Found the way around the Chase 5/24 Rule..

AI_JMV · ‎04-27-2020

Hi All,

Thought I would share an interesting data point on the 5/24 rule with Chase. I have been banking with Chase for over 13 years. In the last three years, I have had 200-400k in deposits each year. I decided to transition over to the Sapphire Checking account today, as I wanted to take advantage of the free wires, which I am about to send. You have to go in branch to do this, which prompted a meeting with the Private Client rep. He told me I was pre-qual'ed for the Slate (because it popped up when we were going through my account), and I told him I was 6/24 right now, and he laughed. He said there would be no issue with him getting me the CSR (which is the one I want), with a pre-existing Sapphire relationship (you have to have 75k in balance m/m in the checking). He said anytime I want to app, he will do it for me.

I am planning on refinancing my mortgage to current rates, so will app after that, but thought I would pass on the backdoor info. Obviously, I realize this is likely for higher net worth clients, but even if you have that in savings, and really would like the CSR, it might be worth looking into.

Edit: The pre-approval had nothing to do with the conversation re: 5/24. If that was the only thing holding me back from immediate approval, he said he would call it in and recon it right there. the point I am making is that for certain clientelle, it appeared as long as the other obvious boxes are ticked, the 5/24 rule doesn't apply.

Sept 2022 EQ-825 TU-840 EX-830
UTIL: 1%

kdm31091 · ‎04-27-2020

Pre approved branch offers have been around for a few years and you do not necessarily have to be a high level client to get them (although I'm sure that doesn't hurt). Unless there's something new I am unaware of, you are not automatically going to bypass 5/24 by being Sapphire level -- you still have to have a preapproved offer.

dragontears · ‎04-27-2020

@AI_JMV wrote:
Hi All,

Thought I would share an interesting data point on the 5/24 rule with Chase. I have been banking with Chase for over 13 years. In the last three years, I have had 200-400k in deposits each year. I decided to transition over to the Sapphire Checking account today, as I wanted to take advantage of the free wires, which I am about to send. You have to go in branch to do this, which prompted a meeting with the Private Client rep. He told me I was pre-qual'ed for the Slate (because it popped up when we were going through my account), and I told him I was 6/24 right now, and he laughed. He said there would be no issue with him getting me the CSR (which is the one I want), with a pre-existing Sapphire relationship (you have to have 75k in balance m/m in the checking). He said anytime I want to app, he will do it for me.

I am planning on refinancing my mortgage to current rates, so will app after that, but thought I would pass on the backdoor info. Obviously, I realize this is likely for higher net worth clients, but even if you have that in savings, and really would like the CSR, it might be worth looking into.

Congratulations on finding one of the 2 known ways for getting around 5/24 (i.e. in branch preapprovals). The other way is to get a "green checkmark" in your online account.

Please remember neither of these methods are 100% as there are still reports of denials

K-in-Boston · ‎04-27-2020

@kdm31091 wrote:
Pre approved branch offers have been around for a few years and you do not necessarily have to be a high level client to get them (although I'm sure that doesn't hurt). Unless there's something new I am unaware of, you are not automatically going to bypass 5/24 by being Sapphire level -- you still have to have a preapproved offer.

Correct, even with Chase Private Client, if there's not already a preapproval for you the relationship alone is not enough to bypass 5/24.

AI_JMV · ‎04-27-2020

The pre-approval had nothing to do with the conversation.. it just prompted it. It doesn't even mean I would actually get approved, the point was that the 5/24 rule can be worked around through a private client banker that will call on your behalf.

Sept 2022 EQ-825 TU-840 EX-830
UTIL: 1%

K-in-Boston · ‎04-27-2020

@AI_JMV wrote:
The pre-approval had nothing to do with the conversation.. it just prompted it. It doesn't even mean I would actually get approved, the point was that the 5/24 rule can be worked around through a private client banker that will call on your behalf.

Unless this has changed very recently (and it is highly likely that policy change would have been leaked on Doctor of Credit or Flyertalk), CPC bankers have been unable to override 5/24 for several years, even if the applicant has millions in depository accounts. The only known ways to currently get around 5/24 are an in-branch preapproval (which it appears you have for Slate), and the green checkmark and black star offers that sometimes appear in Chase and Chase Credit Journey accounts.

AverageJoesCredit · ‎04-27-2020

You should change title of thread to your way around as it is not a definitive way around anything imo. As stated upthread, the ways around 5/24 are more or less what K said.

kdm31091 · ‎04-27-2020

@AI_JMV wrote:
The pre-approval had nothing to do with the conversation.. it just prompted it. It doesn't even mean I would actually get approved, the point was that the 5/24 rule can be worked around through a private client banker that will call on your behalf.

This may have been true back when 5/24 first started but it is not true now. Even clients with tons and tons of money in Chase do not automatically bypass the 5/24 rule and a banker cannot overturn the lending dept's decision. Your only chances are a preapproved offer unless this has changed but with the current economic conditions I doubt this would be the time to change it.

Remedios · ‎04-27-2020

Is your BK still reporting?

VPExecutive · ‎04-27-2020

@AI_JMV wrote:
The pre-approval had nothing to do with the conversation.. it just prompted it. It doesn't even mean I would actually get approved, the point was that the 5/24 rule can be worked around through a private client banker that will call on your behalf.

Might have already been repeated once already, but a simple branch pre-approval offer bypasses 5/24, as it's done for years. One can open up a Total Checking account as a first time customer with $0 in assets and still bypass 5/24 without a private banker.

I would like to also add that the Sapphire Checking account does not get you a private banker. The Sapphire checking is more like the Charles Schwab checking than a Citi Gold account (which gets you a suite of personal bankers, not private as I'm sure CitiGold bankers have a few customers).

If you mean the JP Morgan Reserve, that will require a private banker, but also $9,000,000 or more in assets with JPM/Chase.