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Chase Private Client is a suite of fee waivers, services, and other premier benefits for a specific group of customers.
It’s designed to take care of top-tier clients with a specialized cadre of customer service representatives, as well as an array of Chase Private Client benefits not available to other Chase customers.
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Chase Private Client Benefits
The Private Client Banking program has a number of benefits that will save you money at first glance, including fee waivers on all of the following:
- Service fees on Chase Private Client checking or savings accounts
- Domestic and international wire transfers
- ATM usage regardless of whether it’s a Chase ATM
- 3” x 5” safe deposit boxes
- Check stop payment fees
- Cashier’s checks, counter checks, and money orders
- Exchange rate adjustment fees if you use your debit or ATM card overseas
Normally, banks charge fees on all of these things—and if you need to use those services it can get expensive fast. With Chase Private Client, however, all of those services are free.
There are other Chase Private Client benefits as well, such as access to the exclusive JP Morgan Reserve Card, a high-end credit card. If you sign up for the Chase Sapphire Preferred Card, you get a larger sign-up bonus as well, in the form of 10,000 extra bonus points above the 50,000 other members get.
If you’re looking at purchasing a home, Chase Private Clients get access to a special program called the Chase Private Client Mortgage Rate Purchase Program. It gives you a $750 discount on closing costs, as well as priority processing by senior underwriters and direct access to specialized customer service.
Those Private Clients who have investments with JP Morgan also get a private client advisor to work with directly, instead of dealing with a 1-800 investment customer service or being just a number to another firm.
Lastly, the Chase Private Client Arts & Culture program allows you to visit museums in a dozen U.S. cities, including the American Museum of Natural History in New York City, for free. In fact, you can also take up to five guests with you.
Chase Private Client Requirements
Getting Private Client status isn’t as easy as simply paying an annual fee. In order to become a Private Client, you need $250,000 or more in qualifying deposits and investments with Chase and JP Morgan. While your balance can fall below that after you qualify, that’s what you’ll need to get started.
There’s another option for those who aren’t holding a quarter of a million in their accounts, however. If you have an immediate family member who is a Chase Private Client, you can open a consumer checking account with that member as a co-signer on the account. The benefits are extended to you as an immediate family member, and your other accounts will be upgraded to Private Client status as well.
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Even with a family member essentially getting you into the program, it can be inconvenient to get started. You can’t simply walk into any Chase branch; only certain branches offer Private Client Services. You’ll need to find a branch that deals with the program and open a consumer account with your family member as a joint owner, providing all the information and documentation needed for any other checking account. If you ever close that jointly owned account, you lose your Private Client benefits.
In addition, Chase isn’t known for being a great place to invest your money. In fact, FrugalTravelGuy.com called the idea of moving investments to Chase in order to make the $250,000 cutoff a “dealbreaker.”
Chase’s fees for managing investments are high—and being a Private Client doesn’t get those fees waived. Since most people would have to move investments over to meet the minimum portfolio requirement, chances are good that the cost of moving and maintaining an investment portfolio with Chase would far outweigh any savings on bank services.
Is It Worth It?
The question of whether Chase Private Client Services is worth the trouble of enrollment depends largely on what your personal situation is. If the majority of your assets are in cash-based assets like checking, savings, or money market accounts, and you can make the $250,000 requirement without moving investments, then you could benefit from moving those assets to Chase.
If you would need to move your investments, however, it’s quite possible you’d lose money over time because of portfolio management fees at Chase. The ideal scenario for becoming a Chase Private Client is the family member account. If you can take advantage of that without having to move all of your own money, that’s the best way to go.
Author: Jeff Gitlen