Avoiding Coronavirus Financial Scams

 

Avoiding Coronavirus Financial Scams: Everything You Need to Know

The coronavirus pandemic has found a way to affect our lives in almost every imaginable way. But one often overlooked area is in the realm of financial scams. Unfortunately, some fraudsters have taken advantage of vulnerable people during these times in order to benefit themselves financially.

So in response to these threats, we decided to put together a well-researched and comprehensive resource that sheds light on all of the major types of coronavirus financial scams facing the public. 

The infographic below will explain the different forms that the scams occur in and offer you practical advice on how to avoid such scams. And in the unlucky event you find yourself a victim of one of the scams, we’ve provided all of the relevant authorities that you can reach out to in order to get assistance.

COVID-19 FDIC AND Bank Scams

 The Federal Deposit Insurance Corporation (FDIC) has received reports of fraudulent communications that have the appearance of being from this agency. Fraudsters know that people trust the FDIC name, so scammers use the FDIC’s name and logo, and even the names of actual employees, in perpetrating fraudulent schemes. 

These scams may involve a variety of communication channels, including emails, phone calls, letters, text messages, faxes, and social media. The messages might ask you to “confirm” or “update” confidential personal financial information, such as bank account numbers. In other cases, the communication might be an offer to help victims of current or previous frauds with an investigation to recover losses.

Prevention Tips Against FDIC COVID-19 Scams

 Tip – The FDIC Does not send unsolicited correspondence asking for money or sensitive personal information, and will never threaten you.

Tip – No government agency will ever demand that you pay by gift card, wiring money or digital currency.

Tip – The FDIC would never contact you asking for personal details, such as bank account information, credit and debit card numbers, social security numbers or passwords.

COVID-19 Stimulus Check & Economic Payment Scams

 The IRS recommends financial institutions to remind their customers about the importance of practicing sound personal cybersecurity, to remain vigilant to illicit account use and creation, and to report potential crimes to either federal, state or local law enforcement officials. Scammers are using stimulus payments to try to rip people off. They might try to get you to pay a fee to get your stimulus payment. Or they might try to convince you to give them your Social Security number, bank account, or government benefits debit card account number.

IRS Prevention Tips for avoiding COVID-19 Stimulus Payment Scams

Tip – Only use irs.gov/coronavirus to submit information to the IRS – and never in response to a call, text or email.

Tip – The IRS won’t contact you by phone, email, text message or social media with information about your stimulus payment.

Tip – The IRS won’t tell you to deposit your stimulus check then send them money back because they paid you more than they owed you. That’s a fake check scam.

Tip – Regarding Website Scams – If you find a website that claims to be the IRS and suspect it is fraudulent, send the URL of the suspicious site to phishing@irs.gov with he subject line “Suspicious Website”.

Tip – Watch for any unexplainable charges to your financial accounts. If you believe your accounts may be compromised, contact your financial institution immediately and close those accounts.

Tip – Regarding Email Scams – If you read an email claiming to be from the IRS, do not reply or click on the attachments and / or links. Forward the email as-is to phishing@irs.gov and delete the original email.

Tip – To keep up-to-date on the latest scams go to consumer.ftc.gov/features/scam-alerts and click on the “get email updates” link.

COVID-19 Gift Card Scams

Gift card scams are one of the most common types of money stealing scams. Criminals will impersonate a person of authority, government official, or charity service and use social engineering techniques to persuade their victim into buying a gift card and providing the codes on the back in order to steal its value. It is important to never supply any person or agency the gift card numbers on the back of the physical card, or the electronic claim code that comes along with an online gift card purchase. Government officials and law enforcement will never ask for a gift card code to cover any expenses. If a supervisor or colleague requests a gift card purchase, don’t respond to the email. Instead, contact the individual through a known good email address or phone number.

Tip – According to the FTC, if you paid a scammer with a gift card, report it as soon as possible. Call the card company and tell them the gift card was used in a scam. Then tell the FTC about it – or any other scam – at FTC.GOV/COMPLAINT Your reports may help law enforcement agencies launch investigations that could stop imposters and other fraudsters in their tracks.

COVID-19 Financial Scam Reporting and Assistance Contacts

FBI – Internet Crime Complaint Center

URL: ic3.gov

Description: The IC3 provides the public with a reporting mechanism to submit internet-facilitated COVID-19 financial scams to the FBI. Submitted information is analyzed and disseminated for investigative and intelligence purposes to law enforcement and for public awareness.

FTC Complaint Assistant

URL: FTCcomplaintassistant.gov

Description: Report COVID-19 financial scams through the FTC complaint assistant. There, you will be asked to choose a category and sub-category for your complaint.

FBI – Field Office Locator

URL: FBI.gov/contact-us/field-offices

Description: The FBI has field offices located in metro areas across the U.S. and Puerto Rico. Each office is overseen by a special agent, except for offices in LA, NYC and D.C., which are headed by an assistant director in charge.

U.S. Secret Service Domestic Field Offices

URL: secretservice.gov/contact/field-offices

Description: Secret Service agents, professionals and specialists work in field offices around the world to fight financial crimes. The Secret Service investigates credit card fraud, wire and bank fraud, computer network breaches, ransomware, and other cyber-enabled financial crimes.

Treasury Inspector General for Tax Administration

URL: treasury.gov/tigta/coronavirus.shtml

Description: The TIGTA provides quality, professional audit, investigative and inspection and evaluation services that promote integrity, economy, and efficiency in the administration of the Nation’s tax system.

National Center for Disaster Fraud (NCDF)

URL: https://www.justice.gov/disaster-fraud

Description: the mission of the NCDF is to improve and further the dection, prevention, investigation, and prosecution of fraud related to natural and man-made disasters, and to advocate for the victims of such fraud.

The U.S. Department of Health and Human Services Office of Inspector General

URL: https://oig.hhs.gov/fraud/report-fraud/

Description: OIG accepts complaints from all sources about potential financial fraud.

Chase QuickPay with Zelle Guide: (Limits, Enrolling) [2021]

Have you ever needed to transfer funds over to friends or family but did not want to hassle with wiring fees or with sending in checks or cash deposits? Or have you ever wanted to split up a bill and have your friends pay you so you can reap the rewards with a great rewards credit card?

Chase QuickPay with Zelle is a great solution to these issues that allows you to freely transfer funds to different bank accounts.

In this article, I will tell you everything you need to know about Chase QuickPay, including how to enroll and how to send payments to recipients. I’ll also talk about things like the transfer limits and answer other common questions.

What is Chase QuickPay?

Chase QuickPay is a feature that you can use online or through the Chase mobile app that allows you to send funds to other bank accounts and receive funds as well. It is an extremely convenient feature and is free to use so I highly recommended it to a lot of people.

In the middle of 2017, Chase revamped its QuickPay feature and now it is powered by Zelle. Zelle Pay allows you to transfer funds to other people who do not even have a Chase bank account. So now, Chase QuickPay is even more useful than ever.

Tip: Use the free app WalletFlo to help you travel the world for free by finding the best travel credit cards and promotions!

What if my friends don’t bank with Chase?

If your friends or family do not bank with Chase, you can still use Chase QuickPay with them. They just need to sign up for person to person payments. Non-Chase customers can sign up with their bank’s person-to-person payment service or visit zellepay.com to sign up.

In addition to Chase, Zelle members include many major U.S. banks, such as:

  • Ally
  • BB&T
  • Capital One
  • Citi
  • HSBC
  • Morgan Stanley
  • Navy Federal Credit Union
  • Wells Fargo
  • U.S. Bank

There are also plenty of regional banks such as:

  • Amegy Bank
  • Bank of Hawaii
  • California Bank & Trust
  • Central Bank of Oklahoma

You can find the full list of eligible banks here. If your bank or credit union doesn’t offer Zelle yet, just download the Zelle app to get started.

Enrolling in Chase QuickPay

To enroll in Chase QuickPay, head over to the Chase website here.

Once you are at that website, click on “Enroll in Chase QuickPay with Zelle.” You will then need to link your email address or your phone number to your Chase account in order to complete the enrollment process.

A security code will be sent to your phone or email account and then you will need to verify your account. Once you do that, you are ready to use Chase QuickPay.

How to use Chase QuickPay

You can use Chase QuickPay either on the mobile app or through the website. If you are using it through the Chase website, then you just need to log in and then go to the top of your screen where you should see “Pay & Transfer.”  Click on that and then click on Chase QuickPay with Zelle.

You will then be taken to a menu for Chase QuickPay that we’ll have options for you to manage your account.

You can choose to:

  • Send money
  • Request and split (You can pick up to 15 recipients)
  • View your QuickPay activity
  • Manage your QuickPay recipients
  • Manage your QuickPay settings

The request and split feature is pretty cool because you can select up to 15 recipients to split up payments with. You simply select their accounts and then input the total amount of money that you will be requesting from all of them. You can enter the amount of a bill and then request for the amount to be split evenly among all the recipients or you can request money from them individually.

How to send payments

If you are ready to send funds to a recipient then all you have to do is:

  • Select the recipient
  • Input their email address or mobile number
  • Input the amount of the funds to transfer
  • Select the date to transfer
  • Select the bank account to send funds from
  • You can also enter in information for a memo but that is optional
  • Lastly, you can choose to make this a repeating payment if you would like

After you send a payment, the recipient should receive an email or text message telling them how to receive their payment. (Message and data rates may apply.)

Recipients who are new to Chase QuickPay must sign up first and verify the email address you used to send money. This should only take them a few minutes to do so it is a pain-free process.

However if they are not a Chase Customer then they will have to complete a few additional steps.

  • Follow the link in the payment notification email or goes directly to Chase.com/QP and click “Sign Up Now.”
  • Create a User ID and Password.
  • Add a bank account.
  • Verify the email address you sent money to using a one-time activation code we send by email.
  • If your payment is under $250, accept payment.
  • If your payment is over $250, verify the non-Chase account using trial deposits before accepting payment. (This takes one to two business days.)

How to add recipients

To add recipients to transact with, click on “QuickPay Recipients.” Then simply click on “add a recipient” and then input their information which will include either their phone number or their email address. You can also add up to 45 recipients to a group.

Note that the recipients will not see your personal banking details and you will not be able to see their details.

Using QuickPay through the Chase mobile app

You can also use Chase QuickPay through the mobile Chase app. Be sure not to confuse Chase Pay with Chase QuickPay. Chase Pay is a separate mobile wallet app that allows you to have express checkout. Meanwhile, Chase QuickPay is a feature built into the main Chase mobile app. That means you do not have to download any additional app to use Chase QuickPay. 

Once you log in to the mobile account, all you need to do is click on the three horizontal bars in the upper left corner of the app. You will then see the option for choosing “QuickPay with Zelle.” Once you click on that, you will see the options for sending money, requesting and splitting money, viewing your activity, and managing your recipients.

Sending money through the app involves the same process of inputting the amount you’re trying to send and selecting the bank account and the date

One interesting feature of the mobile app is that you can do a hard press on the icon of the Chase app, and pull up the send money and requests and split money Features for Chase QuickPay.

If you have an iPhone you might need to allow the Chase to access your contacts if you want to get full use out of the app. That will allow you to simply select from the list of contacts on your phone.

Tip: Use the free app WalletFlo to help you travel the world for free by finding the best travel credit cards and promotions!

What are the Chase QuickPay transfer limits?

The transfer limits depend on what type of account you are sending funds from. Most people will probably be limited to $2,000 per transaction with a maximum of $2,000 dollars per day.

Chase checking accounts

You may make transfers from External Accounts or consumer Chase checking accounts in amounts of up to $2,000 per transaction with a maximum of $2,000 per day, $8,000 in any seven (7) day period, and $16,000 in any thirty (30) day period, from all your combined accounts registered with Chase QuickPaySM.

Chase business checking accounts

You may make transfers from business Chase checking accounts in amounts of up to $5,000 per transaction with a maximum of $5,000 per day, $20,000 in any seven (7) day period, and $40,000 in any thirty (30) day period, from all your combined accounts registered with Chase QuickPay.

Private banking customers

If you are a Private Banking client, transfers may be made in amounts of up to $5,000 per transaction with a maximum of $5,000 per day, $8,000 in any seven (7) day period, and $16,000 in any thirty (30) day period, in the aggregate from all your combined accounts registered with J.P. Morgan QuickPay.

How long does it take for Chase QuickPay funds to transfer?

If your recipient is another Chase customer or their bank is a Zelle member and supports real-time payments, they’ll typically get their money within minutes. For the quickest results, make sure that they accept the payment before 10 PM EST.

Being able to send virtually instant payments is great for those people who you may not always necessarily trust 100% that they will get their funds over to you so you can use this for your friends that are a little on the “shady” side.

If you are sending funds from a Chase account to a non-Chase account, then it could take 1-2 business days after the business day that the recipient accepts, subject to the processing times of their bank. For the quickest results, make sure that they accept the payment before 8 PM EST.

If you have funds coming in from a non-Chase account into a Chase account then it could take 4-5 business days after the business day the recipient accepts. For the quickest results, make sure that you accept the payment before 8 PM EST.

How long do they have to accept payment?

The recipient will have 10 days to accept the payment. If the payment is not accepted within 10 days then the transaction will be canceled and the money will be refunded.

Can you send QuickPay payments internationally?

No, these transactions can only be done with U.S. banks.

Chase Quick Pay Versus Venmo in PayPal

Venmo and PayPal are two other popular ways to send payments to other people. Those services will charge a transaction fee of 2.9% or 3% for credit card transactions. With QuickPay, you may only make a credit card payment when paying an invoice to a business Managing Chase QuickPay who accepts credit cards through Chase QuickPay

Cancelling payments

You can only cancel a payment if the recipient hasn’t yet enrolled with Zelle. If they are already enrolled then that means that the transaction will likely be completed and your only way to get the funds back is to ask them to send the funds back to you.

If you have more questions about Chase QuickPay then you can click here.

Final word

Chase QuickPay is a great feature for easily moving around funds. It makes it really easy to make transfers between family and friends and to do things like split up payments and bills for dining and other activities.

If you have friends who are willing to split the bill or tab with you then you should consider putting the entire bill on a great rewards card like the Sapphire Preferred or Sapphire Reserve which earns bonus points on things like dining and travel.

Chase Private Client Review: (Requirements, Benefits, Worth It?) [2021]  

Managing your wealth is crucial and there are several programs offered by many large banks aimed to help you plan for your financial future and Chase Private Client is one of those programs but with a focus on higher net worth individuals.

But what does Chase Private Client really have to offer? 

Here’s a review of Chase Private Client, including a look at all of the requirements and benefits as well as some insight at whether or not it would be worth it for you. Be sure to check out the YouTube video below as well!

Interested in finding out the top travel credit cards for this month? Click here to check them out! 

What is Chase Private Client?

Chase Private Client is a wealth management program designed to help affluent clients manage their assets and provide them with special perks that can save them money and make their life easier.

  • You can find the Chase Private Client log-in here
  • The Chase Private Client phone number is: 1-888-994-5626

Tip: Use WalletFlo for all your credit card needs. It’s free and will help you optimize your rewards and savings!

 How do you qualify for Chase Private Client?

Chase is pretty explicit about the requirements for Chase Private Client. They state that it’s available to “individuals who maintain an average daily balance of $250,000 or more in any combination of qualifying linked deposits and investments.”

Qualifying accounts are things like:

  • Chase personal checking and savings accounts
  • Chase Retirement CDs
  • Chase Retirement Money Market Accounts
  • Investment and annuity products, etc.
  • Note: Balances in certain retirement plan investment accounts, such as Money Purchase Pension and Profit Sharing Plans, do not qualify.

Is $250,000 a mandatory requirement?

This $250,000 requirement is not necessarily a hard cut off. I had an off the record discussion with a Chase Private Client banker who informed me that it’s definitely possible to get in on Chase Private Client without meeting the $250,000 threshold.

Many others have confirmed that it’s possible to get in the program with assets hovering around the $100,000 range. The key seems to be to have a good relationship with a banker who perhaps sees some potential in you as a chase Private Client prospect.

Sometimes you might even receive a personal invitation without ever having the requisite level of assets.

In most cases, you’ll need to have a plan to increase your assets up to $250K with Chase very soon (within a year) so I wouldn’t try to “game” this requirement because in the best case scenario, you’d likely end up getting dropped from the program after you fail to meet the minimum requirements over time.

Also, if your start-of-month balances fall below $150,000, you will likely get hit with a $35 monthly service fee.

Is it worth parking $250K worth of assets with Chase?

Many people will point out that there are account options with much higher APYs (annual percentage yields) than what Chase Private Client offers. Simply put, you can earn a lot more in interest with other types of savings accounts so some people don’t feel like it is worth keeping your cash with Chase. 

For example, if you had an an APY of 2.2% your $250,000 at the end of one year would net $5,560.77 in interest. Chase does not publish the interest rates for Private Client but I know that they are nowhere near 2.2% and that you would certainly be losing a lot of money on interest opportunities each year.

Of course you also have to factor in all of the Private Client perks below.

It’s possible that when you calculate all of the benefits, conveniences, and savings on fees, that Chase Private Client could end up offering you more value than simply parking your $250,000 with another bank. But you would need to seriously be using some of those benefits.

You can get an overview on other banks that offer more lucrative savings accounts with better APYs here and here. 

And remember, you don’t have to keep your funds stored in a checking or savings account — you can also count investments and other forms of assets.

Chase Private Client perks

What are the Chase Private Client benefits?

The Chase Private Client benefits are numerous.

A dedicated team

As a Chase Private Client member, you’ll have your own private client banker and private client advisor.

Private client banker

Your private banker is meant to guide you through premium banking solutions, provide you with priority service, and connect you with other experts for mortgage and business banking needs. There is something to be said of the convenience factor here and having a hub for all of your banking/finance needs. For many people, this could take the stress out of obtaining things like mortgages and auto loans.  

I’ve met a few Chase Private Client bankers and I’ve been pretty impressed by how competent they appear. The drawback here is that Chase doesn’t have branches everywhere and not every branch has a Chase Private Client banker on deck.

  • You can search for Chase Private Client locations here. 

Because of the lack of locations and private bankers, many have voiced complaints about the level of attention given to them as Chase Private Client members. Service is supposed to be priority but many feel that it’s not always the case. It might be a good idea to shop around for a Chase Private Client banker to the extent that’s possible.

Private client advisor

You personal advisor draws upon the expertise of J.P. Morgan investment professionals to develop tailored investment strategies that focus on your specific goals and advise you on relevant economic trends.

It’s worth noting that Chase pushes actively managed (versus passive) investments which means that you’ll be paying Chase a pretty fee to manage your investments. Many people prefer to go with self-managed or other low cost index funds, although there may be ways to bring your Vanguard or Fidelity funds into Chase Private Client without incurring substantial costs.

It’s worth remembering that you don’t have to invest your assets with Chase. But that takes you back to parking substantial assets with Chase that would likely be netting you more earnings in an account with a higher APY. Also, you can probably expect to constantly be hounded by your Private Client advisor about getting Chase to manage your funds.

Credit card benefits and 5/24

It used to be that Chase Private Client could allow you to get around the Chase 5/24 rule which is one of the many Chase application rules that prevents you from being approved for certain credit cards when you’ve opened five or more credit cards in the past 24 months.

When the Chase Sapphire Reserve came out many looked to Chase Private Client to try to help them get approval. However, that loophole eventually got closed and it’s no longer the case that you can get around 5/24 that way.

The good news is that Chase Private Client still offers special bonuses to its members for some credit cards so it’s often possible to net an additional 10,000 points for a sign-up bonus. (If you value Chase Ultimate Rewards around two cents per point then that additional bonus would be like receiving an additional $200.) 

Your private banker may also be able to assist you with requesting higher credit limits on your credit cards.

It’s worth noting that the high-end JP Morgan Reserve Card (different from the Chase Sapphire Reserve) is designed for Chase Private Banking clients, which now requires balances of $10,000,000+.

Chase Private Client credit cards
Chase Private Client allows for increased sign-up bonuses.

Chase Private Client Fees

One of the major perks of the program is that you can avoid paying all sorts of fees. Many of these benefits are great for travelers who frequently rack up those pesky ATM fees and/or wiring fees when spending time abroad.

No ATM fees

One of the nice perks of Chase Private Client is that you won’t be charged fees at non-Chase ATMs and this even includes international ATMs! But Chase goes even further and will refund ATM fees charged by the ATM owners (you may need to follow up some times).

You can also enjoy no foreign exchange rate adjustment fees for debit card usage or ATM withdrawals in a currency other than US dollars.

There’s also no fee for non-ATM Cash transactions in the U.S. and abroad. This is when you obtain cash with your Chase Debit Card without a PIN at locations such as bank branch tellers.

Getting fees reimbursed for ATM usage, even on international trips, is an emerging trend so this is not quite as special as it once was. For example, you could open up a SoFi Money account (which just about anybody can get approved for) and avoid ATM fees including international fees. Many other people also choose to go with a Schwab Bank High Yield Investor Checking account. 

Wire transfers

With Chase Private Client, you’ll have no Chase fee for all domestic and foreign wire transfers, incoming or outgoing, completed at any Chase branch, chase.com, via telephone or email. This is a huge perk if you regularly deal with international wire transfers since an outgoing Chase wire transfer could cost you as much as $45.

For those who deal with a lot of wire transfers, this is where I think a lot of the value is in terms of fees waived.

Higher limits

  • Higher Chase QuickDeposit limits ($25,000 per day and $100,000 every 30 days)
  • Higher Chase QuickPay with Zelle limits ($5,000 per day and $40,000 every 30 days)
  • Higher daily ATM withdrawal limit (of up to $2,000)
  • Higher daily purchase limit (of up to $7,500 when you use your Chase Private Client debit card)

The daily Chase ATM withdrawal limit for a normal account is somewhere between $500 and $1000 so you can essentially get that limit doubled. For QuickPay with Zelle, most people will probably be limited to $2,000 per transaction with a maximum of $2,000 dollars per day, so that’s a significant increase. 

Teller services

No fee for counter checks, money orders or cashier’s checks.

If you needed Chase counter checks (temporary checks) it would only cost you $2 per page if you have a Chase Total Checking Account (or equivalent). So the savings here would be very minimal. 

Personal checks

No fee for personal style checks when ordered through Chase. Here are the prices for personal Chase checks that you would normally be paying:

  • Single/Wallet
    • 1 box: $18.95
    • 2 boxes: $37.90
    • 4 boxes: $75.80
  • Duplicate
    • 1 box: $23.95
    • 2 boxes: $47.90
      4 boxes: $95.80

So it’s a pretty modest savings of anywhere from $20-$75 depending on how many boxes you will need to order. 

Card replacement

Chase will rush you a replacement debit card (or even a credit card) to just about anywhere on the globe for no additional cost. This can be a very valuable benefit if you are ever traveling and misplace or lose your debit card since you can get a replacement sent via express mail to your hotel — all free of charge.

You can find out more about these benefits here.

Tip: Use the free app WalletFlo to help you travel the world for free by finding the best travel credit cards and promotions!

Additional perks

Safe deposit box

  • Chase will provide you with a 3 x 5 Safe Deposit Box and even a 20% discount for larger boxes. As a side note: if you allow someone to co-sign on the safety deposit box, that might be a way to get them into the Chase Private Client program.

The fees for a safe deposit box with Chase are going to vary based on the location and size of your box. Here are some sample prices:

  • 3X5: $80
  • 3X10: $140
  • 5X10: $220
  • 10X10: $350

So as you can see, you could be saving $80 for a safe deposit box. 

No monthly checking account or savings account fees

  • No monthly service fee for Chase Private Client checking accounts or savings accounts.

A normal Chase Total Checking account fee is $12 a month and more expensive accounts would cost $25 a month so that is the baseline for your savings.

Reduced minimum balance

Transaction Fees will not be charged for all electronic deposits and the first 100 debits and non-electronic deposits each statement cycle.

Zero dollar commissions

  •  $0 commissions on all You Invest Trade online U.S. listed equity and ETF trades (limited to two retirement and two non-retirement accounts per customer.

Commission free trading is great but not very special considering that you can find commission free trading with many other services. Other potential services to look into include:

  • Robinhood
  • Ally Invest
  • Charles Schwab
  • Vanguard

Loans

Chase will offer a discounted rate when you purchase or refinance a home with the Chase Private Client Mortgage Rate Program. You can also get discounts for Home Equity Lines of Credit and priority processing and senior underwriting support for loans. And finally, you can get discounted rates on auto loans as well as insight into pricing when car shopping. 

I’ve read very mixed things about this experience with some finding better resources at other banks while others have been very pleased with the Chase Private Client Mortgage Rate Program. The best decision is probably to always compare several lending sources. 

Family Member Privileges

Service benefits extend to adult family members of your immediate family when you are joint owners of Chase Private Client deposit accounts. You’ll first have to upgrade your family to a Chase Private Client account to receive the perks, however.

But note that minors under the age of 18 cannot be owners of a Chase Private Client Checking account and so they can’t receive the benefits of Chase Private Client.

As part of the Chase Private Client services, you can also get assistance with planning for major life events that will affect your family such as retirement, college tuition, etc.

Chase Private Client Arts & Culture program

Chase Private Client Arts & Culture will get you discounted and free admission to museums in major cities in the US. If you live in a major metropolis like New York City, you’ll be able take advantage of the program for yourself and sometimes up to four guests.

Examples of museums in NYC are:

  • American Museum of Natural History
  • Brooklyn Children’s Museum
  • Intrepid Sea, Air & Space Museum
  • Solomon R. Guggenheim Museum

You can find about more about the Chase Private Client Arts & Culture program in NYC here but note that other cities have perks like Chicago, LA, Miami, Phoenix, San Francisco, and Seattle (and Texas peeps can get in on this, too).

Intrepid Space Shuttle Pavilion Opening (201207190002HQ)
Space Shuttle Pavilion at the Intrepid Sea, Air & Space Museum. Photo by NASA.

Chase Private Client FAQ

What are the Chase Private Client benefits?

A dedicated team
Private client banker
Private client advisor
No ATM fees
No wire transfer fees
Higher limits for QuickPay and other services
Teller services
Free personal checks
Safe deposit box
No monthly checking account or savings account fees
Zero dollar commissions
Family Member Privileges
Family Member Privileges
Chase Private Client Arts & Culture program

What is the wire transfer fee for Chase Private Client?

With Chase Private Client, you’ll have no Chase fee for all domestic and foreign wire transfers, incoming or outgoing, completed at any Chase branch, chase.com, via telephone or email. 

What is the Chase QuickPay with Zelle limit for Chase Private Client?

$5,000 per day and $40,000 every 30 days.

What is the daily ATM withdrawal limit with Zelle limit for Chase Private Client?

The daily limit is up to $2,000.

What is the Chase QuickDeposit limit for Chase Private Client?

The limit is $25,000 per day and $100,000 every 30 days.

Do you have ATM fees with Chase Private Client?

You will not be charged fees at non-Chase ATMs, including international ATMs. If an ATM owner charges you a fee, you can get refunded.

Do you get free checks with Chase Private Client?

Yes, there are no fees for personal style checks.

Do you get a safe deposit box with Chase Private Client?

Yes, Chase will provide you with a 3 x 5 safe deposit box and a 20% discount for larger boxes.

Do you get fees waived on savings and checking accounts?

Yes, there are no monthly service fee for Chase Private Client checking accounts or savings accounts.

Final word

There are a lot of benefits for the Chase Private Clients program and a lot of ways to mitigate banking costs that can certainly add up over time. But before enrolling in Chase Private Client, it’s very important to consider your alternatives.

Look at what type of savings accounts can offer you a better return and consider if you’d rather go with investment options that involve lower costs or better returns.

Ultimately, Chase Private Client might be a good option for wealthy individuals that are still learning how to manage their assets or who can bring in their index funds without major costs, but what’s best for you will come down to your personal preferences and goals.

SoFi Money Review: Earn Free $50 in Minutes

SoFi Money is sort of a hybrid between a checking and savings account. SoFi is a cash management account that offers a competitive APY and right now there is a promotion where you can earn a quick $50 after funding it with $100 if you use a referral link like mine right here.

Keep reading below for more details!

SoFi Money account details

Here are the highlights of the SoFi Money account:

  • Welcome bonus of $50
  • No account fees
  • APY of 1.6%
  • Refundable ATM fees (even on international withdrawals)
  • Easy to send money

SoFi is not a bank but they work with partner banks that are FDIC insured, each up to $250K for a total of $1.5M. The last time I checked there were six banks although I am not sure exactly which banks they are.

$50 welcome bonus

All you have to do is open a SoFi Money account and fund it with $100 dollars within 14 days, and you will receive a $50 credit. Considering opening up an account only takes a couple of minutes, this is easy money.

Once you have an account then you can refer other people and make more easy money once they fund their account (they will also receive $50 if they fund with $100).

There is a $10,000 cap on referrals so you can get busy with referrals. 

Money Referral Bonuses and Money Welcome Bonuses are each considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).

No account fees

You will not be charged any account fees (transaction fees, monthly fees, etc.) and there is no minimum for your balance. You can even get free checks. This truly is a no nonsense account.

APY of 1.6%

The APY (interest rate) for the account is 1.6%. This is not the highest APY that you can find but it is still competitive compared to a lot of major banks.

The interest rates are subject to change.

Refundable ATM fees

SoFi does not have its own ATM network but they will reimburse you for a lot of ATM fees when you use their debit card. 

  • Sofi does not charge you for ATM fees when using their debit card.
  • You will be reimbursed for any ATM fees that come from an ATM displaying the VISA, Plus, or NYCE logo.
  • You will also be reimbursed for foreign exchange fees charged by VISA

For us international travelers this is a great way to avoid foreign transaction fees on cash withdrawals, especially if you don’t want to bother opening up a Charles Schwab High Yield Checking account. 

One thing to note is that the Visa zero liability does not apply to ATM transactions. So you will want to be extra careful about protecting your pin. 

Send money

You can also easily send money to anyone right from your app. And when you send funds to SoFi Money holders, they’ll get it instantly. You can also set up automatic bill pay.

Easy to use app

I have found the SoFi app very easy to use. The sign-up process only takes a minute or two and it is also easy to fund your account through your bank. Customers are very happy with SoFi and I can see why. 

Sign up now

If you would like to sign up here is my referral link. Once you sign up, you will be able to easily generate your own referral link. 

Final word

I think this is a great product, especially for travelers. It is great to have an easy option to avoid international ATM fees that requires no hassle to sign-up for. And I also like the ability to earn a quick $50 by signing up and having the opportunity to earn more with referrals. The APY is also very respectable as well. 

 

Chase Savings Account Guide: (Interest Rates & Fees) [2019]

There are two main types of Chase savings account for the average consumer: Chase Savings and Chase Premier Savings. Below, I will go into detail about each of these accounts. I will show you all of the fees and how to avoid those fees and also give you some insight into the interest rates you can expect with a Chase savings account. And finally, I will also talk to you about the different types of bonuses you can get with these accounts and how valuable those can be. 

Chase savings account monthly service fees

Depending on the type of Chase account you open, you might have to pay $5 to $25 to keep your account open although there are several ways to get the fee waived. 

Chase Savings fee & minimum daily balance

The monthly service fee for a Chase Savings account is five dollars but you can get this waived if:

  • You have a balance at the beginning of each day of $300 or more in the account
  • You have at least one repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid Card
  • You are an account owner who is younger than 18
  • You have a linked Chase personal checking account (excluding Chase High School Checking, Chase College Checking, Chase Secure Checking, Chase Total Checking, and Chase Checking)

Chase Premier Savings fee & minimum daily balance

The monthly service fee for a Chase Savings account is $25 but you can get this waived if:

  • You have a balance at the beginning of each day of $15,000 or more in this account or you’re linked with Chase Premier Plus Checking or Chase Sapphire Checking.

Withdrawal limits and fees

Both accounts are subject to the $5 savings withdrawal limit fee. This applies to each withdrawal or transfer out of the account over six per monthly statement. However for the Chase Premier Savings this fee is waived if you have a balance of $15,000 or more in the account at the time of the transfer out. 

Federal regulations (“Regulation D” to §204.2(d)(2)) restricts you to only six savings account withdrawals or transfers per monthly statement (this limit does not apply to withdrawals or transfers that are made in person at a branch office or at an ATM).

If you happen to exceed the federal limitations then Chase may convert your savings account into a checking account (a Chase Total Checking Account). They likely would only do this if it happen multiple times.

Chase savings account interest rates

The big question a lot of people have with Chase savings accounts is what kind of interest rates you get. If you are hoping for industry leading yields for your savings accounts you will not find those with Chase. 

Also, the interest rate that you get will depend on the type of account you open up and potentially how much money you keep in the account.

Below, I will show the interest rates as of April 2019 for my area of Texas but keep in mind that these can change in the future and based on your geographic location (although they often apply nationwide). 

Chase Savings interest rates

The Chase Savings interest rate for all balances is .01%. This is not an impressive annual percentage yield and you can do much better than this with other savings accounts.

It is not that difficult to find savings accounts that offer 2% or more for the annual percentage yield. And some of those accounts don’t even require you to make any deposit or a large deposit. Therefore, if you are looking for one of the best APYs then this is not the account for you. 

However, you also need to keep in mind the value that you can get from special bonuses offered when you open up an account and meet certain requirements. Keep reading below to see how lucrative these bonuses can be and what types of requirements that you need to meet.

Chase Premier Savings interest rates

The interest rates for the Chase Premier Savings accounts depend on the amount in your account. Here are the rates that I found:

$0-$9999

.04%

$10,000-$24,999

.04%

$25,000-$49,999

.04%

$50,000-$99,999

.07%

$100,000-$249,999

.07%

$250,000-$499,999

.09%

$500,000-$999,999

.09%

$1 million-$4,999,999

.09%

$5 million-$9,999,999

.09

$10,000,000+

.09%

Once again keep in mind that this was only a snapshot of the interest rates and that these could fluctuate depending on where you live and the time of checking. 

Other features

If you open up a Chase savings account you also get the following benefits:

  • Mobile check deposit
  • Banker guidance
  • Text banking
  • Real-time fraud monitoring
  • Chase quick pay
  • Paperless statements

If you are interested in a banking solution that has more substantive perks you might look into Chase Private Client or Sapphire banking.

How to open a Chase savings account

If you would like you can open a Chase savings account online. To do so simply click here to get the process started.

It should not take very long for you to set up your account. If you are already a Chase customer you can sign in and the process will be faster since they already have some of your information. 

You will need to provide some of your personal details such as your name and some of your identification information such as your citizenship, date of birth, social security number, and ID number (your drivers license works).

You will also need to provide your home address and your email address along with your phone number. If you are opening up a Chase joint savings account then be sure to have all of their information with you as well. 

Chase Saving Account Bonuses & Coupon codes

I highly recommend that you wait to sign up for a Chase Savings Account until you can jump on a special bonus and get a lot of free money. Click here for the latest bonus. If you sign-up right away the coupon code is automatically applied. Otherwise, you can have the coupon code emailed to you. 

Note: if there is no branch in your state you may have issues proceeding with the enrollment online. 

These special bonuses come in different forms but a lot of times they will look like the following.

Checking bonuses 

There will often be a designated bonus for opening up a checking account. These bonuses can differ but it’s not uncommon to see a $200 to $300 bonus for opening up an account and doing some kind of action like setting up direct deposit.

Savings bonuses 

For the Chase savings account bonuses you may be looking at something like a $200 bonus after opening up an account and performing certain actions. For example, you may have 20 days to deposit $15,000 in cash and then you will need to maintain that for 90 days in order to get the bonus.

Packaged bonuses

Then there are also bonuses that are a package deal. This allows you to capitalize on these earnings by opening up both a personal checking account and a personal savings account. When you meet the requirements above you might be given a sweet deal like a $600 bonus.

Once you have met the requirements you can expect to receive funds within 10 business days. 

You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account. There are usually deadlines for the special bonuses but they tend to be extended very often. So you don’t necessarily always have to be in a rush to open up these accounts. 

The bonuses are considered interest so your earnings may be reported to the IRS.

These offers are typically not available to current customers. For example the terms and conditions usually state:

Checking offer is not available to existing Chase checking customers. Savings offer is not available to existing Chase savings customers.

Also if your accounts have been closed within 90 days or you have a negative balance you will not be eligible.

Chase savings account FAQ

Am I automatically approved?

You will not be automatically approved for a Chase savings or checking account. It is not that difficult to get approved for one of these accounts but if you have very bad banking history with negative balances and a lot of closed accounts for example that could count against you.

Will there be a hard pull on my credit?

Whenever you open up a Chase savings account there will not to be a hard pull on your credit report. Therefore your credit score should not be impacted whatsoever by applying for an account.

How to close a Chase savings account

You cannot close your accounts online with an easy click. Instead, you can call the Chase customer service phone number 1(800) 935-9935 (representatives available 24 hours a day, 7 days a week).

You can also visit an in-branch office to close your savings account. Click here to search for Chase branches near you and be aware that many might not be open on Sunday. (You can use the filter feature to find banks open on Sunday.)

If you want to try to handle things online you can send a secured message and try that route though that’s not the quickest route to go. 

Also, you can mail in your request with snail mail if you’d like as well. If you want to do that you’ll need to fill out this form and send it to the following address: 

National Bank By Mail
P O Box 36520
Louisville, KY 40233-6520

Deliveries by Overnight or Certified Mail:
National Bank By Mail
Mail Code KY1-0900
416 West Jefferson, Floor L1
Louisville, KY, 40202-3202, United States

Is there a Chase savings account for college students? 

I’m not aware of a Chase savings account for college students but they do have a Chase checking account for college students for college students 17 to 24 years old at account opening with proof of student status.

They also have checking accounts for high school students too (for students 13 to 17 years old at account opening with their parent/guardian as a co-owner and the account must be linked to the parent/guardian’s personal checking account). So if you’ve got kids 13 or older, you might look into this option for them. 

Note: When the student turns 19, the Chase High School Checking account will become a Chase Total Checking account.

Is there a Chase health savings account? 

Yes, the Chase Health Savings Account (HSA) is a special, tax-advantaged account you can use to pay for qualified medical expenses if you have a High Deductible Health Plan (HDHP) and meet all other eligibility requirements. You can find out more about it here. 

Final word

Chase does not offer the best annual percentage yield for your savings account. In fact, it is very easy to find much more lucrative rates by shopping around with a quick search. The good news is that you can often jump on these bonus promotions where you can earn a lot of free money up front if you can meet certain requirements. In those situations, these savings accounts and checking accounts can actually be quite lucrative.

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