JPMorgan Chase is the largest bank in the United States and is the third-largest bank in the world. With a bank of that size, you would expect some exclusive benefits for its top clients, and Chase doesn’t disappoint.
Chase Private Client offers more robust clients with a combination of concierge banking, expert investment options from J.P. Morgan, significantly reduced fees, and other benefits.
Many banks offer concierge services, but the Chase Private Client program offers those same services and more, plus can give you the power of J.P. Morgan’s investment expertise. To be sure, not everyone will qualify for these upgraded services, but the rewards for those that do are great.
How to Qualify for Chase Private Client
Chase is pretty specific about the qualifications needed to take advantage of Chase Private Client benefits. In fact, they only have one stipulation. To qualify, Chase requires that you have an average daily balance of $150,000.
That’s not saying that you have to have $150,000 in cash in your Chase checking account. Chase just requires that you have invested $150,000 in assets with them.
While cash in your checking account is considered one of those assets, others include savings accounts, retirement accounts, and investment accounts. Any liquid asset that you have with Chase counts. Mortgages, lines of credit, and other loans do not apply.
If you don’t yet have $150,000 invested with Chase, you may have luck getting a Chase account specialist to waive that amount. They do this for certain clients, but only for a certain period of time. If you would like to be a Chase Private Client, you can sit down with a specialist to discuss your options.
So, how much does Chase Private Client cost? It’s free if you meet the above requirements.
Chase Private Client Banking Benefits
With a Chase Private Client account, these fees don’t have to be a fact of life. In fact, this is what they offer:
- No monthly service fee when you link a Chase Private Client checking account to a CPC savings account.
- No fees for domestic and international wire transfers
- No ATM fees worldwide when using a non-Chase ATM (including international debit card purchases or ATM withdrawals). They also refund the fees charged by other banks to use their ATMs, up to five per month.
- No stop payment fees or bounced check fees.
- No fees for counter checks, money orders, or cashier’s checks.
- No exchange rate adjustment fees for debit card usage
- No insufficient funds fees
- No card replacement fees
- No foreign transaction fees
- No fee for 3 × 5 safe deposit box. Plus, you get a 20% discount for larger boxes.
You also get a daily ATM withdrawal limit of up to $2,000 when using your debit card. And your daily purchase limit is increased to $7,500.
Chase Private Client Credit Card Benefits
Chase Private Client customers get a slightly higher sign-up bonus on the Chase Sapphire Preferred Card. You can earn 60,000 bonus points after spending $4,000 on your card within three months of account opening versus 50,000 points offered to the public.
As a Chase Private Client, you used to be able to bypass Chase’s infamous 5/24 rule. However, that is no longer the case.
You do still get rushed replacement of your debit or credit card almost anywhere worldwide at no charge. You may also get a higher sign-up bonus in-branch for certain credit cards (on a case-by-case basis.)
Chase Private Client Personal Banker
Banking can be a hassle. You park, walk into your local branch, wait in line, and have to explain from scratch all your needs to a teller or account manager you’ll likely never see again. One of the most powerful benefits of being a Chase Private Client is that you’ll have your own private client banker.
You’ll be assigned one to two personal bankers who will take care of all your banking needs. They’ll also provide you with priority service and help connect you with other experts within the bank to help with all of your needs.
Chase Private Client Is Not Available in All Locations
Your bankers can help with mortgages and business banking needs and even get you significant rebates in the process. But not every Chase branch can cater to Chase Private Clients, and in fact, most of them don’t. Currently, they only have offices available in 23 states.
All states are not equally represented. Chicago alone, for example, has five locations, while Idaho only has one. Still, chances are that if you live in a metropolitan area or one with a relatively large population, Chase will have you covered.
Even without a physical branch available, you can still use their private banking service line. These are special phone lines dedicated to Chase Private Clients.
That means you get to talk to real people more quickly without having to wait. In addition, you’ll get priority service whether you need to order more checks, resolve issues with your debit card, or you need help with wire transfers or other transactions.
J.P. Morgan Client Advisor
Chances are, if you have $150,000 invested with Chase Bank already, you’re looking for that money to grow. In addition to personal banking services and Chase Private Client benefits, you also get the power of J.P. Morgan.
You’ll have a J.P. Morgan Private Client Advisor who can help you assess risk, talk about time frames, and help determine what type of investments are right for you.
Your J.P. Morgan Private Client Advisor will be available if you want to discuss investment strategies, retirement, or saving for your children’s college tuition. They’ll give you access to J.P. Morgan’s financial experience and help craft a strategy to reach your investment goals.
While you don’t have to use J.P. Morgan’s services, it’s available to you should you choose. They can help you with a personalized investment strategy, mutual funds, college planning, security-based lending, and annuities. You also get free online stock and ETF trades with You Invest℠ by J.P. Morgan.
With more than 160 years of experience, they’re definitely a good resource to have. Plus, there’s the bonus of getting advice based on the whole of your finances, rather than one single segment.
Business Banking Advisor
For clients who have a small business, they offer a dedicated advisor and a team of small business specialists who can help provide financing options and advice. They can also help businesses improve their cash flow and offer solutions for accepting payments.
Some other business benefits of Chase Private Client include no fees for electronic deposits for both Chase Platinum Business Checking and Total Business Checking accounts. In addition, Platinum Business Checking account holders have reduced minimum balance requirements.
Family Member Eligibility for Chase Private Client
One of the great things about Chase Private Client is that you don’t have to keep it all to yourself. You can share it with your family as well. If you share an account or accounts with a member of your family, they are eligible to enroll as well.
So, if your children are 18 or over and share an account with you, they can take advantage of all the benefits without needing a $150,000 balance.
That includes eliminating most fees associated with most checking and savings accounts, banking concierge service all their own, and J.P. Morgan investment services should they need it. This isn’t just a benefit for you; it’s a gift you can give to others.
You’ll be able to share all these privileges with those most important to you. It can save you money as well if you’re helping to support a child during college. They can save on ATM fees and other banking services, which puts more money in your pocket in the long run.
Other Chase Private Client Benefits
In addition to saving on fees and financial advice, there are some lesser-known benefits that come with Chase Private Client.
You get $750 off closing costs on loans. That’s $750 off every loan, including mortgages. As an added bonus, you’ll receive priority processing for all loans and senior underwriting support. They also offer discounts on home equity lines of credit.
It’s not all about saving money while banking; you’ll also be enrolled in the Chase Private Client Arts & Culture Program. This gives you free admission to museums in cities all over the country. From the Guggenheim in New York to the San Diego Zoo, you can enjoy culturally enriching attractions from coast to coast.
Ready to Join Chase Private Client?
For people with a large amount of savings on hand, that answer could very well be yes. It’s a high entrance qualifier, but the advantages are pretty clear.
Chase Private Client virtually eliminates banking fees. If you need investment advice, J.P. Morgan is there with a plethora of financial guidance.
Personalized banking associates, priority banking services, priority phone services, and other white glove services will appeal to almost everyone. Chase Private Client offers many benefits, and most people would love some personalized attention from their banks.
If you qualify, you should, at the very least, sit down and talk to Chase Private Client banker. You can head into your local branch or go to their website and request that they contact you.