring some clients with her. So I definitely can believe there is some hard selling going on. They master the art of making clients think they are getting more than they are, and stroking their egos while collecting hefty fees.

rjbraun
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Re: Who here has Chase Private Client? - I have questions for you

Post by rjbraun » Wed Nov 20, 2019 10:16 pm

ARoseByAnyOtherName wrote:
Wed Nov 20, 2019 9:37 pm
rjbraun wrote:
Wed Nov 20, 2019 3:13 pm
I like the free safe deposit box. I can't say that I've used it much, but I intend to start soon. As I don't really maintain what I assume are minimum balance requirements, I just hope I don't lose the box once I actually start to use it.
Be careful...
https://www.nytimes.com/2019/07/19/busi ... theft.html
Thank you. I think I saw that article earlier, but I did forget about it and will look at it again now that you've flagged it.

My thought was to backup my computer on a portable drive and, basically, swap out drives so that I will always have one off-site. In that case, I guess it might still be worth using a bank safe deposit box to store a drive (unless I'm missing something). But, yes -- I need to be careful about leaving anything that might have value to others in the box. Thanks again!

ARoseByAnyOtherName
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Re: Who here has Chase Private Client? - I have questions for you

Post by ARoseByAnyOtherName » Thu Nov 21, 2019 8:45 pm

rjbraun wrote:
Wed Nov 20, 2019 10:16 pm
ARoseByAnyOtherName wrote:
Wed Nov 20, 2019 9:37 pm
rjbraun wrote:
Wed Nov 20, 2019 3:13 pm
I like the free safe deposit box. I can't say that I've used it much, but I intend to start soon. As I don't really maintain what I assume are minimum balance requirements, I just hope I don't lose the box once I actually start to use it.
Be careful...
https://www.nytimes.com/2019/07/19/busi ... theft.html
Thank you. I think I saw that article earlier, but I did forget about it and will look at it again now that you've flagged it.

My thought was to backup my computer on a portable drive and, basically, swap out drives so that I will always have one off-site. In that case, I guess it might still be worth using a bank safe deposit box to store a drive (unless I'm missing something). But, yes -- I need to be careful about leaving anything that might have value to others in the box. Thanks again!
Honestly if that's your primary, or only, use of a safe deposit box I suggest doing an online cloud backup instead.

My primary concern with a backup drive in a safe deposit box is risk of theft or damage.

If you do move ahead with this plan please, please, please be sure that your backup drive is fully encrypted. Double-check the setting on your backup software, and mount the drive yourself without entering the password to verify that it is indeed encrypted. You don't want your drive to get stolen (see the article above) with your data unencrypted. If it is then all your files will be there for anyone who takes 5 seconds to plug the drive into a computer. Even if the drive isn't stolen, if it's damaged it's not much use as a backup.

A cloud backup is likely a better option. Many services nowadays offer an option to encrypt your data locally with a passphrase you specify, before the online service ever sees it; that way the service can't access your data. Cost is typically minimal (~$5 a month). One of the few downsides is that the initial backup can take a long time if your internet connection is slow and you have a lot of data. I like Backblaze; no affiliation with them whatsoever besides being a happy customer.

I know this is off topic but I hope it is helpful for you. Good luck!

Retired2013
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Re: Who here has Chase Private Client? - I have questions for you

Post by Retired2013 » Fri Nov 22, 2019 6:14 am

Just a FYI Not their first try at this! I know people that actually worked on the Brown Co. platform and it was costing too much so they sold it.

Sep 30, 2005, 9:17am PDT Updated Sep 30, 2005, 9:18am PDT

E-Trade Financial Corp. intends to acquire BrownCo, an online brokerage service of JPMorgan Chase & Co. for $1.6 billion in cash, the companies announced Thursday

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