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Established Contributor
cashnocredit
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Re: JP Morgan palladium requirements?


mum4519 wrote:
Currently work as a private banker for WF and our requirement is portfolio value of $250k. On the other hand, our wealth management team's minimum value is $1M. I can't imagine JPM to be $5-$25M for just private bank? I'm not familiar with this CPC acronym either.

Cool. It also matches what I was told.

I've banked at WF for close to 40 years and started because they offered free checking. Back then that was fairly uncommon. Unlike BofA, I never had any material banking errors. BofA "lost" a deposit slip that I had a signed reciept for. It resulted in about 5 bounced checks before I was able to find the deposit. The check was in a drawer along with lots of other checks and misc. papers. They actually let me search for my deposit pawing through the drawer. I was shocked by how many other checks were in the drawer. They  made good and sent letters to all the bounced check folk but I changed banks almost immediately. I'm sure they don't do that anymore but once you have an experience like that you tend to stay away.

 

My current WF, a tiny branch that serves the local community, is great. They usually have cookies and coffee/tea for their customers.

 

Still, I have no idea what "Private banking" status is exactly but I was removed from whatever the hell it was when my bank demand/savings deposits dropped below 1M even though I had several M in WF partners. It had previously been Wachovia investments and WF bank had no access or info about that investment side at the time. Even though it had been renamed WF something or other. Shortly after my broker left and now does his own thing under Schwaub so I never pursued regaining PB status with WF. Also, much of my liquidity has been going into private equity and real estate and it appears most all "private bank" services are targeting liquid financial assets, essentially cash equivs.

 

But Schwaub, which used to have great CCs, now offers zilch. But then I'm not with my broker for CCs.

 

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
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Crashem
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Re: JP Morgan palladium requirements?

There is a private bank at wf which I believe the wf employee refers to as wealth management.  You do get a differienated debit card if you are with private bank at I barely meet whatever requirement they had, but it was pain as a started with wf private banker but not with wf privatE bank.  Funny how private means so many different things.

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cashnocredit
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Re: JP Morgan palladium requirements?


Crashem wrote:

There is a private bank at wf which I believe the wf employee refers to as wealth management.  You do get a differienated debit card if you are with private bank at I barely meet whatever requirement they had, but it was pain as a started with wf private banker but not with wf privatE bank.  Funny how private means so many different things.



Ain't that the truth!

 

I do remember seeing that private banking debit card pic on their web site. Funny though I just had the same 'ol "platinum debit" card all through the time I was supposidly a private bank client.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
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sjt
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Re: JP Morgan palladium requirements?


trumpet-205 wrote:

Crashem wrote:

I think private client 250k or maybe even lower if you say you will build to that.


Some say it is $25 millions in the form of liquid asset.

 


At Chase the minimum for Private Client is $250K in California and for JP Morgan Private Bank its $5 million for their high net worth group and $25 Million for their ultra high net worth group. I think the high net worth group with in their private bank is relatively new.

 

Private Client and JPM Private bank are eligible for the Palladium Card.

 

Established Contributor
sjt
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Re: JP Morgan palladium requirements?

Wells Fargo has Regional Private Banking which requires $250K. Its equivalent to Chase CPC, although I think CPC is better. From what I learned the service WF Private Banking doesn't offer much more retail banking, however if you maintain more then $500K you have access to their Private Client underwriting. Well Fargo Private Bank

requires $1 million and is pretty good.

 

 

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mum4519
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Re: JP Morgan palladium requirements?

Our Wealth Management division requires minimum $1M. Private Bank is $250k. Private banking does get "private" underwriting. Most people think the $250k has to be liquid, but it is everything from deposits, to brokerage, and also includes 10% of mortgage amount.
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Established Contributor
cashnocredit
Posts: 1,025
Registered: ‎07-18-2009
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Re: JP Morgan palladium requirements?


mum4519 wrote:
Our Wealth Management division requires minimum $1M. Private Bank is $250k. Private banking does get "private" underwriting. Most people think the $250k has to be liquid, but it is everything from deposits, to brokerage, and also includes 10% of mortgage amount.

The WM must have been the thing I was kicked out of. Can't say I've noticed any difference. My current statements are labeled "Private Banking PMA" but I think they have always been labeled that. They did remove the direct ph no to a named local branch officer. Maybe that's what they meant.


What exactly is "private" underwriting and how does that differ from regular underwriting?  Not that I need underwriting. Jeez. I'm retired and debt is the last thing I want.

 

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
Valued Contributor
Crashem
Posts: 3,098
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Re: JP Morgan palladium requirements?

[ Edited ]

mum4519 wrote:
Our Wealth Management division requires minimum $1M. Private Bank is $250k. Private banking does get "private" underwriting. Most people think the $250k has to be liquid, but it is everything from deposits, to brokerage, and also includes 10% of mortgage amount.

I think I am both but haven't really noticed anything outside of debit card.  Was kind of pain as they had me limited to 300 a day withdrawal until I got the other debit card as was new customer.  Mum, what is private underwriting and what difference does it make?  I did get a loc of 1m or so secured by stuff with wf that has really low interest rate.  Also, any else I'm missing from private bank (wm) or private banking?

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Valued Contributor
bribro
Posts: 1,367
Registered: ‎04-20-2012
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Re: JP Morgan palladium requirements?

Allow me to clear things up for everyone since there seems to be a lot of confusion in this thread:

 

Chase Private Client (CPC) = $250k-$5mm

J.P. Morgan PB HNW = $5mm-$25mm
J.P. Morgan PB UHNW = $25mm+

 

There used to be something at JPM called "Private Wealth Management" that handled $5mm-$25mm accounts (they originated from legacy programs absorbed by JPM), but they were recently combined into one PB with HNW and UHNW divisions. In addition to CPC and the JPM PB, there's J.P. Morgan Securities. JPMS is the legacy Bear Stearns wealth management program, that is similar to the JPM PB, but operates under the broker-dealer model (fees on AUM vs. salary+bonus at the PB); their average account size is around $10mm and people there have a little more discretion in what types of clients they take on (i.e. there are no hard minimums). Finally, JPM has a wealth management program with certain law firms, but if you haven't heard of it you probably don't qualify.

 

Officially, you need a CPC, JPM PB, or JPMS relationship to apply for a Palladium card, but it's not 100% necessary. Private bankers have the discretion to green light your app even if you aren't technically a client. In general, they will only green light people who are prospective clients (or friends). Keep in mind, the private banker does not make the ultimate credit decision, that goes to the Card Services department. Bottom line: if you don't have or want a CPC/PB/JPMS relationship, it's still possible to sweet talk a banker into "endorsing" your Palladium app. From there, if your credit is good enough, you'll get approved.

 

As far as the benefits of all these different programs, CPC is geared toward the "mass affluent," and is equivalent to WF Private Banking and Citibank's Citigold program. It's basically for the upper middle class and they get upgraded retail banking benefits (waived ATM fees, unlimited incoming wires, free customizable checks, etc.) and a relationship manager to help them with "basic" investments like stocks, ETFs, mutual funds, bonds, etc. If someone in CPC accumulates over $5mm, they are supposed to be bumped up to the PB or JPMS.

 

JPM PB and JPMS clients are different because most are accredited investors/qualified purchasers, meaning they can access more exotic products like hedge funds, private debt funds, private equity, etc. With "only" $250k in the bank you aren't even legally allowed to invest in these types of funds due to SEC regulations; the minimums for those types of investments are often $500k+ anyway. JPM also has differentiated checking and savings accounts (no ATM fees whatsoever, unlimited incoming/outgoing domestic/international wires, customizable ATM withdrawal limits, a specialized iPhone/Android app, a dedicated service team, etc.). JPM PB and JPMS advisors also have a much smaller number of clients compared to CPC (50-100 vs. 500+), so you have a much more personal relationship. It's almost like having a family office.

 

Hope that helps.

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Established Contributor
cashnocredit
Posts: 1,025
Registered: ‎07-18-2009
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Re: JP Morgan palladium requirements?

bribro,

 

Thanks. that clarifies things.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k

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