Chase Private Client and similar concierge banking options

[PenguinMD]

Wanted to know people's thoughts on Chase Private Cleint program.

We already have other somewhat "elite" status in other banks/institutions: Wells Fargo PMA (50k min invested via WellsTrade), Bank Of America Premium Platinum (100k min invested via Merril Lynch this is to max my CC rewards when shopping at Costco), and Fidelity Premium Services (250k min invested).

Chase Private Client (CPC) min is $250k but has unique perks such as easier access to Chase credit cards (no 5/24 rule) and larger sign-on bonuses plus they have a nice art and culture program that gives you free/discounted tickets to museums, aquariums, and zoos. Plus with CPC a lot fees get waived, although would get similar fee waived from my other relationships it's good to have more options (no fee wire transfers, cashier checks, ATM reimbursements, including international fees).

Of course the downside is you need to keep $250k with Chase which if I did in a checking or saving account would be a huge opportunity cost compare to what I'm getting from Ally or AmEx Savings. However, it does let you do investments which I wouldn't mind if there's some good low cost ones -- I see they offer Fidelity funds but didn't see any Vanguard ones.

So curious who has CPC and your thoughts on their benefits. Plus what's the best financially prudent way to qualify for CPC. I have heard some people transferring the 250k for a month and then withdrawing it out but curious if anyone has gone the unmanaged brokerage way with favorable funds and how to do that. I imagine that they will heavily push their managed investment products so you just need to be firm to say "no thanks".

I was also looking at Citi but didn't see anything too special about their "elite" level perks.

Thanks so much!

[givemenachos]

I've been a CPC for about a year now, and honestly wouldn't recommend you go out of your way to qualify.

I've had personal and banking business accounts through Chase for years and was approached about joining CPC by my banker after amassing close to the $250K in checking and savings accounts there (before doing major distributions to taxable account/529/estimated tax payments).  At that time, I was told I could qualify with less than but close to $250K with the understanding that within the next 6 months, my account totals would reach $250K.

I'm happy with where my investments are right now and had no intention of moving anything over to Chase.  I didn't dig too deep into their investment options because like you I figured they'd push heavily for their managed investment products which I have no interest in.  The two main perks I wanted at the time were the decreased fees on refinancing my mortgage (CPC get $750 off closing costs to refinance) and the ability to bypass 5/24.  I refinanced a few months ago and got the $750 off closing costs, which I was happy about.  You should be aware that data points now suggest CPC does nothing to help bypass 5/24.  I applied for the Chase Sapphire Reserve credit card in branch about a month ago, and even at that time the banker told me that CPC no longer helps with approval or with overturning a denial--not sure if that applied specifically to the Reserve, but my understanding was that 5/24 is now basically immune to CPC.

The arts and culture program and discounted fees are nice, but are they worth your moving substantial assets for?  I don't think so.  It sounds like you get much better benefits from the other elite programs you currently participate in.  I let Chase upgrade my account to CPC because it didn't cost anything extra at the time to do it and I wanted to check it out, but now that my balances have fallen below the asset requirement, I have no intention of moving anything over to Chase merely to continue to qualify for CPC.  Once they downgrade my accounts back down to regular client status, I won't be sad.

Hope that info helps.

[VagabondMD]

This is one of those many, many examples that if you jump through this hoop and sign up for one of those, you have the opportunity for a slight benefit that you can easily afford anyway without the hoop jumping and signing and the additional mental clutter for managing but another account, chasing the benefit, transferring assets in and out before this deadline or after that 90 day period, etc., etc.

[PenguinMD]

Thanks for the info! We actually got an invite to upgrade in the mail (physical) plus we have it on one of our accounts when you log in -- "upgrade your account to chase private client".

We applied to a mortgage with them before so they have all our asset info so likely why we are being targeted, we ended picking Wells at the end due to the better rate.

The 5/24 was just a benefit I heard people mention but right now we're not in a big CC churning mode so not that useful to us as with a recent little one all our traveling has basically halted (really wanted to get the sapphire reserve but couldn't take advantage of most of the benefits at this time ...).

If they will upgrade us as a "development account" where they say we upgrade you now so you can sample the benefits but need to transfer 250k within a year, I can go that route without moving any assets now. See if I even like the program first. I've also heard annectotally that some people still are CPC for years but never met the deposit amount.

It does seem CPC is a much more discretionary then say the BoA Preferred Rewards program which is completely algorithmic taking the 3 mo avg of your balances. Yes, BoA has the museum on us program but that's only once a month on specific weekend. The CPC museum and culture is more flexible has more options (at least in my area).

But I do like the approach of not going too out of your way to qualify so will try that before moving large $$$ back and forth. I reached out to CPC so will see what happens.