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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!
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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
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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, certain Chase Retirement CDs, certain Chase Retirement Money Market Accounts, investment and annuity products, etc. 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.
Is it worth parking $250K worth of assets with Chase?
Many people will point out that there are options with much higher APY than what Chase Private Client offers. Of course you have to factor in all of the Private Client perks below, but 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.
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 through premium banking solutions, provide you with priority service, and connect you with other experts for mortgage and business banking needs.
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. Your private banker may also be able to assist you with requesting higher credit limits on your credit cards.
Chase Private Client Fees
One of the major perks of the program is that you can avoid paying all sorts of different types 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.
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.
No fee for counter checks, money orders or cashier’s checks.
No fee for personal style checks when ordered through Chase.
Chase will rush you a replacement debit card (or even a credit card) to just about anywhere on the globe for no additional cost.
You can find out more about these benefits here.
- 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.
- No monthly service fee for Chase Private Client checking accounts or savings accounts.
- Chase offers a reduced minimum balance requirement on Chase Platinum Business Checking and allows you no monthly fee on Chase Total Business Checking accounts
- $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
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.
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.
Chase Private Client Arts & Culture program
This program will offer you Chase Private Client Arts & Culture card which 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).
Final word on Chase Private Client
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 their index funds without major costs, but what’s best for you will come down to your personal preferences and goals.
H-Town based Attorney turned credit card rewards expert. Founder of UponArriving.com.