@Anonymous wrote:
The forum members can decide for themselves how they want to interpret things. But again, someone who works at the director-level for JPM's Private Bank (not some call center CSR or concierge employee) explicitly told me it is NOT policy that Palladium card holders be PB clients; it may be a marketing ploy to appear that way, but it is not policy. The PB simply soft-sells applicants and if nothing comes from it, they go to Card Services for standard credit underwriting. This is exactly what happened to the OP and many, many other people. So when I say it's "not the case" that "all new Palladium approvals had to be JPM PB clients," the evidence shows that I am factually correct. You're now backtracking and saying yeah well but it's "policy," but it's not that either. At least not right now.
By the way, there is no such thing as "jp Morgan private client." Which floor does your relationship manager/private banker work on in San Francisco?
Bribro,
This is bordering on the point of ridiculous. I have been consistent with what I have been saying which is that it is policy that they are supposed to be at least a chase private client (which is around 250k). However people have been getting around this requirement through whatever loopholes or inconsistency with policy enforcement. This includes "we don't care about credit card policy" private bankers to finding out the right fax number and copy of application and faxing directly to right number. The loopholes are big, but I believe can be closed at any time.
The only useful thing you have said is your buddy is saying it isn't policy. I've been told the opposite by my people there as well as palladium csr. Maybe my guys are blowing smoke because my relationship with them was through my buddies who were the first to get these cards (ie tens of millions with jp morgan) and didn't want to piss them off. However if you do a search of other forums (flyertalk for example) you will find people who were not able to get the card because they did not want to start a private client relationship with Chase. So the only thing I can conclude is that jp morgan hasn't gotten their act together to enforce whatever policy they have. Btw, every private banker, including my guys at jp morgan, seem to have vp titles. In my experience, they always seem to give high net bankers vp titles to make clients feel better.
Bribro, in answer to your question about floor, my direct guy is in the palo alto office on the 3rd floor. Just a little annoyed as I had to call him to find out and as a result had to fend off meeting request. Mostly meet in our offices, but we have other guys in the sf office (no idea what floor) as I am only minorly involved with a family fund that was the original point of contact.
