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Chase Platinum Business Checking® Account The Chase Platinum Business Checking account is better suited for larger businesses that have a lot of financial activity. It’s a step up from the Performance Business Checking account, offering more generous account benefits at a higher monthly cost.
With lower fees come lower caps, so if you’re planning on conducting a lot of activity with your business checking account, you might want to consider upgrading to other Chase business checking account options, the Chase Performance Business Checking or Chase Platinum Business Checking. 1 There is no Monthly Service Fee for Chase Private Client Checking SM when you have one of the following each monthly statement period: an average beginning day balance of $150,000 or more in any combination of this account and linked qualifying deposits a and investments b or, you have a linked Chase Platinum Business Checking SM account. Important Information about Chase Platinum Business Checking. Chase Platinum Business Checking comes with a $95 Monthly Service Fee that can be waived by maintaining an average beginning day balance of $100,000 or more in linked business savings, CDs, investments and other Chase Platinum Business Checking accounts (excluding client funds savings accounts).
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- What Is Chase Private Client
- How to Qualify
- Pros & Cons
- Dedicated Advisors
- Banking Benefits
- Credit Card Benefits
- Loan Benefits
- Investment Benefits
- Business Benefits
- Family Member Privileges
- Arts and Culture Program
Note: The information for the Chase Private Client has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.
Chase Private Client Promotions
- Request an offer code online by providing your email address.
- Meet with a Private Client Banker by the offer stated date to upgrade to Chase Private Client.
- Within 45 calendar days, transfer a total of $250,000 or more in new money or securities to a combination of eligible Chase accounts.
- Maintain at least $250,000 balance for at least 90 days from the date of funding.
- The $2,000 bonus will be deposited into your Chase Private Client Checking account within 10 business days after completing the above requirements.
Chase Private Client Checking has no monthly service fee. However, you must maintain the average daily balance of $250,000 in any combination of qualifying deposit and investment accounts to enjoy the benefits of Chase Private Client.
As a Chase Private Client customer, you get a private banker and dedicated J.P. Morgan financial advisor. Other benefits include:
- Banking fee waivers, including no ATM fees worldwide, no foreign transaction fees, no fees for wires, cashier's checks, counter checks, and money orders, no stop payment fee, and no overdraft of insufficient funds fees
- Higher daily limits for ATM withdrawals, debit card purchases, remote check deposits, and QuickPay with Zelle
- Free 3x5 Safe Deposit Box (20% discount on larger boxes)
- Free personal check designs
- Rate discounts for home and auto loans
- Access to a portfolio line of credit at a competitive rate
- Art & Culture card granting free admission to museums in select cities
- The new money cannot be existing deposits, funds, or securities held by you at Chase or its affiliates.
- Eligible accounts include qualifying Chase personal checking and savings accounts, and J.P. Morgan investment accounts (opened in a Chase branch and serviced by a J.P. Morgan Private Client Advisor or Financial Advisor).
- Ineligible accounts include: You Invest accounts, any J.P. Morgan retirement accounts, CDs, insurance products, fixed and variable annuities, J.P. Morgan Fund Accounts, 529 plans, attorney trust accounts, client fund trust accounts, and Government or Non-Profit accounts.
- Gains and losses to qualifying investment balances from trading or market fluctuation will not be counted for purposes of meeting the balance requirements.
- You can only participate in one Chase Private Client Checking, Chase Sapphire Checking, or You Invest new money bonus in a 12-month period.
- Bonuses are considered interest and will be taxable.
What Is Chase Private Client?
Chase Private Client (CPC) is an elite relationship status for high-balance Chase banking and investment customers. You get a more personalized banking experience tailored to your needs.
You get exclusive benefits, including:
- A private banker
- A private advisor to help with your investment strategy
- Banking fee waivers
- Discounted rates for home and auto loans
- Guidance to help with your business needs
Not only is it a banking relationship, it's a personal relationship. You can build yours today.
Read on to learn more about each benefit in detail. And we'll share our thoughts on whether they're worth the high requirement.
Who Chase Private Client is Best For?- High net worth individuals who leave large balances in checking or savings.
- Those who regularly require banking services, such as wire transfers and money orders.
- Those who want an all-inclusive banking and investment experience.
How to Qualify?
To qualify, you must maintain an average daily balance of $250,000 or more across any combination of qualifying personal checking, savings, and/or investment accounts with Chase. You'll be invited to upgrade to Chase Private Client.
There is no membership fee to join. All you have to do is maintain the minimum balance. However, there have been reports that you can still retain your CPC status if your balance falls below $250,000.
Qualifying Accounts Include:- Chase Personal Checking and Savings Accounts (excluding Chase Premier Savings)
- Chase Liquid Cards
- Investment and Annuity Products (excluding any You Invest, J.P. Morgan retirement accounts and CDs)
There have been some reports of people who were invited to join CPC with less than $250,000 and given time to meet the requirement. This largely depends on your history with Chase and relationship with your banker.
You can also join Chase Private Client if you have an immediate family member who is a CPC. Read more about it below.
Pros & Cons
Lg tv cast from pc. Pros
- Dedicated advisors to provide guidance
- Personal relationship with your banker
- Banking fee waivers
- Discount rates on home and auto loans
- Benefits extend to adult immediate family members
- Dedicated phone line
Cons
- Not all branches offer CPC services
- Low interest rates compared to online only banks
- Must have $250,000 with Chase
- No longer bypasses the Chase 5/24 rule
- Arts & Culture card is limited use
Now let's review the Chase Private Client program in detail.
Dedicated Advisors
When you become a Chase Private Client, you'll get a team of advisors to help you find the best financial solutions for your goals. You get:
- Private Client Banker
Your private banker will oversee your banking relationship, guide you through your benefits, and find the best solutions.Your banker will also connect you to other dedicated Private Client experts for loans and business banking needs.Not all Chase branches offer CPC services and have a Private Client Banker. Find a branch here. - JP Morgan Private Client Advisor
A dedicated advisor will work with you to understand your full financial picture and plan a custom investment strategy to meet your goals. - Business Banking Advisor
If you have a small business, you'll get a dedicated advisor and a team of specialists who can help find the best business solutions.
Banking Benefits
Chase Platinum Business Card
Fee Benefits:
- No monthly service fee when you link a CPC Checking account to a CPC Savings account.
- No monthly service fee on up to 9 CPC checking accounts.
- No ATM fees worldwide; Chase will even refund ATM fees charged by other owners.
- No fees for international debit card purchases.
- No foreign exchange rate adjustment fees.
- No fees incoming or outgoing wires.
- No fees for cashier's checks, counter checks, and money orders.
- No insufficient funds or returned item fee.
- No stop payment fee.
- No fee for Overdraft Protection transfer.
If your CPC Checking and CPC Savings accounts are not linked, then you must have a daily balance of $15,000 in your CPC Savings to avoid a $20 monthly service fee.
Higher Limits Benefits:
- Daily ATM withdrawal limit up to $2,000.
- Daily purchase limit up to $7,500 when you use the CPC debit card.
- Chase QuickDeposit limits of $25,000/day ($100,000 every 30 days).
- Chase QuickPay with Zelle limits of $5,000/day ($40,000 every 30 days).
Other Benefits:
- Free 3x5 Safe Deposit Box (20% discount on larger boxes).
- Free rushed debit or credit card replacement to anywhere in the world.
- Free personal check designs.
- 24/7 Private Client Banking Services line in the U.S.
Credit Card Benefits
Getting around the Chase 5/24 rule used to be one of the biggest attractions of being a CPC. But that's no longer the case. This policy restricts you from being approved for a new card if you have opened 5 or more credit card accounts in the past 24 months.
However, there have been some old reports of Private Clients who were able to get a new Chase card despite being over 5/24. This will largely depend on your banker and you shouldn't count on it.
Loan Benefits
Home Loan Benefits:
- Rate discount when you purchase or refinance a home.
- Dedicated Home Lending Advisor.
- Dedicated support, underwriting, and processing.
- Rate discount for Home Equity Line of Credit; no origination fee and $50 annual fee waiver.
Auto Loan Benefits:
- 0.25% rate discount when you purchase a new car.
- Up to 0.50% rate discount when you refinance your existing car loan.
Lending Benefits:
- Access to a portfolio line of credit at a competitive rate.
- No annual fees and no origination fee.
- Loan can be used for any purpose.
Investment Benefits
- Dedicated JP Morgan Private Client Advisor.
- Personalized investment strategy based on your financial situation, time frame, risk level, and goals.
- Regular meetings to update your strategy.
- Retirement and education planning.
- Get real-time global insights, market conditions, and trends.
- Free online stock and ETF trades with You Invest.
Note that Chase likes to push JP Morgan's managed portfolio service. This will have an annual management fee of 1.25%. However, you don't have to use it. You can retain your own self-directed account on You Invest and still be a member of CPC.
You Invest is JP Morgan's self-directed brokerage. Being a CPC will give you unlimited free trades.
Business Benefits
- Dedicated Business Banking Advisor.
- Guidance on improving cash flow, finding payment solutions, and providing financing options.
- Reduced minimum balance requirement on Chase Platinum Business Checking.
- No fee for electronic deposits.
Family Member Privileges
Once you're a Chase Private Client, your benefits can extend to adult immediate family members when you are joint owners on a CPC deposit account.
Your family members must be enrolled in the Chase Private Client program in order to receive the perks. To do so, you can open a new joint CPC checking or savings account and your joint owner will be upgraded to CPC as well.
Again, you'll have to visit a specialized branch that offers CPC services. Find a branch here.
Kids under 18 cannot be enrolled in CPC. But being a CPC member does allow you to set up these accounts for your children:
- Free Chase College Checking account for your college student
- Free Chase High School Checking account for your teen
- Free Savings account for your kids
Arts and Culture Program
Lastly, your benefits include an Art & Culture card that grants you (plus guests) free admission to museums in select cities. Included in the list of museums is the renowned American Museum of Natural History in NYC.
This is another big draw for a lot of people that sounds great. But there is important fine print that limits or completely negates the value.
You must live in one of the 8 designated regions. And you can only attend the museums within your region. This means if you're visiting NYC, your card is useless.
The 8 regions are: Arizona, Chicago, Florida, New York City, Northern California, Southern California, Seattle, and Texas.If you don't live in one of these regions, this benefit is of no use to you.
Is Chase Private Client Worth It?
So is it worth it to park $250,000 with Chase? Are the benefits worth it?
Let's break it down:
- Low Interest Rate
$250,000 is a lot of money to tie up. Online savings accounts offer higher APY, which can translate into thousands of dollars in growth with that amount.However, remember that your funds can be in a Chase investment account as well. So you can still have your money invested while enjoying the benefits of CPC. - Banking Fee Waivers
While it's great that many banking fees are waived, there are other banks that also offer some of the same fee benefits without such a high balance requirement.For example, Charles Schwab gives you unlimited ATM fee rebates worldwide and has no foreign transaction fees. And the minimum is $0. Ally Bank and Discover Bank also waive lots of common bank fees and have $0 minimum.How often will you really make use of the banking services, such as cashier checks or wire transfers? If you really do perform a lot of the banking services, then CPC may be worth considering. - Credit Card Benefits
There is no benefit here. Even being a CPC won't let you get around the Chase 5/24 rule. And you don't even need to be a CPC to apply for the Chase Sapphire Reserve or Chase Sapphire Preferred in the first place.Read more about how to qualify for the Sapphire Reserve and Sapphire Preferred. - Investment Benefits
You get free trades on You Invest, but the platform only has a very slim range of products. Chase pushes the JP Morgan managed portfolio service, which has an annual management fee.Other similar managed portfolios have lower fees and smaller account minimums, such as Vanguard Personal Advisor and Personal Capital. Both offer professional advisors to provide personalized on-going advice. - Rate Discounts
This could come in handy if you're buying/refinancing a car or home. However, it's still smart to shop around at other lenders. A rate discount with CPC doesn't mean it'll be the lowest rate.
Bottom Line
The value of Chase Private Client depends on what you expect from a bank. If you want to feel special with personalized service, CPC will certainly provide that. It's good for high net worth individuals who want an all-inclusive banking and investment experience.
Chase Platinum Phone Number
It's also worth considering if you perform a lot of banking actions that currently cost you fees. The fee waivers can add up to a lot of savings. The home and auto loan rate discounts are also valuable. Plus, Chase sweetens the deal with an upgrade code for a $2,000 cash bonus .
Write to Anna G at [email protected]. Follow us on Twitter and Facebook for our latest posts.
Chase Platinum Business Phone Number
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase. This site may be compensated through the Advertiser's affiliate programs.
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