Chase Private Client [AMA]

[Anonymous]

Hello,

I'm a Chase Private Client, ask me anything!

[Anonymous]

Hi,
How is it being a Private Client? Do they treat you well? How long is your banking relationship with them? My husband banks with WF but Chase is closer and have a community like atmosphere in the neighborhood we live in, I'm convincing him to open a new account with Chase. But wonder if they will treat us the same as WF does.
TIA

[Anonymous]

As far as "private" client or wealth management, Chase and WF are pretty similar in investing and banking. Investing is a little easier at WF, but banking is better at Chase. My family has been CPC for 3+ years. We mostly deal with the bankers, not investor advisors. We're in Chicago, and Chase used to be the coommunity "Bank One" so they're everywhere and they seem like a community bank around here. Investing with JPM really depends on the advisor, not the amount or what you do with it. Some advisors only want the fee...

[DrForce]

1) How often do you speak with your CPC banker. What do you use your CPC banker for? Do you find much need to go into a branch or do you work with him/her over the phone?

2) You mention investing is better with Wells Fargo, Why? Have you ever used Chase's self-directed investing accounts? What are they like?

3) Knowing what you know now, would you still choose to become CPC if you weren't already?

Thanks for doing the AMA!

[iced]

I'm curious to hear more about what made you decide to park your money with Chase/JPM in the first place. What set them apart from the others for you? The take I have from my peers is they're rather unremarkable as far as investing goes.

I do agree that the advisor is a big factor in these decisions, and I know people who have pulled their money out of a firm merely because their old advisor retired/quit and they didn't like the new one. Did this play a role in your decision to bank with them?

[Anonymous]

I've looked at CPC since I've banked with Bank One and First Chicago since the early 90s, but CPC never really impressed me.  Their basic accounts have horrid APR returns, and the investment advisors aren't all that special.  Just my opinion.

I still bank at Chase but I don't keep much there -- $1500-$8500 typically.  I just like that they're really fast with ACH, work with Zelle and the branches are close enough that I could fall out of bed and end up in a branch almost.

I prefer Alliant for savings (great interest rate) and they're just as close branch-wise.  I prefer Discover for checking since they at least give me a little bit of a reward for writing a rare check (I write about 6 checks a month to places that don't accept CC or charge a hefty fee).

CPC would really have to blow me away in some way to attract my deposit and investment accounts.  Even Merrill Lynch looks better since having $100k with them gets you maximum credit card rewards values on their bank cards.

[Anonymous]

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@Anonymous wrote:

I've looked at CPC since I've banked with Bank One and First Chicago since the early 90s, but CPC never really impressed me.  Their basic accounts have horrid APR returns, and the investment advisors aren't all that special.  Just my opinion.

I still bank at Chase but I don't keep much there -- $1500-$8500 typically.  I just like that they're really fast with ACH, work with Zelle and the branches are close enough that I could fall out of bed and end up in a branch almost.

I prefer Alliant for savings (great interest rate) and they're just as close branch-wise.  I prefer Discover for checking since they at least give me a little bit of a reward for writing a rare check (I write about 6 checks a month to places that don't accept CC or charge a hefty fee).

CPC would really have to blow me away in some way to attract my deposit and investment accounts.  Even Merrill Lynch looks better since having $100k with them gets you maximum credit card rewards values on their bank cards.

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One side note, Disco is demolishing the 10 cents/check cashback and Chase will give you free checks with their premier checking ($15k minimum).