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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I’ve found it to be completely useless for anything but wire transfers and foreign withdrawals - which is fine, considering all I did was move my retirement funds into JPMorgan

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It’s workable. Gets the job done. The draw is that by using it you get CPC

Take the money you save from Chase Private Clown Client Program and put it into Bitcoin

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Have this account and the mortgage benefits are great. We are in process of closing on a refinance at 2.3% !! This alone was worth it. Yes we have too much cash sitting around but we also didn't end up buying the second house due to the pandemic

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CPC offers both banking and investments services, the requirement is a total of $250k (cash and investment). The target clientele is in the mass affluent market, who should have that kind of financial assets. The platform is more expensive to run because they have better services, so as one of the fish said above, the banks will lose money if they can’t generate a certain amount of fees from those relationship.

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I wouldn’t call you wealthy if you can spare 150k. Haha you are not rolling in $$$, don’t get me wrong you are also not poor. But be realistic here.

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How does wealthy and strapped for cash work exactly?

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It doesn’t, at least to the extent of cash that CPC requires. Op is a tool

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I lol. I cry. I lol. I cry. I ooo.

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Morgan Stanley counts both cash and investment accounts for the premier customer level.

So does CPC. I got the same letter but it said my accounts are fine and I can guarantee you I don’t have $150k in cash sitting at Chase

I have used Ally for a decade. Been very happy with them. Also, first republic is a good choice. Chase is good for credit cards only. I keep a crappy checking acct with them in case I need a cashiers check or cash and I wire between.

Whatever the basic account is. Minimum $1200 to not incur a fee. 😁

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Ok
Buiu

Maybe try HSBC Premier, only need $75k.

I have Citi gold through my parents! If you don’t have, can’t maintain 150k in savings/ investments you’re not wealthy. Private banking is for HIGH NET WORTH individuals

Move to Axos. I like them.

Anyone have a card that refunds all other banks atm fees like CPC? I once had a 20$ atm fee refunded in Vegas.

How was the exchange rate that Schwab offered?

Sorry Donald

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