Got the Chase Private Client Invite

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Topic Author
smalliebigs
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Got the Chase Private Client Invite

Post by smalliebigs »

Got the CPC invite, along with the bonus $2,000 if I deposit $250,000 new cash.

I have more than $150,000 in the accounts, but a portion are in my Roth IRA with them. I think by 'word of law', retirement accounts don't count. Ignoring those funds bring the assets under $150,000.

However, the fact that I got the invite, does that mean they're OK with the amount and there's some wiggle room?
GuyInFL
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Re: Got the Chase Private Client Invite

Post by GuyInFL »

smalliebigs wrote: Fri Jan 14, 2022 7:18 pm Got the CPC invite, along with the bonus $2,000 if I deposit $250,000 new cash.

I have more than $150,000 in the accounts, but a portion are in my Roth IRA with them. I think by 'word of law', retirement accounts don't count. Ignoring those funds bring the assets under $150,000.

However, the fact that I got the invite, does that mean they're OK with the amount and there's some wiggle room?
I've received bonus bucks for moving retirement money. Not from Chase.
Topic Author
smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

Unfortunately, everything I have other than 401k and HSA, are with Chase. Can't move those, I'm afraid.
guitarguy
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Re: Got the Chase Private Client Invite

Post by guitarguy »

We have CPC due to my mother having enough assets there.

We do all of our banking with chase. Biz and personal accounts. I feel in general they are really great to work with for everyday banking.

I do not find CPC to provide much value at all and would never bother keeping assets there just to get that status.

That said, a $2k bonus seems nice.
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Dodger
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Re: Got the Chase Private Client Invite

Post by Dodger »

Thanks for sharing, few questions for you:

1. How did you receive the code? Was it via email? Is it possible to find a code online? I've been scouring and have never seen one.
2. Do you think you took any recent actions that triggered the invite?
3. Does the coupon specify what you need to do with the assets once at Chase to qualify? Have heard a self directed brokerage account doesn't count.

Thanks!
Count of Notre Dame
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Re: Got the Chase Private Client Invite

Post by Count of Notre Dame »

I receive these invites all of the time. I forget how long you'd have to keep the cash in your checking to receive the bonus, but if you divide the $2k by the required deposit I think it translates into a somewhat modest interest amount (2-5%) so I wasn't that excited by it.
tvubpwcisla
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Re: Got the Chase Private Client Invite

Post by tvubpwcisla »

A $2,000.00 bonus? That's nice. If you have the cash, I would do it.
Count of Notre Dame
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Re: Got the Chase Private Client Invite

Post by Count of Notre Dame »

I did the math on having to hold it for 90 days, and it translates to 3-4% annual interest.
sc9182
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Re: Got the Chase Private Client Invite

Post by sc9182 »

Count of Notre Dame wrote: Sat Jan 15, 2022 2:53 pm I did the math on having to hold it for 90 days, and it translates to 3-4% annual interest.
Good point. If you have some need for cash (or very good 1% margin rates from ETrade/Schwab or Fidelity - on stable large Brokerage portfolio) — May be use this arbitrage :-) — and if you are overflowing with cash (and/or cheap margin) — double the fun by doing CPC separately for your spouse too ..
Last edited by sc9182 on Sat Jan 15, 2022 3:11 pm, edited 1 time in total.
ScroogeMcDuck
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Re: Got the Chase Private Client Invite

Post by ScroogeMcDuck »

I just got this invite as well, and it says "qualifying new money or securities". Can I transfer $250k of VTI from my Vanguard account to qualify?
SlowMovingInvestor
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Re: Got the Chase Private Client Invite

Post by SlowMovingInvestor »

I believe OP is asking whether IRA accounts are considered as part of the 150K required to qualify for CPC. I think they are.

HOWEVER, for the purposes of a bonus, a 250K xfer into Chase must be to non-retirement accounts.
Topic Author
smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

I just got the invite a few days ago. All my funds are with Chase, so eventually it got past the trigger threshold, I guess. I've set up a meeting with a bank to ask about the IRA funds. I don't have $250k elsewhere to bring in so I won't be able to get the $2000 bonus. But I guess if it's no fees, then upgrading from Sapphire banking to CPC is a no brainer. Might as well, I guess. I'm most interested in the arts and culture card and the 3x5 safe box. Other things, I already have most of them from Sapphire banking.
ScroogeMcDuck wrote: Sat Jan 15, 2022 3:09 pm I just got this invite as well, and it says "qualifying new money or securities". Can I transfer $250k of VTI from my Vanguard account to qualify?
If it's $250k in a regular taxable brokerage account, then yes. Just sign up for YouInvest, then do a "Transfer Securities" process, and it'll be in the account.
Annabel Lee
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Re: Got the Chase Private Client Invite

Post by Annabel Lee »

Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.

Trying to figure out if I should do this.

On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.

On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.

Any obvious benefits I’m overlooking?
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gas_balloon
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Re: Got the Chase Private Client Invite

Post by gas_balloon »

What are some of the benefits of being a CPC? How does it differ from say Fidelity private Client group (which really doesn't have a ton of benefits besides dedicated 800 number and turbo tax if you're lucky)?

Edit: found this - https://chaseprivateclient.chase.com/banking

Most of the benefits there apply to regular accounts at Fidelity.. With Fidelity CMA account you get no debit card fees worldwide, higher limits etc without needing any status tier.
Last edited by gas_balloon on Tue Jan 18, 2022 2:15 am, edited 1 time in total.
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BogleMelon
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Re: Got the Chase Private Client Invite

Post by BogleMelon »

I got one of these offers, the first condition was to go to a physical branch and meet with a "financial expert" to open up an account. No thanks. Oh and I don't have $250K setting around if counting IRA+brokerage to start with (401K is not possible to move) :oops:
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
chrisam314
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Re: Got the Chase Private Client Invite

Post by chrisam314 »

Annabel Lee wrote: Tue Jan 18, 2022 1:26 am Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.

Trying to figure out if I should do this.

On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.

On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.

Any obvious benefits I’m overlooking?
I consolidated everything with Chase (except 401K and HSA). There are a few benefits. Some I think are worthwhile, others not really. The biggest benefit for me came when it was time to shop mortgages. They beat everything I threw at them in terms of other offers and made it pretty clear that that due to my 'relationship' with them they wouldn't lose my business. So if you need to refinance soon, are a real estate investor, or could be moving in the next few years keep that mind.

There are no fees on anything (including wires). If you travel abroad (or plan to) this can be of some use since there are no ATM fees worldwide. You get a priority line to call if you need help although I'm not sure how value added it is. Website works well and transferring money between accounts is seemless. I do a backdoor Roth every year and its just as easy as it was at Vanguard. If your taxable account is large enough you have access to a securities based line of credit. I may wind up using this feature when we do renovations depending on the tax implications of selling securities.

The reason I did it in the first place was simplicity and convenience. My wife and I had accounts all over the place for a while and it became a real hassle, especially when we were living outside of the US. I've been satisfied so far with them. No regret as far as leaving Vanguard (I still use their funds though!)
chrisam314
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Re: Got the Chase Private Client Invite

Post by chrisam314 »

smalliebigs wrote: Fri Jan 14, 2022 7:18 pm Got the CPC invite, along with the bonus $2,000 if I deposit $250,000 new cash.

I have more than $150,000 in the accounts, but a portion are in my Roth IRA with them. I think by 'word of law', retirement accounts don't count. Ignoring those funds bring the assets under $150,000.

However, the fact that I got the invite, does that mean they're OK with the amount and there's some wiggle room?
They counted IRA assets for me. I wouldn't come close if they didn't. When I went into the local branch there wasn't any kind of a hard sell or anything. They just recoded all of my accounts, walked me through the benefits, and gave me a welcome packet. Took about 15-20 mins.
Topic Author
smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

I just got back from my meeting at the local branch. Met with the branch manager, who happened to also be "1st Vice President" (whatever that means), and signed up. Turns out the Arts & Culture card is cancelled, so is the free 3x5 deposit box. It's basically zoom meetings/events and some local talks from Chase big wigs that I'll get invited to. So basically, seems like there really isn't anything more to CPC over Sapphire banking? A bit disappointing, but I think (hope!) Chase will bring out some perks to balance things out. Ultimately, it really is a 'might as well' thing.

Regarding the investment pitch, a guy can in, said we have "holistic" investments to offer if I was interested, that's it. Didn't bother to pitch too hard, probably because they can see all my investments in YouInvest are with VTSAX/VTI, so it would be hard to sway me. Either way, was very minimal compared to the horror stories you see on the internet.

Offered to change my debit card to the CPC one, but that would mean needing to change my checking account number, so I declined that. It doesn't matter too much, just a cosmetic thing. Benefits are immediately applied to my current card. That said, when my current debit card expires, they'll mail out the CPC version, anyway. Anyway, I don't even know where my debit card is. Have not used cash for like 5 years.

Gave me some documents, cards, said there was a 24/7 CPC-only number that I could call, a personalized service team, etc. That's about it. Now my Chase app says "CPC checking"! That's probably the only change I'll notice, if I'm being totally honest...
Last edited by smalliebigs on Tue Jan 18, 2022 3:42 pm, edited 1 time in total.
LuckyInLife
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Re: Got the Chase Private Client Invite

Post by LuckyInLife »

I have had Chase Private Client for several years. One thing I like is the waiver of ATM fees. When my kids were 18, they set their checking accounts with Chase and they got PC. It was nice for my daughter whose college campus was in somewhat of a sketchy area. She could go to ATM on campus without having to worry about fees. Of course, neither of them use cash very much these days...
Topic Author
smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

LuckyInLife wrote: Tue Jan 18, 2022 3:38 pm I have had Chase Private Client for several years. One thing I like is the waiver of ATM fees. When my kids were 18, they set their checking accounts with Chase and they got PC. It was nice for my daughter whose college campus was in somewhat of a sketchy area. She could go to ATM on campus without having to worry about fees. Of course, neither of them use cash very much these days...
That's one of the big benefits. And the way kids/family can benefit would be good too.

I guess with these benefits, you don't think it's useful until they become suddenly very useful that one time.
marcopolo
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Re: Got the Chase Private Client Invite

Post by marcopolo »

LuckyInLife wrote: Tue Jan 18, 2022 3:38 pm I have had Chase Private Client for several years. One thing I like is the waiver of ATM fees. When my kids were 18, they set their checking accounts with Chase and they got PC. It was nice for my daughter whose college campus was in somewhat of a sketchy area. She could go to ATM on campus without having to worry about fees. Of course, neither of them use cash very much these days...
You can get that with a Fidelity Cash Management account.
No special "invite" needed, no minimum to keep in cash account.

But you do lose the feeling of being "invited" to a special club.
Once in a while you get shown the light, in the strangest of places if you look at it right.
Topic Author
smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

marcopolo wrote: Tue Jan 18, 2022 4:06 pm
You can get that with a Fidelity Cash Management account.
No special "invite" needed, no minimum to keep in cash account.

But you do lose the feeling of being "invited" to a special club.
There's always benefits to a big bank, such as having one near your house, notary services, global presence, loans, etc.
marcopolo
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Re: Got the Chase Private Client Invite

Post by marcopolo »

smalliebigs wrote: Tue Jan 18, 2022 4:14 pm
marcopolo wrote: Tue Jan 18, 2022 4:06 pm
You can get that with a Fidelity Cash Management account.
No special "invite" needed, no minimum to keep in cash account.

But you do lose the feeling of being "invited" to a special club.
There's always benefits to a big bank, such as having one near your house, notary services, global presence, loans, etc.
Sure, if those things have any value to you.

I can't remember the last time I stepped into a bank office.
Anything for which I needed a notary, the transacting company seemed to provide one. Don't have loans, but if I needed one, I would shop around on line, chase is unlikely to have best terms.

But, if you are happy with what you are getting for what you are paying (tying up money in cash account does have a cost), that's great. I was just responding to the free ATM perk, which is available without all the restrictions.
Once in a while you get shown the light, in the strangest of places if you look at it right.
Topic Author
smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

I think one thing that people misunderstand about the $150,000 CPC requirement is that it includes whatever investments you have in YouInvest too. So my cash is quite a minimal portion of the $150,000. The vast majority of my funds, that qualify me for free CPC, is in VTI/VTSAX. It's at least $150,000 across checking, saving, investments combined for the no fee CPC
softwaregeek
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Re: Got the Chase Private Client Invite

Post by softwaregeek »

All big banks have these programs and they are all more or less the same.

The big benefit is cheaper 'relationship mortgages' which are typically up to .25 to .75 cheaper than coming in off the street.

Second benefit is reduced hold time and better all around service. When you call in, you get answered by a US based rep with the power to waive fees and make things happen.

Third benefit is waived fees on most banking services.

Chase CPC = BofA Platinum = Citibank CitiGold = Wells Fargo Portfolio
SpaceCowboy
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Re: Got the Chase Private Client Invite

Post by SpaceCowboy »

I became CPC because of one of these bonuses. Just transferred a chunk of VTI to meet the $250k minimum.

Bonuses are a lot easier to collect from Chase than Citi, which always seems to create a hassle to actually get the bonus deposited.

The biggest benefit for me has been the $0 free wire service. I use them as a hub bank for chunks of cash and then wire the money to wherever I need it to go.

CPC does give you better service and shorter hold times. Most checks clear in 24 hours, even large ones.
exodusNH
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Re: Got the Chase Private Client Invite

Post by exodusNH »

Annabel Lee wrote: Tue Jan 18, 2022 1:26 am Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.

Trying to figure out if I should do this.

On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.

On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.

Any obvious benefits I’m overlooking?
Keep in mind that dividends from stocks are just you getting your own money back. (Irrelevance of dividends) Signup bonuses are more akin to interest from savings accounts or bond interest rates.
UpperNwGuy
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Re: Got the Chase Private Client Invite

Post by UpperNwGuy »

LuckyInLife wrote: Tue Jan 18, 2022 3:38 pm I have had Chase Private Client for several years. One thing I like is the waiver of ATM fees. When my kids were 18, they set their checking accounts with Chase and they got PC. It was nice for my daughter whose college campus was in somewhat of a sketchy area. She could go to ATM on campus without having to worry about fees. Of course, neither of them use cash very much these days...
How does that differ from Charles Schwab Investor Checking? Schwab reimburses ATM fees worldwide, and you don't have to have $250,000 at Schwab to get this benefit.
Shorty
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Re: Got the Chase Private Client Invite

Post by Shorty »

Correct, Schwab provides this benefit without a required minimum - it’s extremely generous IMO. Brokerage account required. Very few US banks provide this internationally. Many provide domestic ATM reimbursement.

Chase CPC and Sapphire provide a lot more banking features, as discussed previously. They also require $75/150k in assets.

Can’t go wrong with either.
UpperNwGuy wrote: Wed Jan 19, 2022 5:56 am
LuckyInLife wrote: Tue Jan 18, 2022 3:38 pm I have had Chase Private Client for several years. One thing I like is the waiver of ATM fees. When my kids were 18, they set their checking accounts with Chase and they got PC. It was nice for my daughter whose college campus was in somewhat of a sketchy area. She could go to ATM on campus without having to worry about fees. Of course, neither of them use cash very much these days...
How does that differ from Charles Schwab Investor Checking? Schwab reimburses ATM fees worldwide, and you don't have to have $250,000 at Schwab to get this benefit.
Shorty
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Re: Got the Chase Private Client Invite

Post by Shorty »

CPC min is $150k now. From what I can tell, Chase Sapphire gets you about the same perks at $75k - I think withdrawal limits are the big difference, and “arts and culture”, which seems like a moot point these days.
SpaceCowboy wrote: Wed Jan 19, 2022 1:02 am I became CPC because of one of these bonuses. Just transferred a chunk of VTI to meet the $250k minimum.
UpperNwGuy
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Re: Got the Chase Private Client Invite

Post by UpperNwGuy »

Shorty wrote: Wed Jan 19, 2022 6:07 am Correct, Schwab provides this benefit without a required minimum - it’s extremely generous IMO. Brokerage account required.
Just to be clear, the brokerage account is automatically opened when the checking account is opened, but there is no requirement to add any funds to the brokerage account. It can just sit there with a zero balance.
Shorty
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Re: Got the Chase Private Client Invite

Post by Shorty »

That’s right. I’ve had this account pair with no investments and little cash, strictly for the purpose of a secondary account for international withdrawal (turns out I didn’t end up needing it - go figure). No fees, penalties, minimums, etc.

Would highly recommend. Makes me more inclined to do business with their brokerage.

Initially did the Chase Sapphire bank thing with the same intent. I’ve been happy there too, but had to deal with minimums (and got bonuses on banking and investment sides).

I’m comfortable with the admin associated with multiple bank accounts for perks and redundancy (bofa also). However, there is a lot to be said about the simplicity of a “one stop shop”.
UpperNwGuy wrote: Wed Jan 19, 2022 6:25 am
Shorty wrote: Wed Jan 19, 2022 6:07 am Correct, Schwab provides this benefit without a required minimum - it’s extremely generous IMO. Brokerage account required.
Just to be clear, the brokerage account is automatically opened when the checking account is opened, but there is no requirement to add any funds to the brokerage account. It can just sit there with a zero balance.
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jh
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Re: Got the Chase Private Client Invite

Post by jh »

.....
Last edited by jh on Fri Jan 21, 2022 2:48 am, edited 1 time in total.
Retired in 2022 at the age of 46. Living off of dividends until age 60+. Taxable Account = Schwab U.S. Dividend Equity ETF (SCHD)
Topic Author
smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

jh wrote: Wed Jan 19, 2022 9:59 am I have around $800k in taxable at Schwab. What would I get if I moved it to Chase?

BTW I like Schwab and have no reason to move.
Ok, then I'm not too sure if you're genuinely asking. Check the Chase website for the CPC benefits and see if they interest you.
Shorty wrote: Wed Jan 19, 2022 6:13 am CPC min is $150k now. From what I can tell, Chase Sapphire gets you about the same perks at $75k - I think withdrawal limits are the big difference, and “arts and culture”, which seems like a moot point these days.
From my meeting with Chase yesterday, Arts and Culture card has been cancelled. Not sure what/when they'll bring something to replace it.

But maybe because they've dropped the min down to $150,000, so they need to cut costs too.

For me, the CPC upgrade was a no-brainer because I have everything at Chase already: personal, business, investments, etc.
CrisisAverted
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Re: Got the Chase Private Client Invite

Post by CrisisAverted »

smalliebigs wrote: Tue Jan 18, 2022 3:19 pm Turns out the Arts & Culture card is cancelled, so is the free 3x5 deposit box.
They got rid of the free safe deposit box? I still have that with my regular premier plus checking account.
Topic Author
smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

CrisisAverted wrote: Thu Jan 20, 2022 1:15 am They got rid of the free safe deposit box? I still have that with my regular premier plus checking account.
If you have it, you can still use it. But they don't give them out anymore. Chase probably want to depreciate that service due to cost (or legal) concerns
greenway23
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Re: Got the Chase Private Client Invite

Post by greenway23 »

chrisam314 wrote: Tue Jan 18, 2022 2:55 pm
Annabel Lee wrote: Tue Jan 18, 2022 1:26 am Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.

Trying to figure out if I should do this.

On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.

On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.

Any obvious benefits I’m overlooking?
I consolidated everything with Chase (except 401K and HSA). There are a few benefits. Some I think are worthwhile, others not really. The biggest benefit for me came when it was time to shop mortgages. They beat everything I threw at them in terms of other offers and made it pretty clear that that due to my 'relationship' with them they wouldn't lose my business. So if you need to refinance soon, are a real estate investor, or could be moving in the next few years keep that mind.

There are no fees on anything (including wires). If you travel abroad (or plan to) this can be of some use since there are no ATM fees worldwide. You get a priority line to call if you need help although I'm not sure how value added it is. Website works well and transferring money between accounts is seemless. I do a backdoor Roth every year and its just as easy as it was at Vanguard. If your taxable account is large enough you have access to a securities based line of credit. I may wind up using this feature when we do renovations depending on the tax implications of selling securities.

The reason I did it in the first place was simplicity and convenience. My wife and I had accounts all over the place for a while and it became a real hassle, especially when we were living outside of the US. I've been satisfied so far with them. No regret as far as leaving Vanguard (I still use their funds though!)
I’m considering doing the same. Did you experience any cost basis issues when transferring shares from your taxable account at Vanguard to Chase?
Paradise
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Re: Got the Chase Private Client Invite

Post by Paradise »

Looked into this a long time ago for bonus chasing and get frequent letters.

Afaik money in Morgan Stanley self directed does not count towards the $250k. It needs to be securities guided by a financial advisor or cash. The benefits of chase private client are slim and outdated compared to other companies like Bank of America with the credit card multipliers. Yay you get no fees for wiring money... also when you call in for support the regular staff isn’t allowed to service you and transfers you to another person who does the exact same thing :oops:
50% VTI | 20% VXUS | 20% BND | 10% QQQ
chrisam314
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Re: Got the Chase Private Client Invite

Post by chrisam314 »

greenway23 wrote: Thu Jan 20, 2022 10:42 pm
chrisam314 wrote: Tue Jan 18, 2022 2:55 pm
Annabel Lee wrote: Tue Jan 18, 2022 1:26 am Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.

Trying to figure out if I should do this.

On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.

On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.

Any obvious benefits I’m overlooking?
I consolidated everything with Chase (except 401K and HSA). There are a few benefits. Some I think are worthwhile, others not really. The biggest benefit for me came when it was time to shop mortgages. They beat everything I threw at them in terms of other offers and made it pretty clear that that due to my 'relationship' with them they wouldn't lose my business. So if you need to refinance soon, are a real estate investor, or could be moving in the next few years keep that mind.

There are no fees on anything (including wires). If you travel abroad (or plan to) this can be of some use since there are no ATM fees worldwide. You get a priority line to call if you need help although I'm not sure how value added it is. Website works well and transferring money between accounts is seemless. I do a backdoor Roth every year and its just as easy as it was at Vanguard. If your taxable account is large enough you have access to a securities based line of credit. I may wind up using this feature when we do renovations depending on the tax implications of selling securities.

The reason I did it in the first place was simplicity and convenience. My wife and I had accounts all over the place for a while and it became a real hassle, especially when we were living outside of the US. I've been satisfied so far with them. No regret as far as leaving Vanguard (I still use their funds though!)
I’m considering doing the same. Did you experience any cost basis issues when transferring shares from your taxable account at Vanguard to Chase?
No issues at all.
SlowMovingInvestor
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Re: Got the Chase Private Client Invite

Post by SlowMovingInvestor »

smalliebigs wrote: Thu Jan 20, 2022 12:43 pm
CrisisAverted wrote: Thu Jan 20, 2022 1:15 am They got rid of the free safe deposit box? I still have that with my regular premier plus checking account.
If you have it, you can still use it. But they don't give them out anymore. Chase probably want to depreciate that service due to cost (or legal) concerns
In theory you could get one (smallest size) earlier, but in practice most branches rarely had any available. But if it's not a listed benefit, they could start charging annual safety deposit box fees again for CPC client.
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smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

SlowMovingInvestor wrote: Fri Jan 21, 2022 10:31 am In theory you could get one (smallest size) earlier, but in practice most branches rarely had any available. But if it's not a listed benefit, they could start charging annual safety deposit box fees again for CPC client.
I didn't ask because in no way would I want to actually buy the box; it was a nice to have for free. Honestly, I don't even know what to put in the box. I see online articles saying you can put this or that. But it just feels like an inconvenience, really. Everything is digital nowadays, anyway. Maybe instead of the safe deposit box, Chase could give us a free annual subscription to some cloud service or something. That would be a nice modern alternative.
Colorado14
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Re: Got the Chase Private Client Invite

Post by Colorado14 »

I received this invitation also. I called Chase to ask about the transfer process but couldn't get through on my first call. If/when I'm able to talk to someone, I will post an update.
softwaregeek
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Re: Got the Chase Private Client Invite

Post by softwaregeek »

Hated CPC, normal staff would always direct to the special cpc line, my cpc rep didn’t do much,youinvest was terrible and the cpc mortgage rates weren’t competitive. BofA preferred rewards is much better in my opinion.

The major benefit of most of these plans is the ‘secret menu’ of relationship mortgage discounts. For example, BofA offered to drop my existing mortgage rate by a quarter when I called about a refi. Also offered to do a free recast as a top tier status holder.
NYCaviator
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Re: Got the Chase Private Client Invite

Post by NYCaviator »

smalliebigs wrote: Tue Jan 18, 2022 3:19 pm Gave me some documents, cards, said there was a 24/7 CPC-only number that I could call, a personalized service team, etc. That's about it. Now my Chase app says "CPC checking"! That's probably the only change I'll notice, if I'm being totally honest...
That's right on point! The whole "private bank" thing is getting played out; every bank is offering a premium account and calling it "private banking" these days. Outside of the sign up bonuses, it's mostly just for vanity and ego (like metal credit cards). True private banking is much different and you need $10m+ to even be considered. Then you get access to private equity, custom loans on your artwork, financing for your yacht, etc.

The mass affluent "private banking" gets you a different 800 number, refunded ATM fees and maybe a free safe deposit box. But you also get to say you have a private bank! :D

To be fair, some banks do have decent private banking offerings that are really useful for business owners. You get better service and more options on the business side, and then entice you to move personal accounts over too.
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anon_investor
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Re: Got the Chase Private Client Invite

Post by anon_investor »

NYCaviator wrote: Sat Jan 22, 2022 10:26 am
smalliebigs wrote: Tue Jan 18, 2022 3:19 pm Gave me some documents, cards, said there was a 24/7 CPC-only number that I could call, a personalized service team, etc. That's about it. Now my Chase app says "CPC checking"! That's probably the only change I'll notice, if I'm being totally honest...
That's right on point! The whole "private bank" thing is getting played out; every bank is offering a premium account and calling it "private banking" these days. Outside of the sign up bonuses, it's mostly just for vanity and ego (like metal credit cards). True private banking is much different and you need $10m+ to even be considered. Then you get access to private equity, custom loans on your artwork, financing for your yacht, etc.

The mass affluent "private banking" gets you a different 800 number, refunded ATM fees and maybe a free safe deposit box. But you also get to say you have a private bank! :D

To be fair, some banks do have decent private banking offerings that are really useful for business owners. You get better service and more options on the business side, and then entice you to move personal accounts over too.
Haha I feel the same way. I would be all over CPC if they gave a boost to CC cash back like BoA does.
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smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

anon_investor wrote: Sat Jan 22, 2022 10:41 am Haha I feel the same way. I would be all over CPC if they gave a boost to CC cash back like BoA does.
But I feel like that's simply 2 different operating philosophies. BoA ties up the CC benefits to asset size with them only, to encourage you to park everything with them. Granted, they have Merrill, so there's the benefit of investments. Chase took a more open approach, basically having the good CCs not locked up. You could be with a credit union and still have the Sapphire Reserve card. Both work; different ways to skin a cat.
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anon_investor
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Re: Got the Chase Private Client Invite

Post by anon_investor »

smalliebigs wrote: Sat Jan 22, 2022 10:55 am
anon_investor wrote: Sat Jan 22, 2022 10:41 am Haha I feel the same way. I would be all over CPC if they gave a boost to CC cash back like BoA does.
But I feel like that's simply 2 different operating philosophies. BoA ties up the CC benefits to asset size with them only, to encourage you to park everything with them. Granted, they have Merrill, so there's the benefit of investments. Chase took a more open approach, basically having the good CCs not locked up. You could be with a credit union and still have the Sapphire Reserve card. Both work; different ways to skin a cat.
Definitely YMMV but I find the boosted BoA CCs better for me than the Chase ones.
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smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

anon_investor wrote: Sat Jan 22, 2022 12:21 pm Definitely YMMV but I find the boosted BoA CCs better for me than the Chase ones.
Hmm, I'll take a look at the BoA Platinum Honors and see if it makes more sense.
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anon_investor
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Re: Got the Chase Private Client Invite

Post by anon_investor »

smalliebigs wrote: Sat Jan 22, 2022 1:59 pm
anon_investor wrote: Sat Jan 22, 2022 12:21 pm Definitely YMMV but I find the boosted BoA CCs better for me than the Chase ones.
Hmm, I'll take a look at the BoA Platinum Honors and see if it makes more sense.
If you travel a lot Chase Sapphire Reserve + the different Chase Freedom cards might be better. But for pure cash back, BoA CCs can't be beat. Depending on your card combo 2.62% to 5.25% cash back on purchases with Platinum Honors.
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smalliebigs
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Re: Got the Chase Private Client Invite

Post by smalliebigs »

anon_investor wrote: Sat Jan 22, 2022 2:25 pm If you travel a lot Chase Sapphire Reserve + the different Chase Freedom cards might be better. But for pure cash back, BoA CCs can't be beat. Depending on your card combo 2.62% to 5.25% cash back on purchases with Platinum Honors.
We don't travel a lot, only about once a year, but we make sure it's a good trip for the whole family. With the Freedom Flex, Freedom Unlimited, Sapphire Reserve (CSR), and Business Preferred, I spend accordingly, then pool all the points to the CSR card and book hotels from the Ultimate Rewards platform. The 50% bonus is really nice. Used to buy flights there too, until 2020. If I were to switch to BoA, the best method would be to totally wholesale dump everything from Chase and apply a bunch of cards from BoA. I need to check and see if the hassle is worth it.
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