You Invest by JP Morgan Chase

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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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Joined: Tue Apr 09, 2019 10:43 am

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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abuss368
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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: "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!

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