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Chase bank - The relationship bank

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Valued Contributor

Re: Chase bank - The relationship bank


@VPExecutive wrote:


I could possibly be wrong about this. Bank of America removed the 10% bonus on cash rewards when they switched to their new earnings structure (the one that allows you to choose a 3% category). Cardholders that had a Cash Rewards before the transition were simply grandfathered in and kept their 10% bonus for having a BoA deposit account without being part of the Preferred Rewards program. 

 

Let's not forget to add an asterisk next to investments, as one's 401K through their employer doesn't even count towards deposits for Preferred Rewards eligibility (which is ridiculous). 


That may be true.  I may be grandfathered in since my Cash Rewards card is old.  I just went to the website and don't see it in the Credit card benefits.  It's mentioned in the fine print of the Preferred Rewards program which basically says if your card was paying the 10% bonus for checking account, that Preferred Rewards earning structure replaces that.  You don't get both.    And true, that 401K doesn't count but IRAs or other investments do.  (Many including myself have separate IRA accounts that aren't part of a 401K.  One smart thing I started in my 20's.)



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 31 of 51
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Valued Contributor

Re: Chase bank - The relationship bank


@simplynoir wrote:

@CardNut wrote:

@Jds142 wrote:

The branch and chase in general have different levels of preferred clients. They told me one of my prequals was a branch referral for opening a savings with 10k.


So they do have relationship banking. 


A "relationship" as long as you bring money to them. I don't see how that's any different from any other bank


Lol Smiley Tongue  well, that's usually the foundation of a 'relationship' with any financial institution.  You bring money.   I don't bank with Wells Fargo so they would think it odd if I dropped in to chat and have a cup of coffee!   

 

Sure, Chase doesn't have a corner on the market there; they all like us bringing them money!  But I don't think it makes them more calous than other banks either.  I don't expect a huge national bank to behave like my neighborhood credit union.  There are banks where I've had substantial deposits and got no special consideration for banking products including credit cards.  So I think OP was just sharing his experience with getting treatment he wouldn't have expected otherwise. 



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 32 of 51
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Frequent Contributor

Re: Chase bank - The relationship bank


@simplynoir wrote:

@CardNut wrote:

@Jds142 wrote:

Hello, I spoke to the branch about this actually and got some more information. The branch and chase in general

have different levels of preferred clients. They told me one of my prequals was a branch referral for opening a savings with 10k. They base it on a lot of factors including growth opportunities. I am in my early 20's but we move about 8k a month in direct deposits through them and save quite a bit monthly. The branch said they have a lot of different calculations but they valued us as a growth opportunity based on our spending and savings habits and our higher income for being "younger" leads to more potential down the line. I guess it's a loyalty building thing between the branch and who they value as their high potential customers. If they see you as someone who will flow more and more money through them and potentially get to a point where you become a "private client" or bring other business they may refer you to chase corporate as an important customer to them In particular. 


So they do have relationship banking. 


A "relationship" as long as you bring money to them. I don't see how that's any different from any other bank


That is essentially how my relationship with my girlfriend works, so why would it be any different for financial institutions? Smiley Happy

 

To be honest, I cringe when I hear people use the word "relationship" when talking about banks. It's just the same as anything else... if you behave yourself, you're good, but if you mess up, you're outta here. (Lending, employment, marriage, breaking the law, urinating in the hot tub...)

Message 33 of 51
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Regular Contributor

Re: Chase bank - The relationship bank

I like your point about behaving yourself. I think the term relationship stems from the phrases banks themselves use such as relationship banker... etc. it is like a relationship with a person if you treat them right they will be good back. The point is that not only do you have to behave yourself which is paying on time paying in full...etc but the relationship aspect extends past this if you pay on time and are generally good you will be treated fairly. However, the relationship comes in if you go past that point. A lot of people spread money across many different accounts have several savings at different banks to get on their radar...etc whereas if you keep strong savings and direct deposit and credit accounts with one single bank they are even more likely to notice you. 3,000 in 3 different banks with direct deposit at another or 9000 at one with all deposits... that's kind of the logic behind it I guess 

Message 34 of 51
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Valued Contributor

Re: Chase bank - The relationship bank

Why does everyone act like "relationship" means the banks, or CUs, give you the keys to the castle just for existing?  Sure I can open an account and put $300 in there and that's a "relationship" but what kind?  

Let's look at actual relationships; If you went about a relationship with an SO, Spouse, or friend this way what would either of you get out of it?  Now, if you put more into it (for banks, say, actually using cards or moving money through them) you get more out of it.  

"Relationships" are a two way street.  Not just putting a few bucks in an account and ignoring them.  That's really more like a one night stand than a relationship.  Yes banks focus on money because, well, they're banks. It would be silly if a bank focused on cookies because they're not a freakin bakery.

 

When Chase was my primary FI they gave an in branch pre approval for all cards.  I got CSP because that made sense at the time.  The SL was twice the highest on my report and at the lowest APR.  I've since upgraded to CSR and kept the lower rate.  I'll move things back to Chase as I've had none of the negative experiences shared here,  in fact it's been quite the opposite!  With almost no money in their accounts I get occasional calls from the banker asking how everything is, how my family is, how my 1 year old DS is that she met for half a second as I made a deposit 11 months ago.  She asked about my mortgage and wanted to compete but was legitimately happy for me when they couldn't because it was just too good.

 

Yes this isn't corporate Chase but it's the bank I actually deal with.  The "relationship" I have with them has certainly seemed to matter though.  I will also be moving my DD back to Chase, with a small DD and some savings going to a CU I'd also like to build an actual relationship with.

 

PERSONAL; Amex | AOD FCU | BBVA | BECU | Capital 1 | Chase | Citi | Discover | Key | NFCU | PSECU | SECU MD | Synchrony | US Bank
BUSINESS; Amex | Citi
F8 Current F8s ~740 Best Ever F8s ~775
TOTAL PERSONAL CL > $350k and TCL > $365k
Message 35 of 51
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Frequent Contributor

Re: Chase bank - The relationship bank


@kerplunk wrote:

@simplynoir wrote:

@CardNut wrote:

@Jds142 wrote:

Hello, I spoke to the branch about this actually and got some more information. The branch and chase in general

have different levels of preferred clients. They told me one of my prequals was a branch referral for opening a savings with 10k. They base it on a lot of factors including growth opportunities. I am in my early 20's but we move about 8k a month in direct deposits through them and save quite a bit monthly. The branch said they have a lot of different calculations but they valued us as a growth opportunity based on our spending and savings habits and our higher income for being "younger" leads to more potential down the line. I guess it's a loyalty building thing between the branch and who they value as their high potential customers. If they see you as someone who will flow more and more money through them and potentially get to a point where you become a "private client" or bring other business they may refer you to chase corporate as an important customer to them In particular. 


So they do have relationship banking. 


A "relationship" as long as you bring money to them. I don't see how that's any different from any other bank


That is essentially how my relationship with my girlfriend works, so why would it be any different for financial institutions? Smiley Happy

 

To be honest, I cringe when I hear people use the word "relationship" when talking about banks. It's just the same as anything else... if you behave yourself, you're good, but if you mess up, you're outta here. (Lending, employment, marriage, breaking the law, urinating in the hot tub...)


A few years ago, people with $50,000-$199,000 in assets thought they had a relationship with Citi... Until Citi pulled the CitiGold rug out from underneath all of them. Just shows you "relationships" with banks don't really matter. The "relationship" aspect is simply a marketing ploy to get you to park all of your assets with them. When they determine you still don't have enough money when they decide to "raise the bar" on the minimium cash/investments you must have for the relationship to continue, they kick you to the curb and throw you into a lower level account. 

 

Citi will give you a pretty gold debit card (marketing), an annual fee waiver on your investment account (again, marketing because nobody else charges an annual fee, and most major brokerages charge $0 per trade, whereas Citi still charges a fee for buying and selling), unlimited ATM fee rebates with Citigold (again, marketing because others offer reimbursements with $0 in assets), a $145 rebate on the Prestige (a card you still have to pay $350/year for), a pretty gold theme on the app (again, marketing), a few dollars worth of TY points each month (marketing), and a "personal banker" (Marketing. When I had one, they couldn't even reply to my email).

 

These are all ploys to make their account seem "jucier" to those with assets, but Citi is actually looking out for itself because CitiGold customers are more profitable. 

Message 36 of 51
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Super Contributor

Re: Chase bank - The relationship bank


@VPExecutive wrote:

@kerplunk wrote:

@simplynoir wrote:

@CardNut wrote:

@Jds142 wrote:

Hello, I spoke to the branch about this actually and got some more information. The branch and chase in general

have different levels of preferred clients. They told me one of my prequals was a branch referral for opening a savings with 10k. They base it on a lot of factors including growth opportunities. I am in my early 20's but we move about 8k a month in direct deposits through them and save quite a bit monthly. The branch said they have a lot of different calculations but they valued us as a growth opportunity based on our spending and savings habits and our higher income for being "younger" leads to more potential down the line. I guess it's a loyalty building thing between the branch and who they value as their high potential customers. If they see you as someone who will flow more and more money through them and potentially get to a point where you become a "private client" or bring other business they may refer you to chase corporate as an important customer to them In particular. 


So they do have relationship banking. 


A "relationship" as long as you bring money to them. I don't see how that's any different from any other bank


That is essentially how my relationship with my girlfriend works, so why would it be any different for financial institutions? Smiley Happy

 

To be honest, I cringe when I hear people use the word "relationship" when talking about banks. It's just the same as anything else... if you behave yourself, you're good, but if you mess up, you're outta here. (Lending, employment, marriage, breaking the law, urinating in the hot tub...)


A few years ago, people with $50,000-$199,000 in assets thought they had a relationship with Citi... Until Citi pulled the CitiGold rug out from underneath all of them. Just shows you "relationships" with banks don't really matter. The "relationship" aspect is simply a marketing ploy to get you to park all of your assets with them. When they determine you still don't have enough money when they decide to "raise the bar" on the minimium cash/investments you must have for the relationship to continue, they kick you to the curb and throw you into a lower level account. 

 

Citi will give you a pretty gold debit card (marketing), an annual fee waiver on your investment account (again, marketing because nobody else charges an annual fee, and most major brokerages charge $0 per trade, whereas Citi still charges a fee for buying and selling), unlimited ATM fee rebates with Citigold (again, marketing because others offer reimbursements with $0 in assets), a $145 rebate on the Prestige (a card you still have to pay $350/year for), a pretty gold theme on the app (again, marketing), a few dollars worth of TY points each month (marketing), and a "personal banker" (Marketing. When I had one, they couldn't even reply to my email).

 

These are all ploys to make their account seem "jucier" to those with assets, but Citi is actually looking out for itself because CitiGold customers are more profitable. 


I do think that in comparison to BoA Preferred Rewards, for example, Citi only giving you a handful of TY points even for a huge relationship is kind of laughable. Why even bother if the amount is so low? Yes, it's better than nothing, but in terms of relationship bonuses it's pretty weak.

Message 37 of 51
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Valued Contributor

Re: Chase bank - The relationship bank


@kdm31091 wrote:


I do think that in comparison to BoA Preferred Rewards, for example, Citi only giving you a handful of TY points even for a huge relationship is kind of laughable. Why even bother if the amount is so low? Yes, it's better than nothing, but in terms of relationship bonuses it's pretty weak.


Relationships aren't meant to be meaningful with banks - as VPE put it, they're gimmicks to make people more apt to bank with them.

 

If someone craves or requires some personal meaning out of having accounts with a bank, build a relationship with an individual at the bank, not the bank itself. You're far more likely to get your emotional need for meaning filled by a manager at your local branch than you are with the algorithms that run the bank.

Message 38 of 51
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Frequent Contributor

Re: Chase bank - The relationship bank


@kdm31091 wrote:

@VPExecutive wrote:

@kerplunk wrote:

@simplynoir wrote:

@CardNut wrote:

@Jds142 wrote:

Hello, I spoke to the branch about this actually and got some more information. The branch and chase in general

have different levels of preferred clients. They told me one of my prequals was a branch referral for opening a savings with 10k. They base it on a lot of factors including growth opportunities. I am in my early 20's but we move about 8k a month in direct deposits through them and save quite a bit monthly. The branch said they have a lot of different calculations but they valued us as a growth opportunity based on our spending and savings habits and our higher income for being "younger" leads to more potential down the line. I guess it's a loyalty building thing between the branch and who they value as their high potential customers. If they see you as someone who will flow more and more money through them and potentially get to a point where you become a "private client" or bring other business they may refer you to chase corporate as an important customer to them In particular. 


So they do have relationship banking. 


A "relationship" as long as you bring money to them. I don't see how that's any different from any other bank


That is essentially how my relationship with my girlfriend works, so why would it be any different for financial institutions? Smiley Happy

 

To be honest, I cringe when I hear people use the word "relationship" when talking about banks. It's just the same as anything else... if you behave yourself, you're good, but if you mess up, you're outta here. (Lending, employment, marriage, breaking the law, urinating in the hot tub...)


A few years ago, people with $50,000-$199,000 in assets thought they had a relationship with Citi... Until Citi pulled the CitiGold rug out from underneath all of them. Just shows you "relationships" with banks don't really matter. The "relationship" aspect is simply a marketing ploy to get you to park all of your assets with them. When they determine you still don't have enough money when they decide to "raise the bar" on the minimium cash/investments you must have for the relationship to continue, they kick you to the curb and throw you into a lower level account. 

 

Citi will give you a pretty gold debit card (marketing), an annual fee waiver on your investment account (again, marketing because nobody else charges an annual fee, and most major brokerages charge $0 per trade, whereas Citi still charges a fee for buying and selling), unlimited ATM fee rebates with Citigold (again, marketing because others offer reimbursements with $0 in assets), a $145 rebate on the Prestige (a card you still have to pay $350/year for), a pretty gold theme on the app (again, marketing), a few dollars worth of TY points each month (marketing), and a "personal banker" (Marketing. When I had one, they couldn't even reply to my email).

 

These are all ploys to make their account seem "jucier" to those with assets, but Citi is actually looking out for itself because CitiGold customers are more profitable. 


I do think that in comparison to BoA Preferred Rewards, for example, Citi only giving you a handful of TY points even for a huge relationship is kind of laughable. Why even bother if the amount is so low? Yes, it's better than nothing, but in terms of relationship bonuses it's pretty weak.


It's marketing at it's finest. 

Message 39 of 51
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Frequent Contributor

Re: Chase bank - The relationship bank

i feel like I have the opposite experience. I've had a checking account since 2003 with them and everything goe through that account. I have had a savings account with them since 2016, too. It took me forever to get a card with them (Marriot Visa) and I closed it a few years ago with a balance on it, which has been paid off.

 

Nothin since. I suspect my LOL/24 status has to do w/ it though. 

Message 40 of 51
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