If you are a Chase Private Client grandfathered at a time when they didn’t enforce you to maintain an obscene amount of money in your accounts, those honeymoon days are over. Received a letter telling me to basically pony up 150k or get downgraded to Joe the plumber banking status. Chase you guys are going to lose your loyal wealthy customers who are temporarily strapped for cash by doing this.

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As someone at Joe the Plumber levels, what does private banking status get you? I’m quite happy with online everything and a deposit box I open about twice a decade.

likefunnyhelpful

Private client grants perks s/a easier and free wiring of money - very important perk if you have multiple bank accounts or are bringing in money from overseas. It also grants access to the JPM reserve card.

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Thoughts and prayers

likefunnyuplifting
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Who keeps $150k in cash anyway (short of saving for down payment)? Isn’t that the worst way to keep your money?

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Guys, 150k is the combination of deposit, brokerage and retirement accounts. I got the letter too, have 10k in cash and rest are in brokerage/ retirement accounts. Don’t worry..

The irony is that Joe yhe plumber likely has 150k

likefunnysmart

So after reading the responses and reading the letter, you’re kidding right? All this flexing about your cash balances and the whole argument is against a $35 monthly fee?

The fact you even posted this letter in the first place tells me all I need to know about you.

likefunny

Real wealthy customers don’t get cash strapped

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Op has doubled down on his position multiple times. Complete lack of self awareness 😂

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What happened to your cash Joe?

likefunny

Banks are going to be eclipsed by FinTechs in the near future. Absolute dinosaur business models that completely screw over their clients.

Why are we charged to transfer money? That is such a basic and inexpensive service to provide

likefunny

Until then, go credit unions.

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^ disagree with EY 5, this is how rich people stay rich. Every dollar matters. $35 dollar is still $35 dollars. It should matter, it’s your money.

likesmartfunny

You don’t get it, it’s ok. You give chase $35.00 sweetie, do you.

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#firstworldproblems

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Jumped from reading an article about the rapidly growing food insecurity issues in the U.S. to this thread. Stark contrast.

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EY 1 it’s not just cash, any JP Morgan investment accounts also count. Bank of America/Meryl Lynch have a similar arrangement for their premium accounts

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You used to need 250k to be private client but I guess that’s been relaxed.

The biggest perk they used to have (but I haven’t seen it renewed) was an arts and culture card that basically got you into any museum in your home city with a guest for free or a reduced rate.

likesmart

We get that and use it all the time.

They know, they don’t care. They did the numbers and project some of you will go and they determined they do not care long before you got this letter

likesmart

Lol that you still bank at a bank. Credit unions all the way. Banks have teams of strategists (many hired by our firms) to determine how to screw customers out of their money.

Used to be a time where credit unions could not match rates or access like big banks, but big banks no longer offer decent rates and digital banking has narrowed the access. No reason to bank at an actual bank anymore.

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Having that kind of balance gives you a LOT of few waivers (ex wire fee of $50) so if you’re not keeping the required balance - time to be charged those fees. They lose a lot of $ by those who don’t carry those balances taking advantage of the fee waivers (:

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It’s the truth sorry dude!

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Subtle flex

likefunny

Wow you’re rolling in the $$$, what are you trying to prove? dude they owe you nothing. Stop whining about first world problems

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What’s the best kind of checking account (no fee, atm fee waiver/reimbursement) can a person who doesn’t keep a lot of their cash in their bank... you know asking for a friend who mooched off their parents chase private client for longer than they should... 🤦‍♀️🤷‍♀️

likesmartfunny

Charles schwab

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You’re not wealthy if you don’t have $150k to pony up, noob.

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I think if we all dig deep we can admit that “Joe the plumber’s” career prospects are a lot more stable than ours

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To name just a few, express service at one of my community branches (we have a separate floor for CPC clients) with much shorter lines for all sorts of services. Waived fees on services like bank checks, stop checks, and faster customer service through the phone as well.

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If you need to bring the checks in person then you set up the payee info in the app to send the check to your address beforehand

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