You Invest by JP Morgan Chase

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
classicindexer
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Re: You Invest by JP Morgan Chase

Post by classicindexer » Fri May 17, 2019 7:27 am

classicindexer wrote:
Tue May 14, 2019 3:46 pm
Cyanide123 wrote:
Tue May 14, 2019 1:07 pm
I talked to a customer service rep for Chase you invest. They told me that they have a periodic investment set up that recently started.

Does anyone else see this on the you invest "trade" page? Apparently next to order status there should be an option for periodic investments. I don't see it on my account, but the guy said it may be because my account is very new (set up a couple days ago).
I do not. My account is a taxable brokerage and I opened it about a month or so ago.
Periodic Investing is now showing up in the Trade area for me:
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ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Mon Jun 03, 2019 4:02 pm

Forgive me if this has been asked and answered, but what are the sweep options at YOUINVEST? Are there any CORE FDIC-insured positions similar to Fidelity?

Anyone know if assets transferred to Youinvest via IRA count towards the sapphire checking $75K minimum?

Or if they have fixed their ability to offer Spec ID cost basis in taxable?

I am trying to weigh Fidelity vs BOA/Merrill vs Chase as potential all-in-one homes. Chase is looking like a leader, but I wish they had an HSA like Fidelity and BOA!

classicindexer
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Re: You Invest by JP Morgan Chase

Post by classicindexer » Mon Jun 03, 2019 7:44 pm

ulladulla28 wrote:
Mon Jun 03, 2019 4:02 pm
Forgive me if this has been asked and answered, but what are the sweep options at YOUINVEST? Are there any CORE FDIC-insured positions similar to Fidelity?

Anyone know if assets transferred to Youinvest via IRA count towards the sapphire checking $75K minimum?

Or if they have fixed their ability to offer Spec ID cost basis in taxable?

I am trying to weigh Fidelity vs BOA/Merrill vs Chase as potential all-in-one homes. Chase is looking like a leader, but I wish they had an HSA like Fidelity and BOA!
Sweep info: https://www.chase.com/personal/investme ... ons-yields

Not sure about the IRA being eligible for a linked relationship minimum. Have you called You Invest Customer Service? They were pretty helpful when I called before opening an account. My taxable joint brokerage account is linked to our Premier Plus checking for the $15K minimum.

I was told that new taxable brokerage accounts included Spec ID by default and for transferring an account it could take a few weeks for the Spec ID details to be transferred. I just recently bought shares of a Vanguard mutual fund and online it's showing average cost. I will have to contact them to find out if they are tracking actual cost and if they don't show it online to customers.

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Wed Jun 05, 2019 5:17 pm

classicindexer wrote:
Mon Jun 03, 2019 7:44 pm
ulladulla28 wrote:
Mon Jun 03, 2019 4:02 pm
Forgive me if this has been asked and answered, but what are the sweep options at YOUINVEST? Are there any CORE FDIC-insured positions similar to Fidelity?

Anyone know if assets transferred to Youinvest via IRA count towards the sapphire checking $75K minimum?

Or if they have fixed their ability to offer Spec ID cost basis in taxable?

I am trying to weigh Fidelity vs BOA/Merrill vs Chase as potential all-in-one homes. Chase is looking like a leader, but I wish they had an HSA like Fidelity and BOA!
Sweep info: https://www.chase.com/personal/investme ... ons-yields

Not sure about the IRA being eligible for a linked relationship minimum. Have you called You Invest Customer Service? They were pretty helpful when I called before opening an account. My taxable joint brokerage account is linked to our Premier Plus checking for the $15K minimum.

I was told that new taxable brokerage accounts included Spec ID by default and for transferring an account it could take a few weeks for the Spec ID details to be transferred. I just recently bought shares of a Vanguard mutual fund and online it's showing average cost. I will have to contact them to find out if they are tracking actual cost and if they don't show it online to customers.
Thanks! I just bit the bullet for the new 60K UR Points deal. Will be transferring over a Vanguard Joint Brokerage. Because it is joint, they require paperwork to be completed and mailed in. Thus far, I have been impressed with customer service reps on the phone. Especially considering this is relatively new to them.

Only gripes thus far are the lack of an investment account aggregator, similar to Fidelity's Full View, and also it appears the min. to invest in Vanguard Funds is back up to $3K, albeit for admiral shares.

Hopefully they are able to transfer over the tax ID info. Will definitely consider Chase as an all-in-one home if it goes smoothly.

classicindexer
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Re: You Invest by JP Morgan Chase

Post by classicindexer » Wed Jun 05, 2019 8:28 pm

Ahh I opened a joint brokerage without a transfer and it was all online (no paperwork). That stinks about the Vanguard Admiral shares moving to a $3k minimum initial. Oh well. Maybe they saw people like me just buying those mutual funds and not using my 100 free ETF trades. :)

I have not used Fidelity full view. I have retirement accounts with Vanguard so I have been using their Outside Investments feature to track the shares owned in other 401k retirement or HSA accounts (works best if the mutual funds have a ticker/symbol & I have to manually add/update the # of shares). One 401k has a fund w/o a ticker so that is tracked by dollar amount and has to always be manually updated. Right now I am using You Invest for non-retirement so I don't add shares from You Invest into my Vanguard view (retirement only).

Chase said tax lots for Specific ID should transfer, it can take a few weeks though.

ivk5
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Re: You Invest by JP Morgan Chase

Post by ivk5 » Thu Jun 06, 2019 2:30 am

classicindexer wrote:
Wed Jun 05, 2019 8:28 pm
One 401k has a fund w/o a ticker so that is tracked by dollar amount and has to always be manually updated.
OT but my solution to that is to list the holding using a publicly available fund/ETF ticker tracking same index and an artificial share count to solve for $. Tracks very closely.

classicindexer
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Re: You Invest by JP Morgan Chase

Post by classicindexer » Thu Jun 06, 2019 3:05 pm

ulladulla28 wrote:
Wed Jun 05, 2019 5:17 pm
Hopefully they are able to transfer over the tax ID info. Will definitely consider Chase as an all-in-one home if it goes smoothly.
I sent a secure message to Chase You Invest about tax lots SpecID and they said:

The default method for reporting cost basis is average.

We are able to change the cost reporting method from average cost to original cost. Unfortunately, the change will only apply to shares that are purchased after the change is made to the account. To update the account, please reply to this message and attach a letter of instruction listing each account you want updated and stating that the cost basis should be changed from average to original. The document must also be signed and dated.

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Fri Jun 07, 2019 9:11 pm

classicindexer wrote:
Thu Jun 06, 2019 3:05 pm
I sent a secure message to Chase You Invest about tax lots SpecID and they said:

The default method for reporting cost basis is average.

We are able to change the cost reporting method from average cost to original cost. Unfortunately, the change will only apply to shares that are purchased after the change is made to the account. To update the account, please reply to this message and attach a letter of instruction listing each account you want updated and stating that the cost basis should be changed from average to original. The document must also be signed and dated.
Just did the same and uploaded letters, so we will see how that pans out. My transfer request form ended up getting stuck at the post office. After a couple of calls, they (Chase) must have sent some one to pick it up. Customer service has been pretty good thus far.

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Tue Jun 11, 2019 11:47 am

Does anyone know whether money put into a vanguard money market within a Chase You Invest account will count towards the $75,000 requirement to earn the sapphire checking bonus?

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whodidntante
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Re: You Invest by JP Morgan Chase

Post by whodidntante » Tue Jun 11, 2019 12:57 pm

ulladulla28 wrote:
Tue Jun 11, 2019 11:47 am
Does anyone know whether money put into a vanguard money market within a Chase You Invest account will count towards the $75,000 requirement to earn the sapphire checking bonus?
It would count.

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Thu Jul 25, 2019 10:36 am

So far YouInvest seems great, but with a couple of fairly noticeable and big hiccups...

1. Cost Basis - I am still not seeing specific tax lots for mutual funds in my taxable brokerage. I have contacted them and received the following response: "After reviewing your account, it seems there might be a technical issue since you are not able to see all three long-term tax lots on Chase.com. The cost basis for all three lots purchased in 2017 are listed as LT for long-term on our side. We have submitted a request to our online support team for review. We will notify you once we have an update."

2. There are no tools for analyzing performance - Every other online brokerage seems to have a performance tracking tool. I inquired with Chase about this and they said "We do not calculate rate of return in You Invest Trade accounts."

3. You cannot link external accounts to see your portfolio as a whole.

I do like being able to hold Vanguard Funds for free, trade stocks & ETFs for free with Sapphire Status, and also free atm withdrawals. However, the lack of specific id tax lots and performance tracking makes me wonder if Fidelity may be a better home.

Can anyone with Chase Private Client tell us whether or not the online platform is the same as that used for You Invest? I would like to know if with CPC you gain a better online interface and retain the ability to self-direct your investments for free.

pre
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Re: You Invest by JP Morgan Chase

Post by pre » Thu Jul 25, 2019 12:29 pm

ulladulla28 wrote:
Thu Jul 25, 2019 10:36 am

Can anyone with Chase Private Client tell us whether or not the online platform is the same as that used for You Invest? I would like to know if with CPC you gain a better online interface and retain the ability to self-direct your investments for free.
Alas, the self directed brokerage is identical, in terms of interface. Plus fees are far more expensive -- my Chase advisor recommended using You Invest for self directed (non-managed) clients

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whodidntante
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Re: You Invest by JP Morgan Chase

Post by whodidntante » Thu Jul 25, 2019 12:38 pm

ulladulla28 wrote:
Thu Jul 25, 2019 10:36 am
So far YouInvest seems great, but with a couple of fairly noticeable and big hiccups...

1. Cost Basis - I am still not seeing specific tax lots for mutual funds in my taxable brokerage.
Interestingly, for three ETF positions I transferred in, they elected "average cost" somehow, certainly not at my request. There is no way to specify lots when selling in this case. I wrote a secure message asking them to change it to allow specific identification of lots. They replied that I should write a letter of instruction, which is odd because my secure message is perfectly suitable as a letter of instruction. And it is more secure since I authenticated to submit it.

They also enabled dividend reinvestment for some of my positions. I never want that, so I turned it off. But I was getting an error message for two days, then it magically worked on the third.

I don't really care about these issues because the bonus they will pay me makes up for it.

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Thu Jul 25, 2019 1:29 pm

whodidntante wrote:
Thu Jul 25, 2019 12:38 pm
ulladulla28 wrote:
Thu Jul 25, 2019 10:36 am
So far YouInvest seems great, but with a couple of fairly noticeable and big hiccups...

1. Cost Basis - I am still not seeing specific tax lots for mutual funds in my taxable brokerage.
Interestingly, for three ETF positions I transferred in, they elected "average cost" somehow, certainly not at my request. There is no way to specify lots when selling in this case. I wrote a secure message asking them to change it to allow specific identification of lots. They replied that I should write a letter of instruction, which is odd because my secure message is perfectly suitable as a letter of instruction. And it is more secure since I authenticated to submit it.

They also enabled dividend reinvestment for some of my positions. I never want that, so I turned it off. But I was getting an error message for two days, then it magically worked on the third.

I don't really care about these issues because the bonus they will pay me makes up for it.
So I wrote this letter of instruction to them also, and still it is not showing spec id. Hopefully this is resolved soon. I don't plan on selling anything, but you never know.

I really hope they improve the interface to allow for portfolio and performance analysis. Fidelity does offer so much more in this arena. You could argue that even Vanguard is better, given they track your personal performance.

I came across an article which said "Like with any digital product, J.P. Morgan is planning a series of upgrades to You Invest, including an update next month that adds options trading and the ability to track investments held elsewhere." Hopefully that is true.
https://www.cnbc.com/2019/07/10/jpmorga ... -etfs.html

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Sat Jul 27, 2019 5:28 am

I just received this response from Chase RE Cost basis....it seems like you will not be able to select your specific lot for sale when selling equities or mutual funds.. I was hoping Chase would work out, but this is a bit much to deal with....Guess I'll be on my way to Fidelity...

Please be advised, the account default for mutual funds is always set to average cost. As a result, chase.com will always show two "tax lots" - short term and long term. Each is the average of all holdings categorized.

We are able to change the cost reporting method from average cost to original cost. Unfortunately the change will only apply to shares that are purchased after the change is made to the account. To update the cost basis method for your account(s) please reply to this message confirming the following;

1. The last four digits of the account(s) for which you would like to change the cost basis method
2. Please specifically state that you want the method to be changed to original cost for for equities, mutual funds or both.

When setting the cost basis method for equities to original cost the default liquidation method will become FIFO.

For equities, you can also choose a default for which lots will be sold from one of the following options:

ii. LIFO

iii. High Cost

iv. Low Cost

v. Long Term High Cost

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Fri Aug 02, 2019 9:20 pm

So finally found out today that Chase only allows for First in First Out (FIFO) Sales of mutual fund positions, Even in Taxable accounts...

ma21n2
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Re: You Invest by JP Morgan Chase

Post by ma21n2 » Wed Aug 07, 2019 1:24 am

I understand Chase You Invest only allows you to use FIFO for mutual funds. What about for ETFs? Will they let me select a specific lot when I sell them, even on the shares that were transferred in from another brokerage?

I currently have a taxable account with Merrill Edge. I only have ETFs (no mutual fund). I just want to make sure I can continue to tax loss harvest when I move to Chase. Thanks!

mtmingus
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Re: You Invest by JP Morgan Chase

Post by mtmingus » Wed Aug 07, 2019 7:33 am

I recently got an email from Chase as well, to open a Sapphire acct with $750 bonus:

You Invest Brokerage and accounts opened in a Chase branch and serviced by a J.P.Morgan Private Client Advisor or Financial Advisor

Question:

Does this mean, I have to have a paid Chase Advisor when I open an acct?
Cannot I just treat this as another Vanguard-like acct investing myself without paying them?

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indexfundfan
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Re: You Invest by JP Morgan Chase

Post by indexfundfan » Wed Aug 07, 2019 7:47 am

mtmingus wrote:
Wed Aug 07, 2019 7:33 am
I recently got an email from Chase as well, to open a Sapphire acct with $750 bonus:

You Invest Brokerage and accounts opened in a Chase branch and serviced by a J.P.Morgan Private Client Advisor or Financial Advisor

Question:

Does this mean, I have to have a paid Chase Advisor when I open an acct?
Cannot I just treat this as another Vanguard-like acct investing myself without paying them?
You can open the Sapphire package (for the $750 bonus) + You Invest online.

https://accounts.chase.com/consumer/ban ... rechampion

There are two options for You Invest, either You Invest Portfolios or You Invest Trade. You Invest Trade is DIY, with no paid advisor.

https://www.chase.com/personal/investme ... st/pricing

If you want the $1250 bonus for private clients, you will need to visit a branch.
My signature has been deleted.

elderwise
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Re: You Invest by JP Morgan Chase

Post by elderwise » Wed Aug 07, 2019 8:05 am

indexfundfan wrote:
Wed Aug 07, 2019 7:47 am
mtmingus wrote:
Wed Aug 07, 2019 7:33 am
I recently got an email from Chase as well, to open a Sapphire acct with $750 bonus:

You Invest Brokerage and accounts opened in a Chase branch and serviced by a J.P.Morgan Private Client Advisor or Financial Advisor

Question:

Does this mean, I have to have a paid Chase Advisor when I open an acct?
Cannot I just treat this as another Vanguard-like acct investing myself without paying them?
You can open the Sapphire package (for the $750 bonus) + You Invest online.

https://accounts.chase.com/consumer/ban ... rechampion

There are two options for You Invest, either You Invest Portfolios or You Invest Trade. You Invest Trade is DIY, with no paid advisor.

https://www.chase.com/personal/investme ... st/pricing

If you want the $1250 bonus for private clients, you will need to visit a branch.
You might be better off (thats what am thinking) do open 2 separate (self + spouse) Sapphire and get 750 + 750 bonus with 75K + 75K assets 150K vs 1250$ bonus on CPC..just my .02$

I verified its possible just make sure they are opened separately under you / spouse not joint atleast till you get bonus to make sure no issues with it.

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indexfundfan
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Re: You Invest by JP Morgan Chase

Post by indexfundfan » Wed Aug 07, 2019 8:08 am

elderwise wrote:
Wed Aug 07, 2019 8:05 am
You might be better off (thats what am thinking) do open 2 separate (self + spouse) Sapphire and get 750 + 750 bonus with 75K + 75K assets 150K vs 1250$ bonus on CPC..just my .02$

I verified its possible just make sure they are opened separately under you / spouse not joint atleast till you get bonus to make sure no issues with it.
True, if purely to maximize the bonus.

But some prefer the "privilege" of "private client". LOL. Also a single person cannot open two accounts to get two bonuses.
My signature has been deleted.

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Tue Aug 13, 2019 8:12 pm

ma21n2 wrote:
Wed Aug 07, 2019 1:24 am
I understand Chase You Invest only allows you to use FIFO for mutual funds. What about for ETFs? Will they let me select a specific lot when I sell them, even on the shares that were transferred in from another brokerage?

I currently have a taxable account with Merrill Edge. I only have ETFs (no mutual fund). I just want to make sure I can continue to tax loss harvest when I move to Chase. Thanks!
I am pretty sure you can specify lots on ETF's. I should be buying an etf soon and will report back.

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Re: You Invest by JP Morgan Chase

Post by abuss368 » Tue Aug 13, 2019 8:26 pm

Many years ago when we picked individual stocks we had our accounts at Brown Co. I believe this company was ultimately acquired by JP Morgan Chase. We subsequently moved back to Vanguard with a few index funds and it was the best financial decision we ever made.
John C. Bogle: Two Fund Portfolio - Total Stock & Total Bond - “Simplicity is the master key to financial success."

ppdandekar
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Re: You Invest by JP Morgan Chase

Post by ppdandekar » Wed Oct 09, 2019 6:23 pm

I should have tried to find this thread before trying to move VTSAX from vanguard taxable to YouInvest :( . Multiple customer service reps. confirmed that can't change the cost basis of mutual funds, apparently it can be changed for individual stocks and ETFs. Going back to Vanguard and SpecID!

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Thu Nov 21, 2019 11:58 am

Has anyone heard anything more about "coming soon" improvements to the Chase YouInvest online interface? I read earlier this year that there was to be a personal performance tracker added along with the ability to link and track outside investments by August, and then I read the same story in August saying those would be available by the end of the year...

GentleBreeze
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Re: You Invest by JP Morgan Chase

Post by GentleBreeze » Tue Nov 26, 2019 11:04 pm

Sorry, if this was already answered. I have searched the forum and couldn’t find it.

I have opened Chase Sapphire checking ($1000 promotion) and funded. I also opened Chase You Invest account. If I move the funds from Sapphire checking to You Invest, does the promotion is still going to be valid? I tried to talk to the customer service but they don’t have a clue.

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Mon Dec 02, 2019 4:37 pm

GentleBreeze wrote:
Tue Nov 26, 2019 11:04 pm
Sorry, if this was already answered. I have searched the forum and couldn’t find it.

I have opened Chase Sapphire checking ($1000 promotion) and funded. I also opened Chase You Invest account. If I move the funds from Sapphire checking to You Invest, does the promotion is still going to be valid? I tried to talk to the customer service but they don’t have a clue.
The bonus that I collected was 60,000 UR and it required a combined balance across chase banking and investments of $75,000. I imagine the same would be true for you, but cannot say for sure. We received an email from chase clarifying the requirements after a few weeks. Be on the lookout, as you may be able to find the info you seek there.

MAJIC9
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Re: You Invest by JP Morgan Chase

Post by MAJIC9 » Mon Dec 02, 2019 8:10 pm

GentleBreeze wrote:
Tue Nov 26, 2019 11:04 pm
Sorry, if this was already answered. I have searched the forum and couldn’t find it.

I have opened Chase Sapphire checking ($1000 promotion) and funded. I also opened Chase You Invest account. If I move the funds from Sapphire checking to You Invest, does the promotion is still going to be valid? I tried to talk to the customer service but they don’t have a clue.
I see no reason why it would not be valid..

DesertMan
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Re: You Invest by JP Morgan Chase

Post by DesertMan » Mon Dec 02, 2019 9:37 pm

Wait, am I reading all this right?

You can buy Vanguard *mutual funds,* even the money market funds, with no transaction fee at You Invest?

It sounds like JP Morgan has resurrected VanguardAdvantage!

Blue456
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Re: You Invest by JP Morgan Chase

Post by Blue456 » Mon Dec 02, 2019 9:50 pm

DesertMan wrote:
Mon Dec 02, 2019 9:37 pm
Wait, am I reading all this right?

You can buy Vanguard *mutual funds,* even the money market funds, with no transaction fee at You Invest?

It sounds like JP Morgan has resurrected VanguardAdvantage!
I would like to know the answer to the above as well.

ppdandekar
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Re: You Invest by JP Morgan Chase

Post by ppdandekar » Mon Dec 02, 2019 11:00 pm

Yes, you can trade Vanguard mutual funds in YouInvest. It is quite convenient for keeping funds in VMMXX or other money market funds to maintain emergency fund in Chase with high yield.

There is a problem of cost basis in YouInvest. They only offer average cost basis for mutual funds not SpecID, so trading VTSAX or other stock market funds in YouInvest may not be a good idea. They apparently do offer SpecID cost basis for individual stocks and ETFs but not for mutual funds.

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Re: You Invest by JP Morgan Chase

Post by jpsfranks » Mon Dec 02, 2019 11:58 pm

DesertMan wrote:
Mon Dec 02, 2019 9:37 pm
Wait, am I reading all this right?

You can buy Vanguard *mutual funds,* even the money market funds, with no transaction fee at You Invest?

It sounds like JP Morgan has resurrected VanguardAdvantage!
I don't believe you can use positions in your You Invest account, money market funds or otherwise, as a settlement account for debits/checkwriting in your linked checking account, however, so you'd have to sell from a You Invest money market fund at least one trading day in advance of needing the cash, and then transfer the settled cash to checking. It doesn't seem all that much more convenient than just holding a Vanguard money market fund at Vanguard and then manually ACHing to your checking as needed.

itgeek
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Re: You Invest by JP Morgan Chase

Post by itgeek » Tue Dec 03, 2019 7:34 am

I recently moved my banking to chase sapphire and will keep $75k minimum in You Invest using Vanguard MM funds. So far, it’s been an incredible experience. Best is I am also joint account holder with kids own checking accounts and they inherit all the benefits of sapphire banking (mostly for no ATM fee whatsoever). Chase has been great in sending free supplies of checks, safe deposit box etc. We travel a lot specially internationally but in the past avoided ATMs due to high fees and foreign transaction fees. It should be 0 now.

When I need to move funds from Vanguard, I now use wire instead of ACH. No wire fees on both sides.

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Tue Dec 03, 2019 7:47 am

ppdandekar wrote:
Mon Dec 02, 2019 11:00 pm
Yes, you can trade Vanguard mutual funds in YouInvest. It is quite convenient for keeping funds in VMMXX or other money market funds to maintain emergency fund in Chase with high yield.

There is a problem of cost basis in YouInvest. They only offer average cost basis for mutual funds not SpecID, so trading VTSAX or other stock market funds in YouInvest may not be a good idea. They apparently do offer SpecID cost basis for individual stocks and ETFs but not for mutual funds.
If you send them a written, secure message specifying the account number and that you wish your mutual fund shares to be tracked on an original cost basis, you will be able to see the specific lots on your statements. You still will not see them online, which I THINK means you have to call Chase to Specify which mutual fund shares you want to sell. The cost for agent assisted trades is $20, and I am unsure whether that would be waived for Sapphire Banking customers.

My major gripes with YouINvest thus far are the lack of a personal performance tracker, a sub-par watchlist tool, and the lack of the ability to track outside accounts/Full View Tool for spending like Fidelity has.

Being able to hold vanguard mutual funds without a transaction fee is pretty a big plus though!

student
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Re: You Invest by JP Morgan Chase

Post by student » Tue Dec 03, 2019 7:49 am

You guys are making it very tempting for me to take its $1,000 offer.

jianglai
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Re: You Invest by JP Morgan Chase

Post by jianglai » Sat Dec 14, 2019 12:33 am

ulladulla28 wrote:
Tue Dec 03, 2019 7:47 am
ppdandekar wrote:
Mon Dec 02, 2019 11:00 pm
Yes, you can trade Vanguard mutual funds in YouInvest. It is quite convenient for keeping funds in VMMXX or other money market funds to maintain emergency fund in Chase with high yield.

There is a problem of cost basis in YouInvest. They only offer average cost basis for mutual funds not SpecID, so trading VTSAX or other stock market funds in YouInvest may not be a good idea. They apparently do offer SpecID cost basis for individual stocks and ETFs but not for mutual funds.
If you send them a written, secure message specifying the account number and that you wish your mutual fund shares to be tracked on an original cost basis, you will be able to see the specific lots on your statements. You still will not see them online, which I THINK means you have to call Chase to Specify which mutual fund shares you want to sell. The cost for agent assisted trades is $20, and I am unsure whether that would be waived for Sapphire Banking customers.

My major gripes with YouINvest thus far are the lack of a personal performance tracker, a sub-par watchlist tool, and the lack of the ability to track outside accounts/Full View Tool for spending like Fidelity has.

Being able to hold vanguard mutual funds without a transaction fee is pretty a big plus though!
I have been going back and forth with Chase both via secure messages and on the Phone regarding mutual fund cost basis for a while. Their reps' lack of knowledge in this regard is astonishing. One phone rep was able to repeat to me me all four tax lots that I supplied online, so they clearly had that information in their system. But a week later it still didn't show up online, so I called them again and another rep told me that they only saw short term and long term, not the individual lots. They asked me to submit the cost basis again...

Also, does your mutual fund tax lots also not show the acquisition date, even for the ones bought at Chase (i. e. not transferred in)?

ulladulla28
Posts: 67
Joined: Sat Jan 14, 2017 9:26 am

Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Tue Dec 17, 2019 9:10 am

jianglai wrote:
Sat Dec 14, 2019 12:33 am
I have been going back and forth with Chase both via secure messages and on the Phone regarding mutual fund cost basis for a while. Their reps' lack of knowledge in this regard is astonishing. One phone rep was able to repeat to me me all four tax lots that I supplied online, so they clearly had that information in their system. But a week later it still didn't show up online, so I called them again and another rep told me that they only saw short term and long term, not the individual lots. They asked me to submit the cost basis again...

Also, does your mutual fund tax lots also not show the acquisition date, even for the ones bought at Chase (i. e. not transferred in)?
You cannot see this information online. Once you submit the request, you will see individual lots on your statements only. AND this will only be for lots you acquire AFTER you submit the request to them. So, any MF lots transferred in will not show spec id/acq date on statements. Only short term and long term. It is a big gripe and one I hope they find a way to fix. However, not really a huge deal for a buy-and-hold investor. I guess the downside is the difficulty in doing TLH or someone in a withdrawal phase.

ulladulla28
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Tue Dec 17, 2019 9:12 am

On another note, I see that Chase finally added a way to link external accounts. However, all it does is display balances and transactions. There is no way to aggregate the data with your chase accounts, and still no way to track personal performance of your investments - this is a really big gripe of mine.

It seems they are still tweaking the site and offering, so hopefully they will add these features at some point. I would really like to see something similar to the analysis features that Fidelity offers.

jianglai
Posts: 3
Joined: Wed Nov 27, 2019 9:27 pm

Re: You Invest by JP Morgan Chase

Post by jianglai » Tue Dec 17, 2019 9:55 am

ulladulla28 wrote:
Tue Dec 17, 2019 9:10 am
jianglai wrote:
Sat Dec 14, 2019 12:33 am
I have been going back and forth with Chase both via secure messages and on the Phone regarding mutual fund cost basis for a while. Their reps' lack of knowledge in this regard is astonishing. One phone rep was able to repeat to me me all four tax lots that I supplied online, so they clearly had that information in their system. But a week later it still didn't show up online, so I called them again and another rep told me that they only saw short term and long term, not the individual lots. They asked me to submit the cost basis again...

Also, does your mutual fund tax lots also not show the acquisition date, even for the ones bought at Chase (i. e. not transferred in)?
You cannot see this information online. Once you submit the request, you will see individual lots on your statements only. AND this will only be for lots you acquire AFTER you submit the request to them. So, any MF lots transferred in will not show spec id/acq date on statements. Only short term and long term. It is a big gripe and one I hope they find a way to fix. However, not really a huge deal for a buy-and-hold investor. I guess the downside is the difficulty in doing TLH or someone in a withdrawal phase.
I did some experiments by buying small amounts of stocks, etfs and mutual funds after my account has been set to original cost and the default selling method set to "long term, high cost". I was able to select tax lots for stocks and etfs but not mutual funds online, consistent with what you described. I think the fundamental difference is that for stock/ETF, the unit of transaction is shares whereas for mutual funds the unit is the dollar amount. So it would be difficult to specify tax lots when specifying the dollar amount of mutual funds to sell and FIFO is much natural. I don't have much experience with other brokers, do they allow one to buy/sell mutual funds in terms of number of shares instead of dollar amounts? How does tax lot selection work when specifying the dollar amount?

Also, one secure message did say that they are not able to display spec id on chase.com for mutual funds and asks me to call when selling, so I suspect that will indeed allow one to sell with spec id, albeit with the $25/trade cost?

ulladulla28
Posts: 67
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Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Mon Jan 06, 2020 5:20 pm

I noticed that you can now link outside accounts to Chase Banking Platform. The only information available is balance information and transaction data. It does not seem to integrate with other chase account data to display reports on spending, asset allocation, or personal performance. I really wish they would add this... has me considering moving to Fidelity or Merrill.

ulladulla28
Posts: 67
Joined: Sat Jan 14, 2017 9:26 am

Re: You Invest by JP Morgan Chase

Post by ulladulla28 » Mon Jan 06, 2020 5:20 pm

I noticed that you can now link outside accounts to Chase Banking Platform. The only information available is balance information and transaction data. It does not seem to integrate with other chase account data to display reports on spending, asset allocation, or personal performance. I really wish they would add this... has me considering moving to Fidelity or Merrill.

Seasonal
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Re: You Invest by JP Morgan Chase

Post by Seasonal » Mon Jan 06, 2020 5:42 pm

Am I reading correctly that you can buy any Vanguard mutual fund through You Invest and having more than $75,000 in all Chase accounts (including YouInvest) gets you Sapphire Checking, which essentially waives all Chase fees?

Do you get a bonus if moving money from an existing Chase account? I'm only seeing a cash bonus (e.g. $200 for investing up to $100,000), although this thread suggests either a higher amount of UR points?

Can you move funds quickly and easily between, for example, a money market or short term bond fund and checking?

Apologies if this is duplicative.

SlowMovingInvestor
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Re: You Invest by JP Morgan Chase

Post by SlowMovingInvestor » Mon Jan 06, 2020 7:17 pm

Seasonal wrote:
Mon Jan 06, 2020 5:42 pm
Am I reading correctly that you can buy any Vanguard mutual fund through You Invest and having more than $75,000 in all Chase accounts (including YouInvest) gets you Sapphire Checking, which essentially waives all Chase fees?

Do you get a bonus if moving money from an existing Chase account? I'm only seeing a cash bonus (e.g. $200 for investing up to $100,000), although this thread suggests either a higher amount of UR points?

Can you move funds quickly and easily between, for example, a money market or short term bond fund and checking?
1) I am not sure you can buy *any* VG mutual fund, but you can buy many, yes. Including MMF and Admiral Funds. Yes, you do get Sapphire Checking, which waives lots of Chase fees.

2) You don't get a bonus if moving money from an existing Chase account, IIRC. Indeed, I'd even be wary of funding the account by depositing money first in the banking account, then transferring to YouInvest. I'd put money directly in YouInvest

3) It takes one day to move funds -- you sell, it goes into your settlement fund, then you transfer from settlement fund to checking, which happens immediately. Reverse for buying.

Nummerkins
Posts: 452
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Re: You Invest by JP Morgan Chase

Post by Nummerkins » Mon Jan 06, 2020 7:27 pm

Seasonal wrote:
Mon Jan 06, 2020 5:42 pm
Am I reading correctly that you can buy any Vanguard mutual fund through You Invest and having more than $75,000 in all Chase accounts (including YouInvest) gets you Sapphire Checking, which essentially waives all Chase fees?

Do you get a bonus if moving money from an existing Chase account? I'm only seeing a cash bonus (e.g. $200 for investing up to $100,000), although this thread suggests either a higher amount of UR points?

Can you move funds quickly and easily between, for example, a money market or short term bond fund and checking?

Apologies if this is duplicative.
https://accounts.chase.com/consumer/ban ... rechampion

Ends soon. $1000 for bringing 75,000 of new money to Chase.

I am winding down the 90 day clock myself with 75,000 in Vanguard's MMF.

Seasonal
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Re: You Invest by JP Morgan Chase

Post by Seasonal » Tue Jan 07, 2020 1:56 pm

In effect, you could use Prime Money Market as a higher interest version of a savings account. Just keep a small amount for liquidity in Chase checking and move money as needed from the money market (or whatever investments make sense). Wire in funds from Vanguard if you need more.

Put another way, it's the functional equivalent of a Fidelity or the former Vanguard cash management account.

Am I missing something?

SlowMovingInvestor
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Re: You Invest by JP Morgan Chase

Post by SlowMovingInvestor » Tue Jan 07, 2020 2:15 pm

Seasonal wrote:
Tue Jan 07, 2020 1:56 pm
In effect, you could use Prime Money Market as a higher interest version of a savings account. Just keep a small amount for liquidity in Chase checking and move money as needed from the money market (or whatever investments make sense). Wire in funds from Vanguard if you need more.

Put another way, it's the functional equivalent of a Fidelity or the former Vanguard cash management account.

Am I missing something?
You are right in general although if you don't have a Sapphire Account, you will pay for incoming wire transfers. If you *do* have a Sapphire Account, the question is whether you want to keep 75K at Chase in MMFs (to avoid Sapphire fees). In theory, you can invest in other ETFs, MFs etc. But I frankly don't trust YouInvest's 1099 generation and lot tracking enough. Chase has very talented IT staff, but this is a new area for them.

I'm also not convinced that Chase is committed to YouInvest. With all the $0 commission brokerages, YouInvest has fewer selling points except tight integration with Chase (and $0 options trading ?).

itgeek
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Re: You Invest by JP Morgan Chase

Post by itgeek » Tue Jan 07, 2020 10:27 pm

Seasonal wrote:
Tue Jan 07, 2020 1:56 pm
In effect, you could use Prime Money Market as a higher interest version of a savings account. Just keep a small amount for liquidity in Chase checking and move money as needed from the money market (or whatever investments make sense). Wire in funds from Vanguard if you need more.

Put another way, it's the functional equivalent of a Fidelity or the former Vanguard cash management account.

Am I missing something?
I have moved to this setup about 1 month ago and loving it. $75K at YouInvest in VUSXX fund just to maintain sapphire privileges. It has simplified my banking, ATM access, wires, bill pay etc dramatically. I also use Chase credit cards so that too is much easier to track and pay. So outside of vanguard, everything is now managed using a cool chase mobile app. And moving money from Vanguard is now via wire instead of ACHs as I don't have to pay for incoming wires. Plenty of chase branches opening all over in NJ area so that is another convenience. Lastly, college bound kids have their own chase checking account with Sapphire access (as I am joint) which will make their banking much simpler with no extra charges. So far loving this new setup.

pj1983
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Location: NoVA

Re: You Invest by JP Morgan Chase

Post by pj1983 » Wed Jan 08, 2020 11:05 am

beachbum5011 wrote:
Fri Jan 04, 2019 8:53 pm
Hoping for some clarification. My partner and I just opened a new joint Chase checking and savings account together, in order to take advantage of the checking and saving bonus offer ($600 total). We both have a sapphire card and received an offer for an additional 60K in points when opening an You Invest account with a 75K min balance. My question is has anyone been able to double dip with the $600 offer and the upgrade to $75k min with 60k points? We have been hearing mixed direction from Chase reps.
Did you ever get resolution to this question? I asked a similar question over in the Brokerage Bonus thread:
Does anyone know (or can point me to appropriate Chase docs) how Chase tracks the yearly bonus limits? My wife sees the $1k Sapphire offer on her page when she logs into Chase, and I have a $625 YouInvest bonus on my page. We're "linked" through existing joint Chase credit cards and a checking account, but I'd like to grab both bonuses if we can.

Nummerkins
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Joined: Tue Jun 01, 2010 4:41 pm

Re: You Invest by JP Morgan Chase

Post by Nummerkins » 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.

Big Jim24
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Re: You Invest by JP Morgan Chase

Post by Big Jim24 » 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?

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