Chase/JP Morgan: better customer service w/private client level accounts?

[MCST]

I was looking at taking advantage of a Chase Private Client transfer bonus. I’m curious about their customer service.

With CPC, if you call Chase or JPM, do you get a knowledgeable US based rep?

Is it the same across personal, business, and investments?

My experience with “regular” Chase has been pretty miserable. Their phones route to overseas call centers and are not very helpful. If the experience is the same with CPC, I’ll pass on the offer.

[japh]

As a Chase Private Client I was assigned a Private Client banker at my local branch. If i need anything other than normal banking transactions, I can call her with whatever business I need to take care of.

[MCST]

As a Chase Private Client I was assigned a Private Client banker at my local branch. If i need anything other than normal banking transactions, I can call her with whatever business I need to take care of.

Thanks. I had a rep at Schwab, but they were never available when you needed them. Is the CPC rep generally better? And do you have to go through them, or is there a CPC specific number you can call and just deal with a phone rep?

[japh]

As a Chase Private Client I was assigned a Private Client banker at my local branch. If i need anything other than normal banking transactions, I can call her with whatever business I need to take care of.

Thanks. I had a rep at Schwab, but they were never available when you needed them. Is the CPC rep generally better? And do you have to go through them, or is there a CPC specific number you can call and just deal with a phone rep?

My banker has given me her private phone number which I have used only once. I have not had any problems contacting her, but your experience will depend on your assigned banker.

[retiringwhen]

My parents use CPC and when my father passed away, the private banker probably saved us a dozen of hours of research and trouble and put a happy, helpful, kind face on an unpleasant week.

I am normally not a fan of all these "service" offerings with nebulous benefits, but in this case, it was wonderful.

Dealt with Trust updates, helped find an Investment manager to deal with a somewhat archaic Annuity, closed credit cards, issued new one for my mom, IRA review, etc. All in two meetings with the Rep.

I have to say, they have had the same person for 10 years, so it was actually a very personal experience.

IOW, I can see the value of such a relationship, especially once my DS and I get into our advanced years.

The did have an investment guy and paid AUM fees at one time, but went DIY several years before my dad passed.

YMMV

PS: In fact, the experience supporting my mother in this effort has made me seriously consider opening an account at Chase and moving enough money there to make them my primary bank with CPC, but not my primary investment house. I have had credit cards with them forever and consider their service unmatched (Synchrony anyone?)

[Super Hans]

It's not entirely transparent, but at some point my online experience at JPMC changed from the Chase blue to the JPM brown. Fortunately, I very rarely have the misfortune of needing to call a bank. Over the summer, though, JPMC didn't like something about my VPN apparently. They shut down my access. But the app gave a special JPM number to call. They answered on the first ring, ostensibly in the US, and dealt with another desk behind the scenes on my behalf. It was fine, with everything resolved quickly. In contrast, there are Reddit threads detailing the horrors of having to deal with offshore call centers to overcome a lockout. But I don't know what I had to do to get access to upgraded customer support--if I'm coded as Private Bank or if it's just because I have money in the self-invest/legacy YouInvest account.

[retiringwhen]

It's not entirely transparent, but at some point my online experience at JPMC changed from the Chase blue to the JPM brown. Fortunately, I very rarely have the misfortune of needing to call a bank. Over the summer, though, JPMC didn't like something about my VPN apparently. They shut down my access. But the app gave a special JPM number to call. They answered on the first ring, ostensibly in the US, and dealt with another desk behind the scenes on my behalf. It was fine, with everything resolved quickly. In contrast, there are Reddit threads detailing the horrors of having to deal with offshore call centers to overcome a lockout. But I don't know what I had to do to get access to upgraded customer support--if I'm coded as Private Bank or if it's just because I have money in the self-invest/legacy YouInvest account.

I had almost exactly the same experience (locked out due to use in a location different than my home). Got a nice local human who resolved the issues with humor and efficiency.

I am a lowest level schmuck personally at JPM.

[MCST]

I have to say, they have had the same person for 10 years, so it was actually a very personal experience.

PS: In fact, the experience supporting my mother in this effort has made me seriously consider opening an account at Chase and moving enough money there to make them my primary bank with CPC, but not my primary investment house. I have had credit cards with them forever and consider their service unmatched (Synchrony anyone?)

That's pretty impressive to have someone for 10 years. Did your parents have a business? I'm curious if CPC will also help with business accounts and lending.

[MCST]

It's not entirely transparent, but at some point my online experience at JPMC changed from the Chase blue to the JPM brown.

Do you have assets managed by JPM? My understanding the transition from JPMC to JPM is at the private bank level requiring 10m in assets and an AUM arrangement.

[Sandtrap]

I was looking at taking advantage of a Chase Private Client transfer bonus. I’m curious about their customer service.

With CPC, if you call Chase or JPM, do you get a knowledgeable US based rep?

Is it the same across personal, business, and investments?

My experience with “regular” Chase has been pretty miserable. Their phones route to overseas call centers and are not very helpful. If the experience is the same with CPC, I’ll pass on the offer.

As far as banking and "private client" banking at Chase, For anything that's needed "in person", "person to person", (not drive thru window/station), at local branches;
The same cumbersome procedures and protocols that have antiquated "brick and mortar" banking at many banks.

Though I no longer have use for such things, "Private client" banking at Well's Fargo has been more efficient with updated procedures and protocols.

This is likely branch specific as "many/most" will have other personal experiences that differ greatly. Going to a local bank to get things done should not feel like waiting forever at the DMV in the old days.

j

[inverter]

It's not entirely transparent, but at some point my online experience at JPMC changed from the Chase blue to the JPM brown.

Do you have assets managed by JPM? My understanding the transition from JPMC to JPM is at the private bank level requiring 10m in assets and an AUM arrangement.

J.P. Morgan Private Client is a new tier that's at the $750k mark. https://www.jpmorgan.com/private-client

[retiringwhen]

I have to say, they have had the same person for 10 years, so it was actually a very personal experience.

PS: In fact, the experience supporting my mother in this effort has made me seriously consider opening an account at Chase and moving enough money there to make them my primary bank with CPC, but not my primary investment house. I have had credit cards with them forever and consider their service unmatched (Synchrony anyone?)

That's pretty impressive to have someone for 10 years. Did your parents have a business? I'm curious if CPC will also help with business accounts and lending.

They did have a business for probably the 1st 10 years they were with Chase out west, but not the last 10 years. I cannot say if the personal banker helped with that as I was not involved in their day to day finances back then.

I agree with the other poster, an individual's experience is likely to be very locally influenced. My parents lived in a giant retirement community and the branch was a primary server of that community so that Chase branch is fully invested and experienced in dealing with retirees, death, and dying.

There are two things that most impressed me. One they had an excellent, easy to use appointment system that seemed to run on time. Two, the personal banker could and would execute the cumbersome processes necessary at the time.

My experience with Vanguard is just the opposite. We have a "Wealth Management Relationship Manager" whose primary skill is making small talk. She is not empowered or maybe trained to do anything actually useful. All she does is "bring someone in to execute". Vanguard's procedures are getting better for DIY users, but still troublesome at times.

[life_force_prana]

I think there are two completely different issues here. I understand that OP is looking to set up PC relationship to avoid dealing with offshore call centers for regular and all banking matters, and hence the question is does JMP have a way to code PC clients to get routed to US based reps. Having a PC banker at branch doesnt always solve the whole spectrum of issues (e.g. credit card chase ultimate rewards errors or questions or bonus etc.)

My sense is JPM is not set up like that for US based service for 100% of issues for PC clients (I am not familiar but guessing if you have ton of assets they may have something better).

Banks that pride and advertise as such do that for everyone, e.g Discover,

[MCST]

I had a meeting with a Chase private client advisor this morning since I'm looking to consolidate business and personal accounts at one bank, (I'll still keep BoA for Preferred Rewards though...) I was very, very impressed with Chase.

On the banking side they explained how CPC works, options for my business accounts, etc.

On the investment side, they asked if I currently had an advisor and I said no I self-manage my investments. I was expecting a sales pitch, but didn't get one at all. They just said "great" and then explained that VG money markets trade for free and it's better than sticking it in a savings account, that all of my iShares/VG ETFs will transfer in kind and trade for free, and that Chase has made major improvements to the brokerage platform since it launched to be competitive with Fidelity and Schwab including offering partial ETF share purchases.

They also confirmed that CPC clients get US based customer service.

Overall I was quite impressed with the offering.

Does anyone hold a lot of assets at Chase, and can confirm if the actual experience is as good as the onboarding? I was thinking of moving over a large portion of our taxable account to get the $3k CPC bonus. Worst case, if it's not good I can just transfer back out.

The only annoying thing is you have to go to a branch to open joint accounts.

[Meg77]

It's not entirely transparent, but at some point my online experience at JPMC changed from the Chase blue to the JPM brown.

Do you have assets managed by JPM? My understanding the transition from JPMC to JPM is at the private bank level requiring 10m in assets and an AUM arrangement.

J.P. Morgan Private Client is a new tier that's at the $750k mark. https://www.jpmorgan.com/private-client

I was a Private Banker at J.P. Morgan for years until recently and can affirm that the minimum to be a private bank client and be served by J.P. Morgan is $5,000,000 in assets/deposits/loans. And it's $10,000,000 in most major cities for all intents and purposes; most markets advertise that it's $10MM and only entry level bankers are willing to go after or serve clients with $5M - $10M. You can start a relationship with less if your banker wants to (in some markets) but the expectation is you will get there within a year or be booted back to Chase/consumer.

The branding is super confusing, and many clients understandably think they are in the private bank and work with J.P. Morgan, but they are actually Chase clients on the retail platform. Chase Private Client and JPM Private Client (an absurd new category that even JPM bankers are confused by) are both divisions of the retail bank and are under Chase and are part of the consumer bank, not the Asset and Wealth Management division (which is where the Private Bank sits). If your banker works at a chase retail branch, you're not in the private bank.

That said, the private client experience is still a step up from just regular retail, and many of the Chase Private Client bankers are very good and stay with the firm for many years. The products are similar but not the same - private bank clients get access to totally different mortgage rates, loan opportunities, and alternative investments as well as better deposit rates and deposit accounts with free wires (even international) and free ATMs (even if you pay a fee to a third party it will be automatically refunded).

Happy to answer any specific questions if I can.

[Meg77]

I had a meeting with a Chase private client advisor this morning since I'm looking to consolidate business and personal accounts at one bank, (I'll still keep BoA for Preferred Rewards though...) I was very, very impressed with Chase.

On the banking side they explained how CPC works, options for my business accounts, etc.

On the investment side, they asked if I currently had an advisor and I said no I self-manage my investments. I was expecting a sales pitch, but didn't get one at all. They just said "great" and then explained that VG money markets trade for free and it's better than sticking it in a savings account, that all of my iShares/VG ETFs will transfer in kind and trade for free, and that Chase has made major improvements to the brokerage platform since it launched to be competitive with Fidelity and Schwab including offering partial ETF share purchases.

They also confirmed that CPC clients get US based customer service.

Overall I was quite impressed with the offering.

Does anyone hold a lot of assets at Chase, and can confirm if the actual experience is as good as the onboarding? I was thinking of moving over a large portion of our taxable account to get the $3k CPC bonus. Worst case, if it's not good I can just transfer back out.

The only annoying thing is you have to go to a branch to open joint accounts.

I am a client and former employee and can confirm I've had nothing but good experiences with Private Client bankers at the firm. They are definitely invented to sell investments (which includes money market funds - anything with an expense ratio), but it's not the only goal - just plain vanilla deposits provide revenue to their cost centers as well and help them. I remain a client and love their app and platform, especially since Chase has the best credit cards. I like seeing everything in one place and have even debated moving my long term VG brokerage and IRA to JPM/Chase so that literally everything I have financially would be clearly visible on one screen of one good app.

[retiringwhen]

Our Chase Private Client Investment guy at a local branch is a former Vanguard Relationship Manager. He was pretty tight lipped about is thoughts on Vanguard when prompted. He is actually a pretty straight shooter and helping my mom out with little expectation of significant business.

[MCST]

I was a Private Banker at J.P. Morgan for years until recently and can affirm that the minimum to be a private bank client and be served by J.P. Morgan is $5,000,000 in assets/deposits/loans. And it's $10,000,000 in most major cities for all intents and purposes; most markets advertise that it's $10MM and only entry level bankers are willing to go after or serve clients with $5M - $10M. You can start a relationship with less if your banker wants to (in some markets) but the expectation is you will get there within a year or be booted back to Chase/consumer.

The branding is super confusing, and many clients understandably think they are in the private bank and work with J.P. Morgan, but they are actually Chase clients on the retail platform. Chase Private Client and JPM Private Client (an absurd new category that even JPM bankers are confused by) are both divisions of the retail bank and are under Chase and are part of the consumer bank, not the Asset and Wealth Management division (which is where the Private Bank sits). If your banker works at a chase retail branch, you're not in the private bank.

That said, the private client experience is still a step up from just regular retail, and many of the Chase Private Client bankers are very good and stay with the firm for many years. The products are similar but not the same - private bank clients get access to totally different mortgage rates, loan opportunities, and alternative investments as well as better deposit rates and deposit accounts with free wires (even international) and free ATMs (even if you pay a fee to a third party it will be automatically refunded).

Happy to answer any specific questions if I can.

Thanks! I agree the branding between CPC and JPM PC seems very weird. I think it may have been something to do with the First Republic takeover?

When you worked at the bank, was there a big push to have the bankers sell stuff to people in CPC? I was pleasantly surprised that the person I met with had a lot of info on how the brokerage was great for self-directed investors, how Chase improved it vastly since it launched, and even recommended VG money markets for extra cash. But I wonder if once you sign up they start the sales pitches?

In terms of CPC, does it help on the business side? (for getting limes of credit approved, sorting out issues, etc.).

[Meg77]

Thanks! I agree the branding between CPC and JPM PC seems very weird. I think it may have been something to do with the First Republic takeover?

Yes I think you're right, the JPM PC / First Republic tie is explicitly mentioned on the website: "J.P. Morgan Private Client brings together the extraordinary service of First Republic Bank- acquired by J.P. Morgan Chase in 2023- with the breadth of J.P. Morgan expertise and products, all delivered by your personal Relationship Manager."

https://www.jpmorgan.com/private-client

But I was there during the merger and many of the First Republic clients became private bank clients. I guess this is a way to try to retain the rest who didn't have enough money to be in the actual JP Morgan PB. But it's really diluting the JP Morgan Brand in my opinion, beyond causing all kinds of problems internally with regard to who is supposed to service whom and who can call on which prospects and clients. There can be a lot of animosity for example when a CPC (or JPMPC) grows large enough to be a private bank prospect; retail bankers understandably hate it when they lose their biggest clients to the private bank.

When you worked at the bank, was there a big push to have the bankers sell stuff to people in CPC? I was pleasantly surprised that the person I met with had a lot of info on how the brokerage was great for self-directed investors, how Chase improved it vastly since it launched, and even recommended VG money markets for extra cash. But I wonder if once you sign up they start the sales pitches?

Haha, you have already experienced the sales pitch! Do not fear - it's not so unpleasant, is it?

One thing I can tell you for sure is that in every line of business there is always and forever a very "big push" to sell stuff to clients. But people on forums like this forget what that means and assume that means they are going to be trapped in a room like it's a timeshare pitch and pressured to by loaded mutual funds and whole life insurance. That is NOT a thing - banks don't even sell those types of products.

The "stuff" your Chase banker will "sell" you is the stuff you are going to want and expect from a bank - checking accounts, credit cards, mortgages, business lines of credit, CDs, brokerage products like ETFs and mutual funds, and so on and so forth. ALL those products make money for the bank and your banker - even plain vanilla free checking accounts (the net interest revenue on demand deposits is one of the most valuable things a banker can sell even though it doesn't cost you a dime.)

Chase and JPM bankers are all paid incentive comp beyond their salaries based on three goals - growing revenue, increasing investments/deposits/loans, and onboarding new clients. Those goals can overlap, but they are distinct. And in the PB at least, onboarding a new client is the most important. You cannot "exceed expectations" even if your existing clients grow like crazy if you aren't onboarding new clients periodically. It doesn't even matter if they just move over a giant checking account and it just sits there - the banker and her manager will be thrilled. Marginally increasing the revenue on that client is an ancillary goal by comparison.

Financial sales is just a fact of life and does not mean that you will have to endure odious sales pitches nor that you will not receive - and should not expect - excellent customer service. LOSING a client hurts bankers too. And the best bankers are very aware of the balance. You have to present products your client actually needs and may want and also be sure not to annoy them. Referrals are the best way for bankers to grow and succeed, after all - not selling an existing client a more expensive fund than she already has.

In terms of CPC, does it help on the business side? (for getting limes of credit approved, sorting out issues, etc.).

Yes I'm sure it does. The CPC bankers are incensed to close referrals to all other lines of business so will be more than happy to help facilitate your loan applications, credit card applications, or anything else. They are also easier to reach and also will have better internal relationships for any kind of general service needs. I became friends with the ones who worked in the branch in my building; they are really good people and pleasant bankers to interact with in my experience. Just because they are savvy salespeople doesn't mean you should be afraid!

[Super Hans]

It's not entirely transparent, but at some point my online experience at JPMC changed from the Chase blue to the JPM brown.

Do you have assets managed by JPM? My understanding the transition from JPMC to JPM is at the private bank level requiring 10m in assets and an AUM arrangement.

I have insignificant assets with JPMC, but my ATM card and checks have a script "J.P. Morgan" across them instead of the Chase branding. I won't complain.

[MCST]

Yes I'm sure it does. The CPC bankers are incensed to close referrals to all other lines of business so will be more than happy to help facilitate your loan applications, credit card applications, or anything else. They are also easier to reach and also will have better internal relationships for any kind of general service needs. I became friends with the ones who worked in the branch in my building; they are really good people and pleasant bankers to interact with in my experience. Just because they are savvy salespeople doesn't mean you should be afraid!

I wanted to thank you for the input, and give a data point. I ended up going in to open personal and business accounts at a Chase branch. I went with Sapphire checking, but the banker said it's very easy to switch to CPC if we decide the extra features are worth it later.

I was, again, pleasantly surprised at how friendly and easy the Chase people were to work with when opening the accounts, especially considering how many negative things you hear about big banks. They didn't try to sell me anything, were very transparent about how bad their interest rates were, suggested using MMFs in the brokerage instead, and just explained the differences in the accounts and asked which one would fit our needs the best.

Perhaps this was just the branch I went to, but I am so far a very happy customer.

[er999]

That said, the private client experience is still a step up from just regular retail, and many of the Chase Private Client bankers are very good and stay with the firm for many years. The products are similar but not the same - private bank clients get access to totally different mortgage rates, loan opportunities, and alternative investments as well as better deposit rates and deposit accounts with free wires (even international) and free ATMs (even if you pay a fee to a third party it will be automatically refunded).

Happy to answer any specific questions if I can.

Just out of curiosity, if someone isn’t planning on borrowing money and is only investing in boglehead style index funds, is there any significant benefits to someone with 10 million plus beyond relatively trivial things like ATM fee reimbursement? Do you get better deposit rates than T bills?

Perhaps most useful for people doing the borrow instead of selling assets to live on and taking advantage of the step up basis after death the so called buy, borrow, die strategy. I can see how banks would love this type of customer as they are locked in for life.

[djshackesq]

The major issues that come into play with Chase when I had Sapphire Banking with them were (1) constant security blocks around many things, including a $100 transfer from my Chase checking account to my Chase brokerage account, and (2) very poor customer service most of the time.

On point (1), when I banked with Chase, I was constantly thinking, “will this cause my accounts to be locked or closed out?” At one point they locked my account daily for three days in a row due to silly little routine transactions. Then you need to call their offshore call center to get it unlocked.

For point (2), they do have a Sapphire Banking number which sometimes is answered by helpful US based reps, but sometimes it still routes to their offshore call centers which are very poor.

All in all I’ve left Chase and gone with Fidelity plus a community savings bank that has phenomenal service for all customers.

[tj]

Thanks! I agree the branding between CPC and JPM PC seems very weird. I think it may have been something to do with the First Republic takeover?

Yes I think you're right, the JPM PC / First Republic tie is explicitly mentioned on the website: "J.P. Morgan Private Client brings together the extraordinary service of First Republic Bank- acquired by J.P. Morgan Chase in 2023- with the breadth of J.P. Morgan expertise and products, all delivered by your personal Relationship Manager."

https://www.jpmorgan.com/private-client

But I was there during the merger and many of the First Republic clients became private bank clients. I guess this is a way to try to retain the rest who didn't have enough money to be in the actual JP Morgan PB. But it's really diluting the JP Morgan Brand in my opinion, beyond causing all kinds of problems internally with regard to who is supposed to service whom and who can call on which prospects and clients. There can be a lot of animosity for example when a CPC (or JPMPC) grows large enough to be a private bank prospect; retail bankers understandably hate it when they lose their biggest clients to the private bank.

When you worked at the bank, was there a big push to have the bankers sell stuff to people in CPC? I was pleasantly surprised that the person I met with had a lot of info on how the brokerage was great for self-directed investors, how Chase improved it vastly since it launched, and even recommended VG money markets for extra cash. But I wonder if once you sign up they start the sales pitches?

Haha, you have already experienced the sales pitch! Do not fear - it's not so unpleasant, is it?

One thing I can tell you for sure is that in every line of business there is always and forever a very "big push" to sell stuff to clients. But people on forums like this forget what that means and assume that means they are going to be trapped in a room like it's a timeshare pitch and pressured to by loaded mutual funds and whole life insurance. That is NOT a thing - banks don't even sell those types of products.

The "stuff" your Chase banker will "sell" you is the stuff you are going to want and expect from a bank - checking accounts, credit cards, mortgages, business lines of credit, CDs, brokerage products like ETFs and mutual funds, and so on and so forth. ALL those products make money for the bank and your banker - even plain vanilla free checking accounts (the net interest revenue on demand deposits is one of the most valuable things a banker can sell even though it doesn't cost you a dime.)

Chase and JPM bankers are all paid incentive comp beyond their salaries based on three goals - growing revenue, increasing investments/deposits/loans, and onboarding new clients. Those goals can overlap, but they are distinct. And in the PB at least, onboarding a new client is the most important. You cannot "exceed expectations" even if your existing clients grow like crazy if you aren't onboarding new clients periodically. It doesn't even matter if they just move over a giant checking account and it just sits there - the banker and her manager will be thrilled. Marginally increasing the revenue on that client is an ancillary goal by comparison.

Financial sales is just a fact of life and does not mean that you will have to endure odious sales pitches nor that you will not receive - and should not expect - excellent customer service. LOSING a client hurts bankers too. And the best bankers are very aware of the balance. You have to present products your client actually needs and may want and also be sure not to annoy them. Referrals are the best way for bankers to grow and succeed, after all - not selling an existing client a more expensive fund than she already has.

In terms of CPC, does it help on the business side? (for getting limes of credit approved, sorting out issues, etc.).

Yes I'm sure it does. The CPC bankers are incensed to close referrals to all other lines of business so will be more than happy to help facilitate your loan applications, credit card applications, or anything else. They are also easier to reach and also will have better internal relationships for any kind of general service needs. I became friends with the ones who worked in the branch in my building; they are really good people and pleasant bankers to interact with in my experience. Just because they are savvy salespeople doesn't mean you should be afraid!

This is so interesting! It's fun that you can share more now that you're no longer working there. I hope you're enjoying everything about your post-banker life.

Do you think having CPC is worth bothering with if you only going for the initial $150k tier and would fulfill the bulk of that $$ with a self directed brokerage account of cheap ETFs with minimal trading? (I heard sometimes it's a hassle just to get them to open these brokerage accounts...?)

For years I've thought about consolidating - and a few years ago I thought it was going to be Schwab - I indeed had most things at Schwab - but then I keep finding these new promos and move my money around for bonuses.

I don't know why behaviorally earning $1000 on moving a $100k account seems super attractive when in reality the extra 1k is really on my overall portfolio which is considerably higher than that $100k and as a % of my overall portfolio, it's obviously well below 1%, but i guess there's a dopamine hit of that "easy extra $1k".

Even with Chase, I've done the checking/saving bonus every 2 years like clockwork...about to open another one, park $15k in a savings account for a few months and put a direct deposit into the checking account, get an easy $900 for my trouble...but the bigger my portfolio gets, the less this stuff really moves the needle mathematically.

I've been using a credit union out of Chicago for the past 14 years or so, but my checking account there pays 0.25%. Replacing that with CPC where it probably pays next to nothing is inconsequential to my financial life, but Chase has a better website, way more branches, better credit cards and the bill pay is probably more reliable too. I guess the question is: Does being a very low level CPC actually get you shorter hold times in the call centers if you have a problem?

[tj]

Yes I'm sure it does. The CPC bankers are incensed to close referrals to all other lines of business so will be more than happy to help facilitate your loan applications, credit card applications, or anything else. They are also easier to reach and also will have better internal relationships for any kind of general service needs. I became friends with the ones who worked in the branch in my building; they are really good people and pleasant bankers to interact with in my experience. Just because they are savvy salespeople doesn't mean you should be afraid!

I wanted to thank you for the input, and give a data point. I ended up going in to open personal and business accounts at a Chase branch. I went with Sapphire checking, but the banker said it's very easy to switch to CPC if we decide the extra features are worth it later.

I was, again, pleasantly surprised at how friendly and easy the Chase people were to work with when opening the accounts, especially considering how many negative things you hear about big banks. They didn't try to sell me anything, were very transparent about how bad their interest rates were, suggested using MMFs in the brokerage instead, and just explained the differences in the accounts and asked which one would fit our needs the best.

Perhaps this was just the branch I went to, but I am so far a very happy customer.

What were your reasons for choosing the Sapphire banking? Did they give you a transfer bonus for that?

[MCST]

What were your reasons for choosing the Sapphire banking? Did they give you a transfer bonus for that?

I wanted either private client or Sapphire so I had an account with free everything, and knew I'd move over enough cash to qualify for Sapphire. But I didn't want to commit to moving over $150k until I had a chance to get a feel for the JPM brokerage and see if it would be worth also moving over some ETFs. The banker I opened the accounts with said it's as easy as calling in and they click a button and can upgrade if I want to.

I did get an offer for moving assets into Chase Private Client, but I'm unclear on what accounts count towards the minimum transfer balance. It looks like you have to open a self-directed account that has transaction fees.

[student]

Yes I'm sure it does. The CPC bankers are incensed to close referrals to all other lines of business so will be more than happy to help facilitate your loan applications, credit card applications, or anything else. They are also easier to reach and also will have better internal relationships for any kind of general service needs. I became friends with the ones who worked in the branch in my building; they are really good people and pleasant bankers to interact with in my experience. Just because they are savvy salespeople doesn't mean you should be afraid!

I wanted to thank you for the input, and give a data point. I ended up going in to open personal and business accounts at a Chase branch. I went with Sapphire checking, but the banker said it's very easy to switch to CPC if we decide the extra features are worth it later.

I was, again, pleasantly surprised at how friendly and easy the Chase people were to work with when opening the accounts, especially considering how many negative things you hear about big banks. They didn't try to sell me anything, were very transparent about how bad their interest rates were, suggested using MMFs in the brokerage instead, and just explained the differences in the accounts and asked which one would fit our needs the best.

Perhaps this was just the branch I went to, but I am so far a very happy customer.

I have Sapphire checking and I don't see the advantage of CPC over Sapphire for my situation. Then recently I saw an email saying that CPC has 20% off safe deposit box rental as a benefit.

[MCST]

I have Sapphire checking and I don't see the advantage of CPC over Sapphire for my situation. Then recently I saw an email saying that CPC has 20% off safe deposit box as a benefit.

I agree, there isn't much of a difference. And none of the branches near me even offer safe deposit boxes anymore. I guess Chase is removing them and new branches don't have them.

The only benefits I see for CPC are (1) getting 27/4 US based support, (2) a team to help with mortgages and lending, which may result in better rates, and (3) better services on the business side.

After the Fidelity issues that have been unfolding, I realize having a single brokerage is a not a great idea idea, so I'm planning to make JPM my backup. I figured if I already have the assets there, why not just upgrade. It sounds pretty easy to downgrade later, if for some reason I don't want to use it anymore.

[student]

I have Sapphire checking and I don't see the advantage of CPC over Sapphire for my situation. Then recently I saw an email saying that CPC has 20% off safe deposit box as a benefit.

I agree, there isn't much of a difference. And none of the branches near me even offer safe deposit boxes anymore. I guess Chase is removing them and new branches don't have them.

The only benefits I see for CPC are (1) getting 27/4 US based support, (2) a team to help with mortgages and lending, which may result in better rates, and (3) better services on the business side.

After the Fidelity issues that have been unfolding, I realize having a single brokerage is a not a great idea idea, so I'm planning to make JPM my backup. I figured if I already have the assets there, why not just upgrade. It sounds pretty easy to downgrade later, if for some reason I don't want to use it anymore.

My branch does not offer new safe deposit box rental anymore but existing customers can keep them.

[tj]

What were your reasons for choosing the Sapphire banking? Did they give you a transfer bonus for that?

I wanted either private client or Sapphire so I had an account with free everything, and knew I'd move over enough cash to qualify for Sapphire. But I didn't want to commit to moving over $150k until I had a chance to get a feel for the JPM brokerage and see if it would be worth also moving over some ETFs. The banker I opened the accounts with said it's as easy as calling in and they click a button and can upgrade if I want to.

I did get an offer for moving assets into Chase Private Client, but I'm unclear on what accounts count towards the minimum transfer balance. It looks like you have to open a self-directed account that has transaction fees.

It does seems very YMMV to get them to open a "full service" self managed account that has no fees.

There's a lot of different relevant comments on this post:

https://www.doctorofcredit.com/chase-12 ... nt-1642276
https://www.doctorofcredit.com/chase-12 ... nt-1885643

[MCST]

What were your reasons for choosing the Sapphire banking? Did they give you a transfer bonus for that?

I wanted either private client or Sapphire so I had an account with free everything, and knew I'd move over enough cash to qualify for Sapphire. But I didn't want to commit to moving over $150k until I had a chance to get a feel for the JPM brokerage and see if it would be worth also moving over some ETFs. The banker I opened the accounts with said it's as easy as calling in and they click a button and can upgrade if I want to.

I did get an offer for moving assets into Chase Private Client, but I'm unclear on what accounts count towards the minimum transfer balance. It looks like you have to open a self-directed account that has transaction fees.

It does seems very YMMV to get them to open a "full service" self managed account that has no fees.

There's a lot of different relevant comments on this post:

https://www.doctorofcredit.com/chase-12 ... nt-1642276
https://www.doctorofcredit.com/chase-12 ... nt-1885643

Thanks! I'll probably stick with the self-directed. The bonus would be nice, but that seems like a huge hassle and gamble that the private client banker will be able to open it correctly. Paying for ETF trades is a no go for me.

[tj]

What were your reasons for choosing the Sapphire banking? Did they give you a transfer bonus for that?

I wanted either private client or Sapphire so I had an account with free everything, and knew I'd move over enough cash to qualify for Sapphire. But I didn't want to commit to moving over $150k until I had a chance to get a feel for the JPM brokerage and see if it would be worth also moving over some ETFs. The banker I opened the accounts with said it's as easy as calling in and they click a button and can upgrade if I want to.

I did get an offer for moving assets into Chase Private Client, but I'm unclear on what accounts count towards the minimum transfer balance. It looks like you have to open a self-directed account that has transaction fees.

It does seems very YMMV to get them to open a "full service" self managed account that has no fees.

There's a lot of different relevant comments on this post:

https://www.doctorofcredit.com/chase-12 ... nt-1642276
https://www.doctorofcredit.com/chase-12 ... nt-1885643

Thanks! I'll probably stick with the self-directed. The bonus would be nice, but that seems like a huge hassle and gamble that the private client banker will be able to open it correctly. Paying for ETF trades is a no go for me.

If you're going to pursue that, you might as well get the (smaller) bonus for it:

https://account.chase.com/investing/self-directedoffer

[Meg77]

That said, the private client experience is still a step up from just regular retail, and many of the Chase Private Client bankers are very good and stay with the firm for many years. The products are similar but not the same - private bank clients get access to totally different mortgage rates, loan opportunities, and alternative investments as well as better deposit rates and deposit accounts with free wires (even international) and free ATMs (even if you pay a fee to a third party it will be automatically refunded).

Happy to answer any specific questions if I can.

Just out of curiosity, if someone isn’t planning on borrowing money and is only investing in boglehead style index funds, is there any significant benefits to someone with 10 million plus beyond relatively trivial things like ATM fee reimbursement? Do you get better deposit rates than T bills?

Perhaps most useful for people doing the borrow instead of selling assets to live on and taking advantage of the step up basis after death the so called buy, borrow, die strategy. I can see how banks would love this type of customer as they are locked in for life.

If you have $10MM+ and can establish a private banking relationship, I would say it is worth it. And CPC is probably worth it over retail as well, None of the higher tier relationships cost you anything more - if anything you'll get fee discounts and better rates. And the service gets better. The whole business model is to keep the higher balance, higher revenue generating clients happy so there is no downside to taking advantage (remember that higher revenue is automatic with higher checking account balances - it doesn't mean you are actually PAYING anything.)

Deposit wise, the PB does offer specials such as CD ladders that can exceed t bill rates. And they have money market mutual funds with higher rates than you'll see in most places, especially if you have $1M+ to put in one fund (their funds are around Vanguard's rates for regular MMF but you can get institutional pricing at lower breakpoints than with VG on some products).

Private banking certainly doesn't cost you any more than being a retail client (regular retail or CPC), and you get MUCH better service. The service teams in the PB answer within a few rings - you do not wait on hold - and they are better trained. You get to know the same few people on your service team if you call a lot. Wires are quicker and easier, you have larger deposit and wire limits in the app. You can get the JPM Reserve Card which is an even fancier and better service and better concierge version of the Chase Sapphire Reserve card. You get invited to (free) events with other private bank clients, including at least monthly virtual seminars/conversations/interviews with leaders in the financial industry (including Jamie Dimon a couple of times a year).

That said, they don't have private banking teams in every state or city, but there will be a team that covers every area. For example Alabama is covered out of the PB office in Atlanta. So there will be fewer local PB events in those areas without a local team, but you can always request PB info on the website and the lead will go to a team that will connect you with a banker in the office that covers you (you can always go to the branch as usual anyway; you just may not meet your banker as often, to the extent you even care to meet him or her).

[Meg77]

Yes I think you're right, the JPM PC / First Republic tie is explicitly mentioned on the website: "J.P. Morgan Private Client brings together the extraordinary service of First Republic Bank- acquired by J.P. Morgan Chase in 2023- with the breadth of J.P. Morgan expertise and products, all delivered by your personal Relationship Manager."

https://www.jpmorgan.com/private-client

But I was there during the merger and many of the First Republic clients became private bank clients. I guess this is a way to try to retain the rest who didn't have enough money to be in the actual JP Morgan PB. But it's really diluting the JP Morgan Brand in my opinion, beyond causing all kinds of problems internally with regard to who is supposed to service whom and who can call on which prospects and clients. There can be a lot of animosity for example when a CPC (or JPMPC) grows large enough to be a private bank prospect; retail bankers understandably hate it when they lose their biggest clients to the private bank.



Haha, you have already experienced the sales pitch! Do not fear - it's not so unpleasant, is it?

One thing I can tell you for sure is that in every line of business there is always and forever a very "big push" to sell stuff to clients. But people on forums like this forget what that means and assume that means they are going to be trapped in a room like it's a timeshare pitch and pressured to by loaded mutual funds and whole life insurance. That is NOT a thing - banks don't even sell those types of products.

The "stuff" your Chase banker will "sell" you is the stuff you are going to want and expect from a bank - checking accounts, credit cards, mortgages, business lines of credit, CDs, brokerage products like ETFs and mutual funds, and so on and so forth. ALL those products make money for the bank and your banker - even plain vanilla free checking accounts (the net interest revenue on demand deposits is one of the most valuable things a banker can sell even though it doesn't cost you a dime.)

Chase and JPM bankers are all paid incentive comp beyond their salaries based on three goals - growing revenue, increasing investments/deposits/loans, and onboarding new clients. Those goals can overlap, but they are distinct. And in the PB at least, onboarding a new client is the most important. You cannot "exceed expectations" even if your existing clients grow like crazy if you aren't onboarding new clients periodically. It doesn't even matter if they just move over a giant checking account and it just sits there - the banker and her manager will be thrilled. Marginally increasing the revenue on that client is an ancillary goal by comparison.

Financial sales is just a fact of life and does not mean that you will have to endure odious sales pitches nor that you will not receive - and should not expect - excellent customer service. LOSING a client hurts bankers too. And the best bankers are very aware of the balance. You have to present products your client actually needs and may want and also be sure not to annoy them. Referrals are the best way for bankers to grow and succeed, after all - not selling an existing client a more expensive fund than she already has.



Yes I'm sure it does. The CPC bankers are incensed to close referrals to all other lines of business so will be more than happy to help facilitate your loan applications, credit card applications, or anything else. They are also easier to reach and also will have better internal relationships for any kind of general service needs. I became friends with the ones who worked in the branch in my building; they are really good people and pleasant bankers to interact with in my experience. Just because they are savvy salespeople doesn't mean you should be afraid!

This is so interesting! It's fun that you can share more now that you're no longer working there. I hope you're enjoying everything about your post-banker life.

Do you think having CPC is worth bothering with if you only going for the initial $150k tier and would fulfill the bulk of that $$ with a self directed brokerage account of cheap ETFs with minimal trading? (I heard sometimes it's a hassle just to get them to open these brokerage accounts...?)

For years I've thought about consolidating - and a few years ago I thought it was going to be Schwab - I indeed had most things at Schwab - but then I keep finding these new promos and move my money around for bonuses.

I don't know why behaviorally earning $1000 on moving a $100k account seems super attractive when in reality the extra 1k is really on my overall portfolio which is considerably higher than that $100k and as a % of my overall portfolio, it's obviously well below 1%, but i guess there's a dopamine hit of that "easy extra $1k".

Even with Chase, I've done the checking/saving bonus every 2 years like clockwork...about to open another one, park $15k in a savings account for a few months and put a direct deposit into the checking account, get an easy $900 for my trouble...but the bigger my portfolio gets, the less this stuff really moves the needle mathematically.

I've been using a credit union out of Chicago for the past 14 years or so, but my checking account there pays 0.25%. Replacing that with CPC where it probably pays next to nothing is inconsequential to my financial life, but Chase has a better website, way more branches, better credit cards and the bill pay is probably more reliable too. I guess the question is: Does being a very low level CPC actually get you shorter hold times in the call centers if you have a problem?

CPC doesn't add much other than a direct point of contact/relationship with a local banker - and YMMV on that of course. There's no downside, but I wouldnt' jump through hoops to make it happen either. Checking/savings rates may not be competitive compared to a credit union anyway, whether retail or CPC or even PB. That's why they recommend the money market funds. That's where the yield is - it's just that bankers at Chase are just as incensed to give you that via a brokerage account as to get you to open a checking account. They'd rather keep the business in house one way or another. CUs don't typically offer brokerage/MMFs so have to offer higher yields to keep cash on the balance sheet at all.

I am not 100% sure, but I do think that CPC clients get a different 1-800 number that probably has lower wait times or at least may have more experienced call center reps. There's no low level vs high level difference - if your account is coded CPC (or whatever) that's where your call will be routed.

[Meg77]

I agree, there isn't much of a difference. And none of the branches near me even offer safe deposit boxes anymore. I guess Chase is removing them and new branches don't have them.

The only benefits I see for CPC are (1) getting 27/4 US based support, (2) a team to help with mortgages and lending, which may result in better rates, and (3) better services on the business side.

After the Fidelity issues that have been unfolding, I realize having a single brokerage is a not a great idea idea, so I'm planning to make JPM my backup. I figured if I already have the assets there, why not just upgrade. It sounds pretty easy to downgrade later, if for some reason I don't want to use it anymore.

My branch does not offer new safe deposit box rental anymore but existing customers can keep them.

My understanding is that Chase is exiting the safe deposit box business entirely. Not even the wealthiest private bank clients can get a new box, and many are actually losing their long-held boxes. We are talking about clients with hundreds of millions in assets with JPM/Chase. Zero exceptions allowed. Lots of my colleagues had irate clients when this news went out a year or so ago and it was a huge deal internally. Jamie the king himself weighed in on a morning call and was like "suck it up, sorry, quit asking for exceptions, deal with it."

[NYCaviator]

This is so interesting! It's fun that you can share more now that you're no longer working there. I hope you're enjoying everything about your post-banker life.

Do you think having CPC is worth bothering with if you only going for the initial $150k tier and would fulfill the bulk of that $$ with a self directed brokerage account of cheap ETFs with minimal trading? (I heard sometimes it's a hassle just to get them to open these brokerage accounts...?)

For years I've thought about consolidating - and a few years ago I thought it was going to be Schwab - I indeed had most things at Schwab - but then I keep finding these new promos and move my money around for bonuses.

I don't know why behaviorally earning $1000 on moving a $100k account seems super attractive when in reality the extra 1k is really on my overall portfolio which is considerably higher than that $100k and as a % of my overall portfolio, it's obviously well below 1%, but i guess there's a dopamine hit of that "easy extra $1k".

Even with Chase, I've done the checking/saving bonus every 2 years like clockwork...about to open another one, park $15k in a savings account for a few months and put a direct deposit into the checking account, get an easy $900 for my trouble...but the bigger my portfolio gets, the less this stuff really moves the needle mathematically.

I've been using a credit union out of Chicago for the past 14 years or so, but my checking account there pays 0.25%. Replacing that with CPC where it probably pays next to nothing is inconsequential to my financial life, but Chase has a better website, way more branches, better credit cards and the bill pay is probably more reliable too. I guess the question is: Does being a very low level CPC actually get you shorter hold times in the call centers if you have a problem?

CPC doesn't add much other than a direct point of contact/relationship with a local banker - and YMMV on that of course. There's no downside, but I wouldnt' jump through hoops to make it happen either. Checking/savings rates may not be competitive compared to a credit union anyway, whether retail or CPC or even PB. That's why they recommend the money market funds. That's where the yield is - it's just that bankers at Chase are just as incensed to give you that via a brokerage account as to get you to open a checking account. They'd rather keep the business in house one way or another. CUs don't typically offer brokerage/MMFs so have to offer higher yields to keep cash on the balance sheet at all.

I am not 100% sure, but I do think that CPC clients get a different 1-800 number that probably has lower wait times or at least may have more experienced call center reps. There's no low level vs high level difference - if your account is coded CPC (or whatever) that's where your call will be routed.

Would you recommend Sapphire checking or CPC?

Having no fees is nice, but when I really sit down and think about it, how often does your average person actually send wires, pull significant sums of cash out overseas, or need to talk to a banker?

I suppose using the JP Morgan brokerage as a savings account with MMFs would work, but that would involve opening yet another brokerage account. Chase is pretty good in terms of the online experience and transfers, so it wouldn't be a terrible hub account.

Did you find that your higher asset clients stuck around or were there a lot of bonus chasers? I read an article a few months back (it may have been posted on here) that Bank of America and Merrill are accumulating a lot of HNW people due - in large part - to preferred rewards.

[student]

My branch does not offer new safe deposit box rental anymore but existing customers can keep them.

My understanding is that Chase is exiting the safe deposit box business entirely. Not even the wealthiest private bank clients can get a new box, and many are actually losing their long-held boxes. We are talking about clients with hundreds of millions in assets with JPM/Chase. Zero exceptions allowed. Lots of my colleagues had irate clients when this news went out a year or so ago and it was a huge deal internally. Jamie the king himself weighed in on a morning call and was like "suck it up, sorry, quit asking for exceptions, deal with it."

Interesting. So far they have not sent me an eviction notice yet.

[Meg77]

CPC doesn't add much other than a direct point of contact/relationship with a local banker - and YMMV on that of course. There's no downside, but I wouldnt' jump through hoops to make it happen either. Checking/savings rates may not be competitive compared to a credit union anyway, whether retail or CPC or even PB. That's why they recommend the money market funds. That's where the yield is - it's just that bankers at Chase are just as incensed to give you that via a brokerage account as to get you to open a checking account. They'd rather keep the business in house one way or another. CUs don't typically offer brokerage/MMFs so have to offer higher yields to keep cash on the balance sheet at all.

I am not 100% sure, but I do think that CPC clients get a different 1-800 number that probably has lower wait times or at least may have more experienced call center reps. There's no low level vs high level difference - if your account is coded CPC (or whatever) that's where your call will be routed.

Would you recommend Sapphire checking or CPC?

Having no fees is nice, but when I really sit down and think about it, how often does your average person actually send wires, pull significant sums of cash out overseas, or need to talk to a banker?

I suppose using the JP Morgan brokerage as a savings account with MMFs would work, but that would involve opening yet another brokerage account. Chase is pretty good in terms of the online experience and transfers, so it wouldn't be a terrible hub account.

Did you find that your higher asset clients stuck around or were there a lot of bonus chasers? I read an article a few months back (it may have been posted on here) that Bank of America and Merrill are accumulating a lot of HNW people due - in large part - to preferred rewards.

Honestly I'm not super knowledgeable about the exact differences between Sapphire versus CPC. But it sounds like you don't have a lot of banking needs on an ongoing basis, so having CPC may not be worth it - especially if, as you say, you'd have to open a superfluous account to do it. On the other hand it's pretty easy to open and close accounts these days, so up to you.

I do like having so much of my financial world in one place - business and personal checking, primary credit card, and a brokerage account that's mostly unfunded. So far it hasn't tempted me to move my "real" brokerage assets from Vanguard, but I've debated it. Or at least moving my old JPMC 401k to a rollover IRA there instead of to Vanguard when I get around to doing that. I would get no bonuses or anything, but just the streamlined place for one set of statements and one login etc. is tempting.