Question for Chase Private Clients

[tenant13]

Let me start with: I like bank bonuses. It's free money if done right.

So when a few months ago Chase ran a promotion for Private Banking (2k for moving 250k in new money) I moved 150k of Marcus cash to Chase and my entire Brokerage account from Schwab (around 200k). I told the investment advisor at Chase to keep his hands off Schwab stuff so it remained in an unmanaged separate account. But at this point he strong armed me into letting him manage the rest of the money for - you guessed it: 1% lol. I figured that I'll be ok since it was either a pile of cash at Marcus at 1.7% or whatever he could produce + that 2k bonus.

So now the bonus posted and I'm considering my options. I probably let him play for a year to be nice and then either move everything to Schwab or at least to the unmanaged account within Chase. The thing is, in order to trade in this "unmanaged" account you actually have to call him and tell him what to do - then he makes a trade and charges a commission. As if it's 1970. Crazy and it would have been a no brainer to get out of that if it wasn't for the fact that I do like Private Banking benefits.

So finally we get to the question: has any of you figured out the best/cheapest way of retaining those benefits? Does YouInvest qualify for maintaining that 250k balance? If not, my "solution" would be to keep 250k in something simple that can just sit there (it already is mostly Apple that I bought ages ago). So whatever trading I decide to do is minimal.

 

[Starsky]

You have to call him to place a trade? I remember that BS. They will try to charge you if your manager places a trade - he can waive the fee, BTW - or you can DIY online. Their managers are worse than useless if you need information. It's like puling teeth.

I do all my trades myself online on the Chase.com website. Tell them to put your non-managed assets into a "You Invest" account. Their research is terrible, but the trades are free. I don't think there is any minimum balance required to have one.

I signed up with Chase a few years ago when they would offer a lot more investment help to Private Clients. Since then, they have used the evolving fiduciary laws to limit information and to try and push you to let them manage your business. I never did, and they have recently been trying to win over my business. Unfortunately for them, I plan to move the majority of my investments elsewhere. The lack of help has become problematic for me in retirement. If I lose some benefits, so be it. I'm actually meeting with them tomorrow to let them know.

I love the banking side of Chase, but not the JP Morgan part. Their banking and credit card services are excellent. On the JP Morgan side however, they limit the choice of investments their advisers can sell; and their pre-packaged programs are not very suitable for retirees, as much as they are for those who are saving/starting-to-save for retirement.

 

[tenant13]

You have to call him to place a trade? I remember that BS. They will try to charge you if your manager places a trade - he can waive the fee, BTW - or you can DIY online. Their managers are worse than useless if you need information. It's like puling teeth.

I do all my trades myself online on the Chase.com website. Tell them to put your non-managed assets into a "You Invest" account. Their research is terrible, but the trades are free. I don't think there is any minimum balance required to have one.

I signed up with Chase a few years ago when they would offer a lot more investment help to Private Clients. Since then, they have used the evolving fiduciary laws to limit information and to try and push you to let them manage your business. I never did, and they have recently been trying to win over my business. Unfortunately for them, I plan to move the majority of my investments elsewhere. The lack of help has become problematic for me in retirement. If I lose some benefits, so be it. I'm actually meeting with them tomorrow to let them know.

I love the banking side of Chase, but not the JP Morgan part. Their banking and credit card services are excellent. On the JP Morgan side however, they limit the choice of investments their advisers can sell; and their pre-packaged programs are not very suitable for retirees, as much as they are for those who are saving/starting-to-save for retirement.

We are totally on the same page. Since you're going to talk to Chase tomorrow, can you ask them if YouInvest balance qualifies for Private Banking? There's no other way to trade online without their help - it's completely ridiculous and designed to make people confused and scared of investing. My managed portfolio is a mess that I'm literally sick to look at. I know I can just call my banker and find out but I want to keep my intentions under wraps for a while - and you're already about to leave them.

 

[Starsky]

Since you're going to talk to Chase tomorrow, can you ask them if YouInvest balance qualifies for Private Banking?

Sure, I have no problem asking. I'm sure it will come up.

On their website it indicates that almost any combination of banking and investment accounts will qualify - with a few minor exceptions that don't seem to apply. Scroll down for the fine print: https://chaseprivateclient.chase.com

 

[calmloki]

Gal has been a Private Client for several years. We qualified by moving $200+k of Vanguard California tax free bonds over. After some time I got excited and tried to sell $100k worth, which took longer than expected and when I checked on it somehow another order executed so we ended up selling $200k. Left us with about $60k or so in Chase in bonds and a couple bank accounts that got $6k or so monthly infusions and that I kept drained down. Chase didn't say anything for over a year, then we moved some other Vanguard accounts over to get up over $200k again. Gal likes the Private Client status, I'm under-impressed. Having them hold some of our Vanguard doesn't cost us anything though, so...

 

[Sunset]

I see free trades for online trading
https://chaseprivateclient.chase.com/

Under the number 3
"Unlimited commission-free9 online stock, ETF and options10 trades with You Invest℠ by J.P. Morgan."

 

[RetireAge50]

We moved $75,000 to the Sapphire checking a couple months ago to get $1,000 bonus. We put it all in a You Invest trade account and immediately bought commission free VOO ETF. There are no fees as long as we keep the $75,000 in the combined accounts.

The reimbursed ATM fees and foreign transactions at market exchange rates was handy on a recent trip to Peru and Chili. Also have used the free wire transfers both incoming and outgoing.

I was going to close the account but might hang on to it since we are traveling quite a bit. The wires and branches abroad could come in handy.

 

[fleefromhome]

We are Chase Private Clients still, even after moving our investments to Fido. We kept the Checking and Savings accounts. They never downgraded us. Shhhh!

 

[HarveyS]

...I do like Private Banking benefits....

Would you please share the benefits you find most useful? I've looked into Chase Private but never found the benefits to be that great. Maybe (likely) I'm missing something. Thanks.

 

[tenant13]

Would you please share the benefits you find most useful? I've looked into Chase Private but never found the benefits to be that great. Maybe (likely) I'm missing something. Thanks.

The one benefit that I truly appreciate are free Global Transfers (essentially an international wire transfer with the currency conversion). It's very convenient for paying bills and sending money outside of US. You may not need it. Free worldwide ATM is cool too and it comes handy when there are glitches with Schwab card. I then use Chase and deal with Schwab later. No account fees - I don't need to keep any minimums in checking or saving. I also use their free access to museums. I live in NY so it's cool to be able to go to Guggenheim whenever I feel like it. And finally having private banker - it's not that I really need her but you never know.

 

[Sunset]

The one benefit that I truly appreciate are free Global Transfers (essentially an international wire transfer with the currency conversion). It's very convenient for paying bills and sending money outside of US. You may not need it. Free worldwide ATM is cool too and it comes handy when there are glitches with Schwab card. I then use Chase and deal with Schwab later. No account fees - I don't need to keep any minimums in checking or saving. I also use their free access to museums. I live in NY so it's cool to be able to go to Guggenheim whenever I feel like it. And finally having private banker - it's not that I really need her but you never know.

Any idea on the exchange rate vs the one you see when googling exchange rates ?

 

[tenant13]

Any idea on the exchange rate vs the one you see when googling exchange rates ?

It's not perfect but acceptable. For example right now:

JPMC rate $1.00 USD = 0.7530 GBP (vs 0.7759 on XE app)
JPMC rate $1.00 USD = 0.8862 EUR (vs 0.9135 on XE app)
JPMC rate $1.00 USD = 106.4730 JPY (vs 109.7919 on XE app)

 

[Starsky]

Since you're going to talk to Chase tomorrow, can you ask them if YouInvest balance qualifies for Private Banking?

It does.