Chase Sapphire Banking

[Anonymous]

I opened a You Invest account. (Data points: I am currently a Chase CC holder. I had to upload images of my DL, SS and a Utility Bill. For the record, Etrade required the same. My account was ready to go in less than 24 hours). I am currently a VG and Etrade client, and the Chase site is way easier to navigate. I pulled $5K from Ally and it took less than 24 hours to settle, not bad. That is faster than Etrade. 
I will move 75K over and try the sapphire banking. i think i will be retiring my Etrade account and use Chase for taxable and VG for retirement.

PS Does anyone know how to select a better yielding sweep?

[iced]

I find that if you want something done right, you have to do it yourself. That also means I have found the best sweep account (for me) is a manual process to direct overflow to either savings (1.85%) or brokerage as the need dictates.

[Anonymous]

*If* I can select a MM that offers 2.03% as my sweep account, I will do it. The Chase investment site is relatively new and it is unclear on how to do this. I messaged them to ask. I will post info here as I recieve it.

[Anonymous]

I opened a You Invest account with Chase this morning.  As an existing Chase customer with several deposit and credit card accounts; I assumed the process would be simple since they already have all my info on file.  But my application went for review, then about 2 hours later it showed up in my online account.  I then attempted to transfer some shares from my Morgan Stanley StockPlan Connect account and ran into problems.  These shares were awarded to me  after several RSUs granted by Amazon vested.  I called You Invest customer service twice and each time they steered me to using the Transfer Securities option in my online account.  I repeatedly explained that Morgan Stanley, as the trustee for Amazon employee stock, does not issue monthly statements but the online Transfer option required me to upload a recent monthly statement so I coud not use that method; but apparently that was something the customer service agents had never heard before.

Eventually I gave up in frustration and decided to push the transfer from Morgan Stanley.  Called them up and they required me to complete a Letter of Authorization and fax it back to them. I just completed that and was told it would take 5-7 business days to complete the transfer.  The only thing that worked smoothly was an ACH pull from Chase against a Morgan Stanley Wealth Management account to fund the new trading account.

[Anonymous]

Chase reviews all new investment accounts. Assuming is never something one should do. 

[Revelate]

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@Anonymous wrote:

Chase reviews all new investment accounts. Assuming is never something one should do. 

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Correct, it was a short review in my case but it was non-zero time.

That said, wait a couple weeks for the offer to come out (allegedly October but announced today):

60K UR for opening a Sapphire Reserve Banking relationship, and holding that 75k there for 3 months.

And there's the announcement: 60K UR bonus for starting a Sapphire Banking relationship, likely starting in October.  For something I was going to do anyway, I'll take it .   Rumor is we will get a 1099 for this though and uncertain how Chase will value that.

https://money.cnn.com/2018/09/13/news/companies/chase-sapphire-banking/index.html

I'm planning to do the two step, take the bonus, keep it for the 3 months, then upgrade to CPC.  Allegedly according to the banker who had to notarize one of my securities transfer papers, there will be improvements to CPC to differentiate it more from Sapphire Banking, as right now other than loan discounts (and the seperate mortgage queue) and the CPC Culture and Arts there doesn't appear to be any difference between the two.  Talk apparently is about coming out with a guaruntee of processing your mortgage app in X number of days among other things.

[yoda42]

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@Revelate wrote:

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@Anonymous wrote:

Chase reviews all new investment accounts. Assuming is never something one should do. 

---

Correct, it was a short review in my case but it was non-zero time.

That said, wait a couple weeks for the offer to come out (allegedly October but announced today):

60K UR for opening a Sapphire Reserve Banking relationship, and holding that 75k there for 3 months.

And there's the announcement: 60K UR bonus for starting a Sapphire Banking relationship, likely starting in October.  For something I was going to do anyway, I'll take it .   Rumor is we will get a 1099 for this though and uncertain how Chase will value that.

https://money.cnn.com/2018/09/13/news/companies/chase-sapphire-banking/index.html

I'm planning to do the two step, take the bonus, keep it for the 3 months, then upgrade to CPC.  Allegedly according to the banker who had to notarize one of my securities transfer papers, there will be improvements to CPC to differentiate it more from Sapphire Banking, as right now other than loan discounts (and the seperate mortgage queue) and the CPC Culture and Arts there doesn't appear to be any difference between the two.  Talk apparently is about coming out with a guaruntee of processing your mortgage app in X number of days among other things.

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Same here..  was planning to open CPC, but right now just the premier plus checking ($300 bonus - need to get direct deposit done) ) and regular savings w/ 15k ($225 bonus) + two IRAs being transferred. Opened the CSP for the 50K plus 5K authorized user as well (have to dothe 4k charge).  Hoping for the upgrade to Sapphire banking will be offered w/ the 60k bonus - then later can upgrade to CPC. Just took care of the stuff today after starting the IRA rollover process last week.  

[Anonymous]

I was thinking about doing the same. Getting the bonus and then later upgrading accounts. Does Chase upgrade automatically or will I have to request an upgrade?

[Anonymous]

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@Anonymous wrote:

I was thinking about doing the same. Getting the bonus and then later upgrading accounts. Does Chase upgrade automatically or will I have to request an upgrade?

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Not exactly the same situation, but one does have to go to a branch to upgrade to the Sapphire Checking account. 

I have heard stories of Chase offering to upgrade customers to CPC, but only in branch as well. 

[yoda42]

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@Anonymous wrote:

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@Anonymous wrote:

I was thinking about doing the same. Getting the bonus and then later upgrading accounts. Does Chase upgrade automatically or will I have to request an upgrade?

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Not exactly the same situation, but one does have to go to a branch to upgrade to the Sapphire Checking account. 

I have heard stories of Chase offering to upgrade customers to CPC, but only in branch as well. 

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There does seem to be some advantages to good staff at a local branch.  They got me the 5k bonus for authorized user from the branch  -  online in various forums/threads people said that AU bonus is no longer offered (recent posts last few days).  Local branch staff have been great - knew what they were talking about (my Wells Fargo interactions were not as inspiring in terms of their knowledge level - I knew more about the products than they did).  So my CPC banker is fantastic  - they do understand customer service. Hopefully I will get that Sapphire upgrade offer bonus in October - if so, barnch staff will make that easy - they know what they are doing. :-)