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Chase Private Client is banking for the elite. Or is it? Is all that personalized attention and dedicated service just for the wealthy or can anyone qualify? We’ll help you figure out what it takes to qualify, what the benefits are, and if it’s worth it to sign up as a Chase Private Client.
What is Chase Private Client?
Chase Private Client offers a range of exclusive benefits for top Chase clients, from premium banking solutions, personalized attention, and the expertise and investment capabilities of J.P. Morgan. Essentially, it’s more or less exactly what it sounds like: personalized banking and investment solutions tailored to meet your needs.
Basically, as a Chase Private Client, you’ll be assigned a team of banking professionals to help you determine and map out your financial goals. That includes a Private Client Banker and a J.P. Morgan Private Client Advisor. You’ll be able to reach out to them over the phone, via email, or at a local branch to get advice and guidance when you need it.
Chase Private Clients get premium banking solutions that include priority service, no fees on wire transfers, no ATM fees, and no foreign exchange rate adjustment fees for purchases made on debit card purchases while traveling in foreign countries. There are also Arts & Culture Passes that are available in select cities for members to enjoy.
Other benefits include:
- Higher Chase QuickDeposit limits ($25,000 per day and $100,000 every 30 days)
- No Monthly Service Fee on Chase Private Client Checking or Chase Private Client Savings accounts
- Higher daily ATM withdrawal limit (of up to $2,000
- Receive a 3×5 Safe Deposit Box; 20% discount on larger boxes (subject to availability)
- Higher daily purchase limit (of up to $7,500 when you use your Chase Private Client debit card)
- Higher Chase QuickPay with Zelle limits ($5,000 per day and $40,000 every 30 days)
Members build a personal relationship with a Chase banker. They also get access to a 24/7 service line that caters specifically to Chase Private Client members. And if a card gets lost or hacked abroad, Chase will rush deliver a replacement card, anywhere in the world, for free.
On the investment side of things, J.P. Morgan investment capabilities mean retirement planning, portfolio management, annuities, and even saving for college. Financial advisors help you plan adjustments as your lifestyle and goals change, developing strategies to save for the future. They’ll even guide you through a customized financial analysis to help you spend and save smarter now.
Thus, it’s a way to feel confident about your financial future. As seen on the Chase site, that involves:
- Aiding you so that you have a better understanding of your investment objectives, investable assets, time frame, and risk tolerance
- Help you manage your financial goals
- Conduct a Customized Financial Analysis to create a strategy to help you reach your goals; there will be adjustments for unexpected scenarios you might encounter along the way
- Offer advice on how should manage your financial decisions as you move through the different stages of your life
Who qualifies for Chase Private Client?
However, not everybody can jump right into elite membership. To qualify, the first hurdle is that you must maintain an average daily balance of $250,000 or more. This can be in any combination of qualifying personal or business deposits and investments.
Click here to be directed to Chase’s website to see what qualifies.
Rumor has it that if you come close and have been with Chase for years, you might be offered an invitation to join, but that’s not a guarantee.
The Cost of Chase Private Client
Chase will offer JP Morgan’s managed portfolio service which comes with 1.25% annual fee that is billed quarterly. But, the good news is you don’t have to use it. You can instead use JP Morgan’s You Invest℠ online trading platform.
This service lets you research, trade, and manage your investments. However, it doesn’t have a vast amount of options to choose from (limited to stocks, mutual funds, ETFs, and fixed-income securities). But using a You Invest account and having the necessary assets does count towards Chase Private Client eligibility.
Thus, this is comparable to other large investment firms. However, you can find lower rates elsewhere. Management fees can also be very high, as much as twice the amount of investments purchased from other services.
Is Chase Private Client worth it?
If you’re considering joining, do the math first. Additionally, if it’s investments you want, look into other investment options and portfolio management first. Likely, you’ll find better rates and returns on investment elsewhere.
Remember, just because they are discounted with the program doesn’t mean they are automatically the most competitive.
However, if you would save more on ATM and foreign transaction fees, mortgage rates, deposit boxes, and museum entries than you’re losing in maintenance and concierge-type fees (that would take a lot of fees), Chase Private Client may be worth a closer look.
Keep in mind that many of the perks that accompany the Chase Private Client checking and savings can also be found in other Chase accounts. Likely, sticking with a less expensive checking account and opting for a different investment strategy will save you money now and in the long run.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.