[Update February 2021: The $2,000 welcome bonus has been extended through April 14, 2021. It was originally set to expire in January. More details below.]
In 2021, banking is more sophisticated and nuanced than just putting money into an account for safe-keeping. And with so much at stake, you want to make sure that you’re partnering with the right bank to meet all of your financial goals and needs.
If you’re a Chase customer with considerable assets under your belt, you may be considering the Chase Private Client Program. This personalized membership offers countless member-exclusive benefits, including one-on-one time with various financial advisors, banking and lending perks, and discounts on loans and transactions.
Here is a detailed look at everything this elite club has to offer.
In this post you'll learn:
What Is the Chase Private Client Program?
The Chase Private Client Program (CPCP) is an invite-only program that offers countless exclusive benefits and services to its members. According to the bank, Private Clients enjoy a “personalized relationship” with Chase through which they receive access to only the best banking features and services offered.
From customized J.P. Morgan investing guidance to exclusive lending programs, there’s almost no end to the special treatment you’ll get as a Private Client. Other benefits include but are not limited to:
|☎️||Priority banking service (24/7 on-call access)|
|💳||Member-only credit cards|
|👵🏻||Extensive retirement and financial planning resources|
|💰||Lower fees on most transactions (including those made abroad) and higher withdrawal and credit limits|
|🤵||Access to dedicated lending advisors|
Who Is Eligible for the Private Client Program?
Not just anyone can become a Private Client (PC) with Chase. This invitation is given only to Chase’s “best customers,” and you’ll either need to request a meeting with a Private Client banker to discuss your qualifications or wait around for a letter just to be invited. There are two ways to qualify for an upgrade to top-tier status with Chase:
Have a combined total of $250,000 or more between all of your Chase personal and business checking, savings, and investment accounts. This does not include online self-directed investment accounts with You Invest or retirement accounts.
Have a family member extend their Private Client membership to you. Though being a Private Client does not technically cost anything in membership fees, members not invited by a family member must maintain a daily average of $250,000 for continued status. Within 45 days of upgrading, Private Clients must disperse this sum across whichever qualifying accounts they choose.
For most, that’s quite a chunk of cash and not a lot of time. You’ll want to consider any opportunity loss you may incur from moving money out of another investment or savings vehicle to meet this $250,000 requirement. If you don’t have that kind of money lying around, you might find yourself selling shares of stock, pulling from a savings account that was accruing interest, and even missing out on countless investment opportunities you were consider pulling the trigger on – just to meet this target. You’ll have to decide for yourself if the program is worth the sacrifice.
The second way to hack your way into the CPCP is to become a joint account owner with another Chase Private Client that is an immediate family member. All adult members of a shared Private Client deposit account are awarded the privileges of a membership, whether each of them has $250,000 or not. This loophole is utilized by many Chase customers that would otherwise never qualify for elite status.
Benefits of the Chase Private Client Program
Several aspects of modern banking are changed for Chase members elevated to Private Client status—overall, the program has many strengths, but it also has many caveats. Chase works hard to keep its Private Clients, but be sure to read the fine print before you make any decisions.
A $2,000 Sign-Up Bonus That’s Hard to Beat
Current Chase customers opting to upgrade to Private Client status are provided a hefty reward.
From now until April 14, 2021, upgrading to Chase Private Client includes a lucrative welcome bonus of 💰$2,000 💰 after completing a few qualifying transactions.
Here’s how to qualify:
- Meet with a Private Client Banker to upgrade to Chase Private Client CheckingSM account and
- Within 45 calendar days, transfer a total of $250,000 or more in qualifying new money or securities to a combination of eligible accounts.
Eligible VS Ineligible Accounts:
– Eligible Accounts: qualifying Chase personal checking accounts and savings accounts, as well as J.P. Morgan investment accounts. These must be opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor.
– Ineligible Accounts: Chase business checking and savings accounts, any You InvestSM accounts, any J.P. Morgan retirement accounts (such as Traditional and Roth IRAs, Keoghs, SEP and SIMPLE IRAs, and 401(k) plans); CDs; insurance products; fixed and variable annuities; J.P.Morgan Fund Accounts; 529 College Savings Plans; attorney trust accounts; client fund trust accounts; as well as Government or Non-Profit accounts.
Credit Cards and Rewards
The Private Client Program does not have any unique cards except for the debit card given to members; even the highest-rated Chase cards are available to all. Any Chase member can apply for the Chase Sapphire Reserve card, an elusive travel card that unofficially requires a credit score of 750 or higher, and the Chase Sapphire Preferred card, which requires a 700 or higher.
Private Clients are more likely to have these cards, but their approval odds are only higher because they have more money and better credit to begin with. If a person is likely to qualify as a Private Client, they are also likely to qualify for the top cards. The CPCP does not guarantee credit card approval and card rewards and points are the same for everyone.
Unless you’re a long-time personal finance junkie, you’re probably not familiar with the Chase 5/24 rule. This quietly enforced “no more than 5 credit card accounts opened in the course of 24 months” rule includes all cards that contribute to a person’s credit (not just Chase), and it’s firm for everyone. That means that PC’s aren’t likely to get around this stipulation even though they are Chase’s “favorites.”
Members of the Chase Private Client Program never have to go long without getting help. Private Clients have access to a 24/7 exclusive Banking Services line (Domestic: 1-888-994-5626, International: 1-405-235-4847) to answer questions the moment they have them, no in-person appointment or hours on the hold required.
Members of this program also have a dedicated banker ready to help them navigate and make the most of their membership. There’s a lot to the private program, but clients don’t have to figure it out alone. In addition to these helplines, Private Clients are offered a number of banking benefits, including:
● Higher daily ATM withdrawal limits (up to $2,000)
● Higher daily purchase limits (up to $7,500 with Chase Private Client debit card)
● Higher QuickDeposit and QuickPay limits ($25,000 per day and $100,000 every 30 days and $5,000 per day and $40,000 every 30 days, respectively)
● Rushed (free) card replacement
● No Chase fees at non-Chase ATMs or on wire transfers
● No monthly service fees on checking or savings accounts
Business Account Bonuses
Chase members with Private Client status that also use Chase for their business banking can count on a few special accommodations. Specialized business banking advisors are assigned to every Private Client business owner. These advisors can answer any of your questions and help you strategize your business spending so that you’re using your money as effectively as possible.
Private Clients do not pay any fees on electronic deposits to Platinum or Total Business Checking Accounts or service fees on these accounts. Even better, minimum balance requirements are lower for Private Client Platinum Business Checking accounts. If you’re wondering whether your business account funds can be used to qualify you to become a Private Client, the answer is yes.
Investment and Retirement Counseling
Members of the Chase Private Client Program get to partner up with dedicated J.P. Morgan investment advisors. Because J.P. Morgan is one of the biggest investment banking companies in the business, that means access to global expertise and vast market research. Clients meet with their advisors regularly to discuss immediate financial needs and market and economic trends as well as smart next moves.
Chase Private Client members also get help prepairing for retirement in the form of a comprehensive 4-step plan. Through this plan, clients identify what they want to get out of retirement, evaluate their current financial situation, develop strategies for success, and assess their goal progression, all with the help of an investment professional.
However, there is a catch. Giving J.P. Morgan the reigns to manage your investment portfolio and offer advice isn’t free, even for Private Clients. An annual fee of 1.25%, billed quarterly, is charged for portfolio management services from J.P. Morgan. Many professional portfolio advisors, through firms like Vanguard and Personal Capital, charge less than this (the average is more in the 1% range). If users choose to use You Invest, a self-directed free trading platform, instead, their investment opportunities will be severely limited and their returns much lower.
Mortgage and Loan Advice
The stressful process of taking out a home mortgage or auto loan is made less stressful for Private Clients because these Chase members receive discounted rates on lending and top-notch personal loan advice. Through the Chase Private Client Mortgage Rate Program, members work with home lending advisors and other team members such as underwriters and processors to plan their home loans with big picture financial goals in mind.
When it’s time to take out a loan, Private Clients can expect up to 1.25% off the standard variable rate for a home equity line of credit and a 0.25% rate discount off standard auto loan rates with an additional 0.25% off of that when refinancing.
Privileges for the Whole Family
While Chase Private Clients can extend their benefits to other members of their immediate family with whom they share accounts, the family privileges of this membership don’t stop there.
Parents might like the fact that they can set withdrawal and spending limits on authorized debit cards for use by their kids through the Private Client Program, but young adults can learn more about responsible banking themselves through Chase’s Student Banking Program. However, these features are not exclusive to the CPCP.
There are a few final hidden perks to the Chase Private Client Program that shouldn’t be overlooked for those that enjoy skipping lines and being treated like a VIP. Chase Private Clients have access to annual member-exclusive events, early ticket purchase on select entertainment, and can even utilize their membership to gain special entry into certain institutions through the Chase Private Client Arts & Culture Program (though use of this perk is limited).
Does It Pay to Be a Chase Private Client?
The CPCP likely isn’t for anyone still improving their credit, new to investing, paying off large loans (other than perhaps home loans and mortgages), or just beginning to plan for retirement.
The Chase Private Client Program is best-suited for larger asset-holding Chase customers that favor convenience and may want a little help with big financial decisions but have already made some progress towards long-term financial goals. It’s also worth noting that not all Chase banks participate in this program, so this is very much a case by case offer.
As with anything, there are pros and cons. There are discounted loan rates, waived service fees, and member-exclusive events, but there’s also that massive $250,000 minimum account balance requirement.
Do you have experience being a Chase Private Client? Please share in the comments.