Chase Private Client Checking
Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000. Within 45 days of coupon enrollment, transfer qualifying new money or securities to a combination of eligible checking, savings and/or J.P. Morgan Wealth Management non-retirement accounts (excludes Chase Personal and Business CDs, Chase business checking and savings accounts, any J.P. Morgan Self-Directed Investing & Automated Investing, J.P. Morgan Personal Advisors Accounts, and J.P. Morgan Wealth Management retirement accounts). Expired on 1/24/2024
Chase Private Client Checking
Chase is one of the largest banks in the US, with millions of customers using it for their day-to-day banking. However, if you’re looking for a premium product with premium service, you may want to consider Chase Private Client Checking.
The Chase Private Client Checking account is a premium account, which is obviously designed for higher-value clients. While it does have higher requirements, it does offer some great perks including dedicated support and personalized advice. So, you will need to assess whether these benefits are worth it for you.
Chase Private Client Checking : Account Features
In addition to the regular checking account features, Chase Private Client Checking offers premium benefits for customers. Here's a summary of what you can expect for:
As the name suggests, this account provides access to Private Client benefits including access to a Private Client Banker.
This person can help you to navigate your money requirements and help you to communicate with any specialists who are required to achieve your financial goals or money management needs.
As a Private client, Chase will provide access to an investment advisor. Whether you have JPM self-directed investing or managed accounts, a JP Morgan advisor can help you to create investment strategies to work towards your goals. You’ll also have a direct line to the advisor, so you can easily reach out as and when you need them.
When it comss to money transfer, the Private Client Checking account has higher daily limits than regular Chase accounts.
This includes up to $100,000 per day and $250,000 during every 30 day period for Chase QuickDeposit, up to $5,000 per day for Zelle transactions, up to $3,000 for ATM withdrawals and up to $7,500 for purchases using your debit card.
You can also set up direct deposit to your Chase account, including savings accounts and other types of accounts you have.
This account also provides a number of fee waivers, which can save you money on your day to day financial activities. This includes no fees for incoming or outgoing wire transfers, no ATM fees and a great perks on Chase overdraft fees: no fees for the first four overdrafts across 12 statement periods.
As a Private Client, you can access priority customer service offering a top tier customer experience.
Whether you have an account issue or you want to tap into the benefits of relationship banking, you won’t need to wait on hold on the standard helpline.
Despite this being a premium checking account, there is no minimum initial deposit requirement.
This is surprising as many higher tier checking accounts typically have a minimum deposit requirement that creates a barrier to entry.
The Pros And Cons Of Chase Private Client Checking
There is no easy answer to know if this account is good for your needs , as it will depend entirely on your circumstances, preferences and needs.
You’ll need to assess the pros and cons to make a determination as to whether the account would be good for you.
Discounted Finance Rates
Monthly Service Fee
No Exchange Adjustment Fees
High Waiver Requirements
Access to Invitation Only Events
Business Banking Advice
Personalized Customer Service
This account provides access to discounted finance rates of up to 0.50% for home loans and up to 0.25% for auto loans. This has the potential to save hundreds or thousands on the cost of your borrowing.
If you use your debit card abroad, you’ll not experience any exchange rate adjustment fees. This is another potential money saving feature, particularly if you tend to travel regularly.
You can attend exclusive invitation only events such as culinary demonstrations, family experiences, and even thought leadership events with financial industry experts.
If you’re a business owner, you can access personalized advice on all of your business banking needs.
This perk cannot be overlooked, as you’ll have a dedicated advisor who is familiar with your banking requirements and situation.
When you have an issue, you won’t need to wait on the general helpline and then have to explain your details to the advisor you speak to- your advisor will already have the big picture of your finances.
The Chase Private Client Checking account has a $35 monthly service fee, which can be waived if you link a Chase Platinum Business Checking account or have an average of $150,000 per day in this account and your linked, qualifying deposit or investment accounts.
While the account does offer minimal fees in most areas, you won’t be able to waive the monthly maintenance fee unless you have at least $150,000 across your linked Chase accounts.
This means that you may need to move your funds across from other financial institutions.
Do You Need The Chase Private Client Checking?
Since this is a premium account, it is obviously geared towards high asset customers. The account does require a high minimum asset value to qualify and you’ll need at least $150,000 across your Chase linked accounts to waive the monthly maintenance fee.
This means that if you’re the type of customer who prefers to have all or most of their assets with one financial institution, this account could be a good fit for you. It does offer some great perks including preferential rates and waived fees, which could save you hundreds or thousands of dollars.
However, the real determining factor as to whether this is the right account for you is if you would benefit from the personalized service.
If you’re the type of person who tends to go it alone and you prefer to manage your own investments and day to day finances, rarely needing assistance from your bank, you’re not likely to benefit from this key feature. In such a case, you may want to check out the Chase Total Checking benefits instead, which is the ultimate account for the average customer.
On the other hand, if you like the reassurance of having a financial expert assist you, this could be an invaluable feature for you.
Is Chase a Good Bank to Work With?
Chase is a good bank and one of the largest banks in the U.S., with a comprehensive product line that provides you with products to suit almost any situation. There is a choice of not only different checking accounts but also savings accounts, loans, mortgages, and many CDs to choose from. However, as with most brick-and-mortar banks, Chase’s rates are not the most attractive.
For example, this is a premium account, yet the APY on your balance is currently just None. Considering the monetary commitments required for this account, you can access higher rates with more flexible requirements with numerous online banks.
Unfortunately, Chase doesn’t have a great reputation on consumer review websites. On Trustpilot, it has a bad rating of only 1.3 out of 5. Of course, as a Private Client, you won’t be dealing with the main customer service department, which is the source of many of the negative comments and reviews.
How to Open a Chase Private Client Checking Account?
You can open a Chase Private Client Checking account in your local branch, but it is also possible to apply for an account online from the comfort of your own home.
- Visit the Chase Website: The first thing you’ll need to do is visit the Chase official website to find the Private Client Checking account product page. You’ll find this under the “checking & savings” tab on the top bar of the home page and then select Private Client Checking.
- Confirm Your Status: Once you click “apply” you’ll be directed to a simple introduction page to confirm whether you’re an existing Chase customer and if you want to open a sole or joint account.
- Complete the Application Form: This is fairly standard and you’ll need to answer all of the mandatory fields including your full name, address, phone number, email address, Social Security Number and some basic financial details.
- Verify Your ID: If you’re new to Chase you will need to verify your identity. You can do this by uploading a picture of your driver’s license, passport or other government issued photo ID when prompted.
New customers can earn a significant welcome bonus. In order to get it, new customers should transfer a total of $250,000 or more of cash or securities within 45 days of coupon enrollment.
Yes, the account is interest bearing. The current rate for balances of Private Client Checking accounts is None APY.
If you want to close your Private Client Checking account, you can either call into your local branch or call your private client banker, who can guide you through the closure process.