Is the Chase Private Client program worth having?

Posted on January 3, 2017 by in Chase Ultimate Rewards

Chase Private Client

What’s the Chase Private Client program?

In a nutshell, Private Clients are high net-worth customers who receive a personal premium banking service from Chase and investment expertise from J.P. Morgan. Clients benefit from working with a dedicated team of two financial professionals at your local Chase branch – a Private Client Banker and a J.P. Morgan Private Client Advisor. Your team is there to offer you advice and guidance, whether by telephone, email or in-branch, and through them you can access premium banking solutions, investment capabilities and planning advice.

Chase Private Client

By reviewing your overall financial picture, your team can help you with specific goals that you already have in mind, like planning your retirement or paying college tuition. A typical process with a J.P. Morgan Private Client Advisor can include:

  • A conversation about your finances, objectives and goals
  • A financial analysis and evaluation of your accounts
  • Advice on how to visualize your goals and how to meet them
  • Implementation of your personal plan
  • Progress review over time

Chase Private Client

Private Clients benefit from numerous banking services such as waived fees, increased ATM withdrawal limits and no exchange rate adjustment fees for debit card usage or ATM withdrawals abroad. There’s also many other interesting benefits to be had, including a higher sign-up bonus for the Chase Sapphire Preferred, a fee-free safe deposit box and access to the Chase Private Client Arts & Culture program.

How do I apply for the Chase Private Client program?

You can find a branch near you here and visit the team in person or call to make an appointment first. Alternatively, have a dedicated Chase professional contact you.

Here’s the rub. While there isn’t a fee to join, you’ll usually need to maintain an average daily balance of $250,000 or more in any combination of qualifying deposits and investments in order to become a Chase Private Client. Some bankers can be quite flexible with this prerequisite, however, so always check with your local Chase branch before assuming you won’t qualify. Plus the benefits can possibly be extended to adult members of your immediate family when you’re joint owners of a Chase Private Client deposit account.

Is the Chase Private Client program worth having?

Many Private Clients report being pre-approved for Chase cards despite already being over the 5/24 rule, so this can be one way of getting round it. It’s not guaranteed, however, and needing to maintain such a high average daily balance with Chase is an extreme way to achieve this unless the rest of the program makes sense to your financial situation. The program has many useful benefits that can certainly be of great value to many customers.

About the author: Torsten is a serial entrepreneur who started almost a dozen ventures on four continents. Torsten's love for travel has brought him to 130+ countries and travel with most of the world's airlines. You can reach Torsten at [email protected]

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