JP Morgan 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 perks when banking with them and Chase doesn’t disappoint.
Chase Private Client offers more robust clients with a combination of concierge banking, expert investment options from JP Morgan, significantly reduced fees, and other benefits.
There are a lot of banks that offer concierge services, but Chase Private Client offers those same services and more, plus can give you the power of JP Morgan’s investment expertise. To be sure, not everyone will qualify for these upgraded services, but the rewards for those that do are great.
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How to Become a 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. In order to qualify, Chase requires that you have an average daily balance of $250,000.
That’s not saying that you have to have $250,000 in cash in your Chase checking account. Chase just requires that you have invested $250,000 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 $250,000 invested with Chase, you may have luck getting a Chase account specialist to waive that amount for certain clients and 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.
How much does Chase Private Client cost?
Fees seem to be a fact of life with banking. Overdraft fees, out-of-network ATM fees, and minimum balance requirements all add up over time. With Chase Private Client, these fees don’t have to be a fact of life. In fact, Chase eliminates almost all of them when you sign up for this program.
So let’s talk specifics. Just about every bank charges ATM fees. Whether it’s an out of network bank charging you $3 to use their ATM or your bank charging you a fee to use someone else’s ATM, it’s one of the most significant fees you can pay.
With Chase Private Client, taking out cash doesn’t cost you a dime. First, Chase eliminates all fees they charge you for using a non-Chase ATM, including internationally. Beyond that, they also cover the fees charged by other banks to use their ATMs, up to five per month.
Chase also doesn’t charge for non-ATM cash withdrawals, both domestic and international, such as withdrawing money inside the bank at the teller window. And most of the services you would require at the teller window are waived. Chase won’t charge you fees for counter checks, money orders, or cashier’s checks, for that matter.
They’ll also eliminate the fees for stopped checks and bounced checks deposited to your account. Insufficient funds fees are also a thing of the past. Card replacement fee is free as well and is expedited by Chase. Once you sign up for Chase Private Client, they no longer charge for wire transfers, either domestically or internationally.
Fee elimination for all your qualifying Chase accounts is one of the biggest benefits. Almost all of the day-to-day fees that you encounter will be gone. That alone can save you hundreds of dollars a year.
Credit Card Benefits
If you are a credit card rewards kind of person, you may already be aware of Chase’s infamous 5/24 rule. Signing up for multiple credit cards can yield you some great rewards, earning you points on gas, flights, purchases, and more.
However, a few years ago, Chase started a quiet policy of automatically denying new credit cards to anyone that opened up five credit cards in the last 24 months, hence the 5/24 rule.
Frequent flyer websites have been all over this little quirk and ways to get around it. In fact, until 2016, if you had $10,000 in a single account with Chase, they would waive the requirement. That, unfortunately, is no longer the case. And it’s not just Chase cards that they count.
The 5/24 rule applies to any new credit card that shows up on your credit report. Some people get around this by signing up for Chase accounts first before applying for other credit cards, but you don’t have to play that game.
Fortunately, just like most banking fees, the 5/24 rule does not apply if you are a Chase Private Client. This means you’ll be able to open up new accounts and take advantage of offers that are off the table for most.
So, sign up for that Chase Sapphire Preferred card whenever you please. As an added perk, you might even be able to get extra bonus points when you get approved.
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 Chase Private Client is that you’ll have your own private Chase 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.
Your bankers can help with mortgages and business banking needs and even get you significant rebates in the process. But not every 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 that you get to talk to real people, more quickly without having to wait. 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.
Chances are if you have $250,000 invested with Chase 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 JP Morgan.
You’ll have your own JP 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 JP Morgan Private Client Advisor will be available to you should you want to discuss investment strategies, retirement, or saving for your children’s college tuition. They’ll give you access to JP Morgan’s financial experience and help craft a strategy to reach your investment goals.
While you don’t have to use JP Morgan’s services, it’s available to you should you choose. The services they can help you with include investment advising services, mutual funds, college planning, security-based lending, and annuities.
With more than 160 years experience they’re definitely a good resource to have. Plus there’s the added bonus of getting advice based on the whole of your finances, rather than one single segment.
Family Member Eligibility
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 as long as your children are over the age of 18 and have a shared account with you, they can take advantage of all the benefits without the $250,000 price tag.
That includes the elimination of most fees associated with most checking and savings accounts, banking concierge service all their own, and JP Morgan investment services should they need it. This isn’t just a perk 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.
Are there any other benefits available?
In addition to saving on fees and financial advice, there are some lesser-known perks that come with Chase Private Client as well. For one, you’re entitled to a free 3 x 5 safe deposit box at no charge. If you need a larger one they’re 20% off.
You also get $750 off of 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 Chase Private 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.
Is Chase Private Client right for you?
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.
If you’re someone who hates banking fees, Chase Private Client virtually eliminates them. If you need investment advice, JP 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 has a lot going for it, and most people would love some personalized attention from their banks.
If you qualify, you should at the very least sit down and talk with Chase. Head into your local branch or go to their website and request that they contact you.