topic Re: JP Morgan Securities Business checking? in Personal Finance

JP Morgan Securities Business checking?

Anonymous — Sat, 05 Jan 2019 23:06:04 GMT

Saw a JP Morgan Securities account with free busines checking with no maintenance fees. Chase branches want 1500 minimum. Can I open a JP Morgan Securities account with no minimum balance or account fees? Would a Chase Banker at a branch be able to handle this or do I need to go somewhere else? It is weird that the JP Morgan Securities business checking has no fee while a regular bank account at the branch has a minimum required. But it doesn’t give specifics as to how to apply for a JP Morgan Securities account.

Re: JP Morgan Securities Business checking?

Revelate — Sat, 05 Jan 2019 23:58:42 GMT

Just making an educated guess, but in order to qualify for the JPM management don't you need basically the tier above CPC level assets?

You can get a free business checking account now even as a Sapphire Banking customer on the consumer side, and that's at 75k in linked accounts.

Re: JP Morgan Securities Business checking?

wasCB14 — Sun, 06 Jan 2019 19:45:51 GMT

It definitely sounds like there is no minimum because they'd already be making money in other ways from the customers' substantial assets (brokerage fees, AUM fees, etc.).

Some of JPM's operations are a little behind the times IT-wise. Perhaps they figure many older (typically wealthier) customers prefer more of a "human touch". So things I like to do online (like most millenials) still may require a phone call and/or fax.

And maybe they don't want links floating around the internet with a lot of people applying for an account for which they're not eligible.

Re: JP Morgan Securities Business checking?

Anonymous — Sun, 06 Jan 2019 20:33:51 GMT

I guess they do makeup fees elsewhere for business banking. Sort of like Merril Lynch and Bank Of America I gather.

Re: JP Morgan Securities Business checking?

Revelate — Sun, 06 Jan 2019 22:48:51 GMT

@Anonymous wrote:
I guess they do makeup fees elsewhere for business banking. Sort of like Merril Lynch and Bank Of America I gather.

Makeup fees?

Nah, banks basically do fractional reserves, so the more assets they have on deposit they more they can push loans and other things out in the field to make more money.

The $12 monthly fee on a checking account is mouse nuts compared to a million or whatever on deposit: actually it's quite clear break even is somewhere less than 75k for that matter.