Update 8/29/20: Some additional information:
- Business balances will not count towards the $150,000 requirement. Having a linked Chase Platinum Business Checking account will waive the $35 fee entirely.
- New Chase CPC clients will have the $35 fee waived for the first three months
- Existing CPC clients will be systemically waived until February 26, 2021
- In February clients who either opened or upgraded to CPC before November 8th will be systemically converted into an appropriate Chase checking/savings product.
- The following changes to benefits will go into effect on November 8th:
- Standard overdraft protection will apply and CPC accounts may be charged insufficient funds and returned items fees. We will waive the insufficient funds and returned item fees if item(s) are presented or withdrawal request(s) are made against an account with insufficient funds on four or fewer business days during the current prior 12 statement periods
- To get the full benefit of Chase Private Client, clients are required to have a Chase Private Client checking account. Clients must have a Chase Private Client checking account to be able to open/convert to a Chase Private Client Savings account.
Update 8/9/20: Reader J. sent in the official new terms on Chase Private Client which is now being sent out as account update for clients. Reading through the terms, it seems I got the info a bit wrong: it’s not that they are lowering the actual threshold – the official CPC threshold remains at $250,000; they are just adding a fee for those who don’t meet a lower level $150,000 threshold. They still might kick you off the program if you are over $150,000 and under $250,000, since $250,000 is the real requirement for CPC.
Here’s a link to the full PDF of new terms. I’ve updated the title to reflect the new information as well.
Original Post 7/23/20:
A source tells us that Chase will lower their threshold for becoming Chase Private Client from $250,000 in balances to $150,000 in balances. The change is slated to happen in November 2020.
Specifically, we heard:
- Chase Private Client to reduce asset requirement to 150,000 in November 2020.
- Existing Private Clients that can’t maintain the $150,000 requirement will be charged $35/month.
My read is that along with the lower threshold, they’ll also begin enforcing the balance requirement. It’s an open secret that people have been able to get Private Client status by telling a banker they ‘plan on’ depositing $250,000, without actually depositing; eventually, you’ll probably get kicked off the program, but it supposedly can work for a while. Sounds to me that beginning November they’ll just make it a clear $150,000 requirement, with a monthly fee that kicks in if you don’t meet the requirement.
Related: Everything You Need To Know About Chase Private Client (Qualification, Benefits & Sharing Status)
I confirmed the threshold is now $150K, not $250K.
Strange – that’s not what it says in the pdf.
Considering just downgrading my CPC status. Wealth management/ private banking is basically just sales. The benefit was free ATMs worldwide and having my checking along my credit cards. Both possible at Sapphire level.
I got a letter from Chase and called my CPC. It seems that all Chase branches are no longer going to waive the requirement (and thus the fees) for accounts held by anyone who do not have at least 150k. If they want to keep the CPC account without a fee they either have to downgrade or the CPC who has 150k has to be on all of their accounts (i.e. anyone who does not have 150k will need to have all their accounts be joint).
I was told the same thing too. The client with the qualifying balance has to be listed as a joint owner for that joint account to get CPC. The family member’s personal accounts wouldn’t get the benefit anymore unless that person also qualifies separately.
I was also advised that if the family member is really in it for the ATM rebate, foreign purchase, free wire benefits, etc, they could transfer some money from his/her personal account into the joint account just to make that withdrawal. It seems like a pain in the behind though.
Unless I’m missing something so long as they have one joint account they should still be able to have all CPC benefits, they just can’t have a personal CPC account of their own.
Shouldn’t be an issue if they have 1 Total Checking and 1 CPC account in that case. It’s a bit annoying for ATM rebate but that doesn’t sound like the end of the world.
I guess the question is what benefit do you REALLY get with a joint CPC…lol. If we have 1 Total Checking and 1 joint CPC, would we be charged the fees that are associated with Total Checking on that specific account? For example, if we wired money from the Total Checking account elsewhere, we would still be charged the outgoing wire transfer fees, right?
This change became even more confusing after talking with a private client banker. We were told that any CPC relationships for family members that don’t meet the new $150k balance requirement will not be charged a fee. The banker said if a fee shows up on any family member’s account to inform him and he will fix it. Not sure if he is just making an exception, or if this is how they plan to implement the change nationwide. He said that the primary family member who has the >$250k balance is effectively “sharing” that qualifying balance with all the family member accounts when it comes to minimum balance requirement calculations.
It was confusing to me too. All of my family members that were “sharing” my CPC benefit just got a letter from Chase about their accounts not meeting “either of the ways to waive this Monthly Service Free,” including a joint account that has my name on it even though I do meet the $150k requirement.
We just got those letters now too. It is completely different than what the CPC banker told us lol. Leads me to believe certain bankers will be manually waiving fees for family members in order to keep the primary relationship. But this rollout is being horribly handled from a marketing/PR standpoint.
I have been a Chase Private Client for a few years in NJ. I talked them into making me a member with some limited funds. I thought their sales pitch was a scam to manage your investments. They backtested funds 5 years that didn’t exist in all the prior 5 years and cherry picked manipulated data. Never used the Arts and Culture as not much interest/availability. My private banker was non-existent, which is perfect for me. For a jumbo mortgage they could probably do something as they are using house money. Normal mortgage they can’t compete. I recommend lenderfi.com. Just closed a 30 year refinance 2.625%, no cost. I’ve lost out on a few years of Chase checking bonuses while being a member. I use Schwab, seems to handle everything fine. You would really have to add up a lot of perk values other than ego to make it worthwhile. I guess I will go back to bonuses as I truly have felt I have lost money being a CPC member.
I got this info from my banker in NYC
CPC is only worth it if you’re just parking your investments. All Vanguard funds are no fee, so there’s really no difference where stuff lives.
The Arts & Culture card is a huge benefit for families. I get a really cheap (larger) safe deposit box. Free wires and ATM etc.
HSBC Premier used to be $50/month for essentially nothing. Not sure what BOA is doing these days since Chase has the far superior online banking and apps.
Chase CPC is a joke compared to BoA.
If you really want to enjoy the “dedicated private banker”, it gonna be you have over 10M networth.
CPC is a joke vs BOA premium. The other big banks need to get with the program it all their big money clients will flock to BOA overtime.
Yeah and once that happens, BOA will get rid of Preferred Rewards and you’ll start whining about BOA too
If one of their programs is consistently attracting big money clients, they’re probably not gonna axe it.
Not true.. AMEX 5% Amazon is now capped as of 10/1 because of it’s popularity and their concern is their bottom line, not customer loyalty .. many big spenders are looking for other options now.
BofA platinum seems nice but not better than Chase necessarily. Chase has international ATM reimbursement and I still think the Sapphire Reserve is better than any bofa card if you spend a lot on dining/travel.
Is it possible to product change to Sapphire Banking from CPC right now?
yes
but wud it trigger the bonus?