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Does anyone here have Chase Private Client for banking ?I got "upgraded" to CPC for free when I did my mortgage with Chase a couple of years ago. It's been a great product but I was in no way maintaining their $250K account balance minimum (nor did I ever intend to)Today my CPC "banker" called and told me to discuss why I wasn't maintaining the balance and told me I'll be downgraded if I don't maintain the balance.Wondering what to do. A few threads on Doctor of Credit and FatWallet discuss moving some passive investments over (such as IRA) but seems like their investment fees are quite high.

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I stand corrected. Sounds like Chase can hold Admirals Shares based on comments in a investment forum.

seawolf21 (Aug. 04, 2017 @ 8:13a) |

you might as well downgrade to their premium checking acct. As long as you make mortgage payments via the checking acct,... (more)

kvs25 (Aug. 04, 2017 @ 10:31a) |

when i was looking, at the time, it was the lowest i could find.

I got a 5/1 ARM for 2.375% with -0.125 points on a $800k... (more)

UncleJr (Aug. 05, 2017 @ 2:37p) |

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TravelerMSY said:   It's my understanding they charge the 1% regardless of what the 250k is invested in.
1% of what? CPC is a banking product, you don't have to buy anything at all but it gives you free/discounted/reduced fees is on wires, checks, etc. 

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It's my understanding that you can keep 250K in cash at accounts that pay near-0% interest, or you can invest that 250K with them. From my reading about investing with them, they have managed accounts, which is probably what TravelerMSY is talking about with 1% fee on everything invested, or mutual funds, but I only see a list of "available fund families" (Vanguard is of course not one of them). My guess is all of those mutual funds are front-loaded, back-loaded, and have high expense ratios (relative to low-cost index fund ETFs) that you shouldn't be investing in in the first place.

Basically CPC really costs > $3250/yr in opportunity cost (at the current > 1.3% APY interest rates on high yield savings), and I doubt anyone could extract nearly as much value out of it. IMO it's for chumps who happen to have a lot of money, but can't do basic math.

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You can move assets in kind and hold them there with no fees. I am holding Vanguard mutual funds at Chase to maintain the minimum balance, with no Chase fees whatsoever.

The amount of misinformation on the Internet about the program, just like in this thread, is staggering. Sure, if you walk in and say "hey, I'm a sucker, please take my money," they'll be happy to dump it into an actively-managed fee-laden fund. But they have no problem with you managing your assets yourself, and they run a normal brokerage and you can invest in anything that can be traded at any other brokerage.

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Thank you. I'm glad we could get a clarification on that. I could never get a straight answer on it even from Chase.

I'll bust my post.

Can you confirm CPC gets you out of 5/24? That's the only reason I would bother.

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gergles said:   You can move assets in kind and hold them there with no fees. I am holding Vanguard mutual funds at Chase to maintain the minimum balance, with no Chase fees whatsoever.

The amount of misinformation on the Internet about the program, just like in this thread, is staggering. Sure, if you walk in and say "hey, I'm a sucker, please take my money," they'll be happy to dump it into an actively-managed fee-laden fund. But they have no problem with you managing your assets yourself, and they run a normal brokerage and you can invest in anything that can be traded at any other brokerage.
I went straight to the source Chase website that describes CPC and read through a hole bunch of different pages and topics. None of them mentioned managing or transferring in your own funds. Thank you for that info.

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TravelerMSY said:   Can you confirm CPC gets you out of 5/24? That's the only reason I would bother.
  Not anymore, unfortunately. That's the only reason I signed up initially, but I've maintained the accounts because I actually really like Chase from the banking side. Their investment service is bleh, but I'm just letting some money sit there so it doesn't bother me too much.

You basically get the fee avoidance of Schwab/Ally/etc. with the local branches of a megabank with CPC - there are literally no fees at all for the banking side, for anything, and they reimburse foreign ATM fees (according to the docs, 5 per month, but YMMV if you end up getting more.)

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TravelerMSY said:   Thank you. I'm glad we could get a clarification on that. I could never get a straight answer on it even from Chase

I'll bust my post.

Can you confirm CPC gets you out of 5/24? That's the only reason I would bother.

  All signs point to no. https://www.doctorofcredit.com/chase-private-client-statushigh-value-customers-no-longer-bypass-chase-524/

Edit to add: I should also mention that I have personal knowledge of 2 people who are CPC and couldn't bypass 5/24. 

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Do they offer discounted/free trades like BoA (Merrill Edge) or Wells Fargo (PMA)? I've never been able to find any literature on it on their website.

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scripta said:   It's my understanding that you can keep 250K in cash at accounts that pay near-0% interest, or you can invest that 250K with them. From my reading about investing with them, they have managed accounts, which is probably what TravelerMSY is talking about with 1% fee on everything invested, or mutual funds, but I only see a list of "available fund families" (Vanguard is of course not one of them). My guess is all of those mutual funds are front-loaded, back-loaded, and have high expense ratios (relative to low-cost index fund ETFs) that you shouldn't be investing in in the first place.

Basically CPC really costs > $3250/yr in opportunity cost (at the current > 1.3% APY interest rates on high yield savings), and I doubt anyone could extract nearly as much value out of it. IMO it's for chumps who happen to have a lot of money, but can't do basic math.

  There are many reasons someone might need a large bricks and mortar bank with nationwide locations and the ability to handle complex transactions and large sums. If someone can do that with no fees, having CPC is better than not having it.

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psychtobe said:   scripta said:   It's my understanding that you can keep 250K in cash at accounts that pay near-0% interest, or you can invest that 250K with them. From my reading about investing with them, they have managed accounts, which is probably what TravelerMSY is talking about with 1% fee on everything invested, or mutual funds, but I only see a list of "available fund families" (Vanguard is of course not one of them). My guess is all of those mutual funds are front-loaded, back-loaded, and have high expense ratios (relative to low-cost index fund ETFs) that you shouldn't be investing in in the first place.

Basically CPC really costs > $3250/yr in opportunity cost (at the current > 1.3% APY interest rates on high yield savings), and I doubt anyone could extract nearly as much value out of it. IMO it's for chumps who happen to have a lot of money, but can't do basic math.
There are many reasons someone might need a large bricks and mortar bank with nationwide locations and the ability to handle complex transactions and large sums. If someone can do that with no fees, having CPC is better than not having it.
I've thought about that. Then I saw that the daily ATM limit is only $2000, debit card daily purchase limit is $7500, so I figured that any high roller requiring large sums and complex transactions might need quite a bit more than CPC offers.

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scripta said:   
psychtobe said:   
scripta said:   It's my understanding that you can keep 250K in cash at accounts that pay near-0% interest, or you can invest that 250K with them. From my reading about investing with them, they have managed accounts, which is probably what TravelerMSY is talking about with 1% fee on everything invested, or mutual funds, but I only see a list of "available fund families" (Vanguard is of course not one of them). My guess is all of those mutual funds are front-loaded, back-loaded, and have high expense ratios (relative to low-cost index fund ETFs) that you shouldn't be investing in in the first place.

Basically CPC really costs > $3250/yr in opportunity cost (at the current > 1.3% APY interest rates on high yield savings), and I doubt anyone could extract nearly as much value out of it. IMO it's for chumps who happen to have a lot of money, but can't do basic math.

There are many reasons someone might need a large bricks and mortar bank with nationwide locations and the ability to handle complex transactions and large sums. If someone can do that with no fees, having CPC is better than not having it.

I've thought about that. Then I saw that the daily ATM limit is only $2000, debit card daily purchase limit is $7500, so I figured that any high roller requiring large sums and complex transactions might need quite a bit more than CPC offers.

  They can probably adjust that on an individual basis.

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i have CPC. only got it cuz i wanted a discount on my closing costs.

never intended to keep $250k there, and never have. been almost a year now, been waiting for some call to ask me to downgrade.
if they ever do, i'll say go right ahead.

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UncleJr said:   i have CPC. only got it cuz i wanted a discount on my closing costs.

never intended to keep $250k there, and never have. been almost a year now, been waiting for some call to ask me to downgrade.
if they ever do, i'll say go right ahead.
I have yet to see Chase's rates + fees be anywhere near what I can find on Zillow, even with the CPC mortgage discount (which I believe is $750 cash for muggles, and 100K UR points for CSR carriers). Perhaps I'm missing something?

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scripta said:   
psychtobe said:   
scripta said:   It's my understanding that you can keep 250K in cash at accounts that pay near-0% interest, or you can invest that 250K with them. From my reading about investing with them, they have managed accounts, which is probably what TravelerMSY is talking about with 1% fee on everything invested, or mutual funds, but I only see a list of "available fund families" (Vanguard is of course not one of them). My guess is all of those mutual funds are front-loaded, back-loaded, and have high expense ratios (relative to low-cost index fund ETFs) that you shouldn't be investing in in the first place.

Basically CPC really costs > $3250/yr in opportunity cost (at the current > 1.3% APY interest rates on high yield savings), and I doubt anyone could extract nearly as much value out of it. IMO it's for chumps who happen to have a lot of money, but can't do basic math.

There are many reasons someone might need a large bricks and mortar bank with nationwide locations and the ability to handle complex transactions and large sums. If someone can do that with no fees, having CPC is better than not having it.

I've thought about that. Then I saw that the daily ATM limit is only $2000, debit card daily purchase limit is $7500, so I figured that any high roller requiring large sums and complex transactions might need quite a bit more than CPC offers.

Those large and complex transactions aren't done in cash. And they're not four figures. They're done by wire, and they're near seven figures, which is why CPC is nice: no incoming or outgoing wire fees. They even waived my wire fees before I officially joined CPC, just on the prospects that I would. 

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You gotta send quite a few wires to justify the opportunity cost.

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scripta said:   You gotta send quite a few wires to justify the opportunity cost.
  there is no opportunity cost. If you need a bank, you need a bank. Just like having an emergency fund doesn't have an opportunity cost, if you really need an emergency fund.

Besides, you can meet the CPC requirements just by holding $250k of Vanguard mutual funds with them.

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psychtobe said:   
Besides, you can meet the CPC requirements just by holding $250k of Vanguard mutual funds with them.

Stupid question but would that change the share class say from admiral to investor class for the mutual funds  if you move them to being held at Chase? And would you lose your Voyager Select or Flagship relationship with Vanguard if those Vanguard funds were held at Chase?

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Shandril said:   
psychtobe said:   
Besides, you can meet the CPC requirements just by holding $250k of Vanguard mutual funds with them.

Stupid question but would that change the share class say from admiral to investor class for the mutual funds  if you move them to being held at Chase? And would you lose your Voyager Select or Flagship relationship with Vanguard if those Vanguard funds were held at Chase

  Chase can't hold Admiral shares.  It will be a non-taxable event to convert to lower class.

Vanguard only considers Vanguard assets they hold for Voyager/Flagship.

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seawolf21 said:   
Shandril said:   
psychtobe said:   
Besides, you can meet the CPC requirements just by holding $250k of Vanguard mutual funds with them.

Stupid question but would that change the share class say from admiral to investor class for the mutual funds  if you move them to being held at Chase? And would you lose your Voyager Select or Flagship relationship with Vanguard if those Vanguard funds were held at Chase

  Chase can't hold Admiral shares.  It will be a non-taxable event to convert to lower class.

Vanguard only considers Vanguard assets they hold for Voyager/Flagship.

  Actually, some people have reported that Chase let them buy Vanguard Admiral shares. With no transaction fee, natch. Given that, CPC is completely free if you are planning to hold > $250k of Vanguard Admiral shares. One might as well hold them at CPC and get a completely free premium banking product.

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I stand corrected. Sounds like Chase can hold Admirals Shares based on comments in a investment forum.

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you might as well downgrade to their premium checking acct. As long as you make mortgage payments via the checking acct, its free. Also includes free lockbox, among other perks.

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scripta said:   
UncleJr said:   i have CPC. only got it cuz i wanted a discount on my closing costs.

never intended to keep $250k there, and never have. been almost a year now, been waiting for some call to ask me to downgrade.
if they ever do, i'll say go right ahead.

I have yet to see Chase 's rates + fees be anywhere near what I can find on Zillow, even with the CPC mortgage discount (which I believe is $750 cash for muggles, and 100K UR points for CSR carriers). Perhaps I'm missing something?

 
when i was looking, at the time, it was the lowest i could find.

I got a 5/1 ARM for 2.375% with -0.125 points on a $800k mortgage. the $750 credit was just a bonus on top of that.

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