Around 5 years ago I was invited by Chase to join their Chase Private Client (CPC) program. The invitation occurred during my usual visit to my branch to make some deposits.

After rejecting their offer to speak with a CPC banker once before, I decided to take up on their offer since I had to cut some cashier checks and I knew they would be free of charge if I joined. The things I do for free things.

The banker ran the benefits through me, and I was out the door after around 20 minutes or so. So what are the benefits for joining their program?

 

 

Chase Private Client Benefits

Banking Limit Increases

1. Chase Mobile Quick Deposits.
   • Regular accounts: $2,000 per day. $5,000 every 30 days.
   • CPC: $25,000 per day. $100,000 every 30 days.
2. Chase Quickpay with Zelle.
   • Regular accounts: $2,000 per day. $16,000 every 30 days.
   • CPC: $5,000 per day. $40,000 every 30 days.
3. Daily ATM withdrawal limit of $2,000.
4. Daily debit card purchase limit of $7,500 when using the Chase Private Client debit card.

 

Banking Fee Benefits

• No fees on incoming or outgoing wire transfers.
• No fees for cashier checks, money orders, and counter checks.
• No fees on worldwide ATM fees.
• No monthly fees on Chase Private Client Savings and Checking accounts.
• No fees on foreign exchange rate adjustments for debit card usage and ATM withdrawals in a currency other than US dollars.

 

Investment Benefits

• Form a personal relationship with a dedicated advisor.
• Personalized financial analysis and retirement planning.
• Zero fee stock and ETF trades with You Invest by J.P. Morgan.

 

Business Benefits

• Zero fees on electronic deposits for Platinum Business Checking and Total Business Checking accounts.
• Zero monthly fee on Chase Total Business Checking.
• Reduced minimum balance requirements on Chase Platinum Business Checking.
• Personal business banking advisor who can provide advice on achieving business goals.

 

Home and Auto Loan Benefits

• Discounted mortgage rates when purchasing and refinancing your home. (0.125% for total account deposits and investments of $250,000 to 1 million or 0.25% for 1 million and above.)
• Customized advice and support from a dedicated team for underwriters, processors, and lending advisory.
• Receive up to 1.25% off the standard variable rate for Home equity line of credit (HELOC).
• Zero origination fee for HELOC.
• Zero annual fee for HELOC.
• Easy access to funds online with the ability to transfer cash directly into checking or savings accounts.

 

Additional Benefits

• Free 3X5 Safe Deposit Box or receive a 20% discount on larger boxes.
• Free personal checks which includes premium designs.
• Have a personal banker assigned just for you as well as a 24/7 Private Client banking service line dedicated for CPC’s.
• Expedited service line at branches.
• Rushed replacement debit or credit cards anywhere in the world at no charge.
• Special access to local institutions in select major cities through Chase Private Client Arts & Culture program.
• Higher welcome bonuses available for in-branch credit card sign-ups. (Case by case basis)

 

How to qualify for Chase Private Client

Chase states the requirement to join CPC are the following:

• Daily average account assets of $250,000 in any combination of Chase banking or investment accounts.
• A direct family member who is a Chase Private Client may invite other family members to share CPC benefits by opening a shared checking account.
• Direct invitation by Chase.

 

Did I maintain a $250,000 balance with Chase?

No, I did not. My balance with Chase on average was probably in the range of $10,000 to $50,000 in any given time. So, why did Chase invite me to join their CPC program?

I can’t be too sure. After doing some research on this topic, I concluded that Chase after having seen few large transactions passing through my account decided to tag my account for invite. Another contributing factor may be the length of time I have been banking with Chase which is now almost 23 years.

There were few instances where I transferred couple of hundred thousand dollars through my checking account to prepare for real estate acquisitions. The largest amount of funds passing through my checking account was once over $800,000, which I am assuming may have tagged my account.

The funny thing is after 5 years of having account balances nothing near required figures, I have not been removed from their CPC program. Perhaps they have other undisclosed criteria for CPC invitations.

I would suggest anyone who may have larger amounts of assets that needs to be transferred to swing them through your Chase account just to see if you may qualify for their CPC program as well. I would love to know if anyone got away with this. Please let me know in the comment sections below.

 

My Review

Chase Private Client program is surely for higher net worth individuals and families. The combined set of benefits make the program interesting for select group of customers.

The program is less useful to me than it was when operating my business. I often took advantage of the free cashiers checks and money orders. I also moved my business checking account over to Chase to save on the monthly fees from my previous bank.

Some of the other notable benefits I was able to take advantage of were the free wire transfers, free premium checks, and their Arts & Culture program. They are nice perks to have when needed but not much of value.

The intriguing benefit for me is their HELOC discounts on fees. HELOC’s can be useful tools for acquiring properties if used wisely.

With the opening of Chase YouInvest trading platform, qualifying for CPC has become much easier to justify by transferring investment accounts over to Chase.

Chase is currently offering $1,250 for customers as a welcome bonus for those who join their CPC program. Offer is set to expire on 06/15/2019.

The combined set of benefits do create some interesting value for select individuals. Particularly customers who in combination operate businesses and invest in real estate is likely to benefit mostly through fee reductions. All other perks look to be just icing on the cake.

If you live in the city and you frequent Chase branches where the lines are long, you will really appreciate not having to wait in lines. This was probably my favorite benefit as I often had to visit the bank in downtown Los Angeles with ridiculous lines. What use to take 10 to 30 minutes waiting in line only took 1 to 5 minutes after joining the program. Overall, Chase Private Client program does provide some good value for the right type of customers mentioned above and for those select customers I would definitely recommend the program.

Thank you for reading.

 

Current Rating:

[yasr_overall_rating]

Reviewed on: 2019-5-9