From what I used to be told by a family friend who was most definitely a HNWI, Chase Private Client is OK, but when you are qualified to use Chase Private Bank, that is when you basically go from top tier customer service to the concierge level. She said that when her investment portfolio and savings pushed her into the 8-figure category, it was about a week after that she received a phone call inviting her to set an appoint--at her earliest convenience!--to come into the branch and meet "her team". Basically, she was told that she had full access to Wealth Management, Investment Advisors, and a Private Banker to help with personal and business banking needs. This was in the mid-2000s and she passed away in 2017, but always spoke well of her experiences with Chase.
The CPC program is pretty enticing if you bank with Chase. They basically waive almost all banking fees and give you discounts on their products. Easiest way to probably get in is roll over a retirement account or to have a mortgage with them. Otherwise, there's little benefit in storing cash with them since many banks savings accounts are offering >1.5% interest these days and they are cheaper alternatives in brokerages.
Amex Centurion says nothing about your current net worth at any given time. I know people who are semi bankrupt and still hold on to their Centurion that they received during better times.
Kevin Buns Omg YES. Even your profile pic fits my *EXACT* sentiment the whole time watching this like dude!! Banking doesn't ever need to be THAT interesting lol
I was a Chase Private Client. Not that great. Only positive was the Palladium card. If you’re going to use a big bank for money management I would recommend Merrill Lynch with Bank Of America. Also, the 250k minimum is not just for liquid assets, if you have a mortgage that’s worth more than $250k, thats tech hitting the minimum which is odd because that almost put you in the opposite direction of where they want you to be, but it works. 250k in assets across all of BOA.
Vincent Wang no, BOA. I was with Chase private client and then moved over to Bank of America Merrill Lynch because somebody there came highly recommended. I’m a lot happier with BOA. I was actually against all big banks originally but I will give BOA credit, I have a specific contact there I’m not just the number there it’s been pretty good. Plus the Bank of America premier rewards credit card when your banking with them is hands-down the most under rated credit card out there. My Chase SR card will always be my 1st love lol but the BOA PR card gives me 3.75% on Dining and Travel and 2.65 on everything else. Beats out the Sapphire reserve and the every day 2% spend on the citi double cash. But that only works if your banking with them.
Do you use Merrill Edge self directed investing, or their advisory services? I was just curious since you said you had a specific contact. I use Merrill Edge, but don't have a specific contact other than the main phone lines which they still provide good service.
ronako I use Merrill Lynch and their advisory and financial planning services. I have a Edge account as well but I’ve learned quickly that I am not good at picking where my investments should be. I should also add that I have my mortgage through Bank of America which was another reason to switch from Chase because that added huge amount of money to my overall portfolio that they look for.
I got one of these this month as well, I’ll just let them keep thinking I’ve got that high net worth! Figured they tagged my because I got the CSR but guess not haha. Thanks for this vid!
I’m chase private client and never got no black envelope or anything, the debit card came in a regular letter, extremely disappointed. (Btw the only useful perk is no ATM fees, ur not missing out on much but 50-60$ a year in savings and a flex black debit card that I only use at ATM’s.)
So wait they sent you a letter inviting you to CPC- and you took time out of your trip to go talk to a Chase rep, and then they said you weren’t eligible? Something doesn’t add up
I am guessing they saw high cash flow coming into my business account over the last few months. Took it as a clue that this guy may have funds elsewhere that he could move to Chase. I suspected I wasn’t eligible but wanted to make a video, so I went there.
I have a business account and CSR with them as well and got sent the letter. That's probably the only way they can guess whether you're a high net worth potential client.
Don't know about Chase private but avoid Fifth Third private banking. Based on personal experiences, very slow, unable to do much on a phone call, stuck up employees.
@KingMacintosh There are not too many proven system credit but I know an individual (system expert) who repairs credit not for only me but for a whole lot of others. I met him on quora and I trust him enough to help me handle issues like this ever since he helped me get approved for my Wellsfargo 30k credit line. His name is Conner, I am sure he will be willing to help you if you are professional. Creditpatchup@gmail°com
With that much liquidity better go for HSBC Premier. Especially if you're someone who does international business or who might reside outside the country, maintaining accounts elsewhere.
Lol my I just turned 20, and my local bank added me onto CPC for free (even though I’m a broke college student with only about $1,000 with Chase) just bc I’m thinking about investing with Chase. It’s all about talking to the right banker/branch.
And Incase anyone was wondering, this service is not even anything worth having! I can maybe see the mortgage rates and car rates, but I know that my credit union can offer better rates for auto loans.
Bankers have targets to hit (see the Wells Fargo scandal) and obviously if you're going somewhere that isn't a huge metropolis like NYC with tons of millionaires then the banker doesn't care who he signs up for CPC. Any new customer is a score on his sheet and a few months to a year down the line you'll probably gt kicked off by corporate. Same thing I did during college with HSBC. Took them two years till they started to charge me for HSBC Premier (didn't even kick me off).
I have a question before applying for my first Chase Freedom card. I have a 792 credit score and have only ever had a BoA Travel Rewards card. I think I'll be able to get a Freedom card even though I'm still in college. What I was concerned about was using gift cards as a way to get the 5% cash back. In some of your videos you mention buying Visa reward cards is a risky idea, but is this only for people who by thousands of dollars of them? Say I bought 3 $400 Visa gift cards mixed in with other stuff over the course of the 3 months. Will this draw any unwanted attention?
I am with Barclays capital - them wankers been bugging me with all these invites in to their exclusive membership BS account lol. Made in big in the fish industry and didn’t expect to switch around my savings account etc. To this day I ain’t aware with all these financial products out there for high net worth peeps. I am happy with my savings and current ax king which I had for 10 + years. Btw I also got invited for an AMEX black card 2 months ago 😂😂 and NO I didn’t take the plunge, happy with my gold rewards card as it serves me well with the 2 free lounge access yearly - don’t travel much so Gold is ideal
Let's say someone has over 250k with them on stocks, saving account, etc. and apply and get approved for the Chase P. Client. If after receiving the approval, they end up selling some of their stocks and invest outside Chase system in a way that their total sum drops below 250k, what is going to happen? Are they going to cancel his/her Chase P.C.?
you automatically get downgraded, same with other banks with private banking. 250k is not bad, my bank wants over a million to become private. it's not like a special thing really, its just another level on the checking account. you know like they all have super basic, basic, premier, etc and then another level higher is private
webbezzy once you’re in, you’re in homie. Think about a credit union for instance, you need a certain trait to be included... for example “must live in New York”... you’re still free to move after you’ve been accepted
IF YOU HAVE A ROTH IRA ACCOUNT WITH THEM CAN YOU GET ONE ? i saw your other on AMEX Centurion one too you mentioned a Chinese imitation website where they engrave your name in metal could you please provide the name thanks. great video btw there helping me improve my credit score cheers
KingMacintosh it means theres no minimum amount required to avoid being charged “maintenance fee”. If your bank has a minimum deposit required, it means they’ll charge you if it is not met. MANY banks do that.
Haha it’s okay. I like letting people know I’m just your average guy, not some mega rich dude. So viewers know the five star hotels I stay in and business class flights I take do really all come from credit card points
The account itself has less fees, but if you want your money managed by a chase banker, they will charge a fee for that service which will eat into your gains from whatever they invest it in, over time this compounds and you end up losing quite a bit your profits, so I always prefer to manage my own investments. But you don't have to have your money managed like that, the requirement is just $250k in Chase.
Chase Private Client is nothing special. It gives you a free safe deposit box and bypass the 5/24. If you don't have $250k, you can still become a CPC if your parents can add you to their account.
Chase bank is not a bad bank. Just need to keep more than $1500 and don't overdrawn your account. 1) there are many branches. 2) high signup bonus ($300 for opening a checking account). 3) many good credit card offers.
From what I used to be told by a family friend who was most definitely a HNWI, Chase Private Client is OK, but when you are qualified to use Chase Private Bank, that is when you basically go from top tier customer service to the concierge level. She said that when her investment portfolio and savings pushed her into the 8-figure category, it was about a week after that she received a phone call inviting her to set an appoint--at her earliest convenience!--to come into the branch and meet "her team". Basically, she was told that she had full access to Wealth Management, Investment Advisors, and a Private Banker to help with personal and business banking needs. This was in the mid-2000s and she passed away in 2017, but always spoke well of her experiences with Chase.
Mine must have gotten lost in the mail lol
The CPC program is pretty enticing if you bank with Chase. They basically waive almost all banking fees and give you discounts on their products. Easiest way to probably get in is roll over a retirement account or to have a mortgage with them.
Otherwise, there's little benefit in storing cash with them since many banks savings accounts are offering >1.5% interest these days and they are cheaper alternatives in brokerages.
I received the same letter...the problem is that I only have $250 in my account !! 😭
😂😂😂
I'm with you man. Good luck on your journey to the top. See ya there!
CPC is nothing. The top is the Black card!
Amex Centurion says nothing about your current net worth at any given time. I know people who are semi bankrupt and still hold on to their Centurion that they received during better times.
Guys it’s much easier than you think to join it. I swear I woke one morning and saw it in my bedside. Soo easy!!
I didn’t get the invite mail but one day I went to a branch and they realized I qualified and convinced me to join
Holy hell, background music is giving me a headache
Kevin Buns Omg YES. Even your profile pic fits my *EXACT* sentiment the whole time watching this like dude!! Banking doesn't ever need to be THAT interesting lol
The background music sucks. It’s too loud
How do you compare Chase Private Client and Schwab Private Client?
I was a Chase Private Client. Not that great. Only positive was the Palladium card. If you’re going to use a big bank for money management I would recommend Merrill Lynch with Bank Of America. Also, the 250k minimum is not just for liquid assets, if you have a mortgage that’s worth more than $250k, thats tech hitting the minimum which is odd because that almost put you in the opposite direction of where they want you to be, but it works. 250k in assets across all of BOA.
NYCHeckler you mean chase at the end?
Vincent Wang no, BOA. I was with Chase private client and then moved over to Bank of America Merrill Lynch because somebody there came highly recommended. I’m a lot happier with BOA. I was actually against all big banks originally but I will give BOA credit, I have a specific contact there I’m not just the number there it’s been pretty good. Plus the Bank of America premier rewards credit card when your banking with them is hands-down the most under rated credit card out there. My Chase SR card will always be my 1st love lol but the BOA PR card gives me 3.75% on Dining and Travel and 2.65 on everything else. Beats out the Sapphire reserve and the every day 2% spend on the citi double cash. But that only works if your banking with them.
Do you use Merrill Edge self directed investing, or their advisory services? I was just curious since you said you had a specific contact. I use Merrill Edge, but don't have a specific contact other than the main phone lines which they still provide good service.
ronako I use Merrill Lynch and their advisory and financial planning services. I have a Edge account as well but I’ve learned quickly that I am not good at picking where my investments should be. I should also add that I have my mortgage through Bank of America which was another reason to switch from Chase because that added huge amount of money to my overall portfolio that they look for.
I got one of these this month as well, I’ll just let them keep thinking I’ve got that high net worth! Figured they tagged my because I got the CSR but guess not haha. Thanks for this vid!
I’m chase private client and never got no black envelope or anything, the debit card came in a regular letter, extremely disappointed. (Btw the only useful perk is no ATM fees, ur not missing out on much but 50-60$ a year in savings and a flex black debit card that I only use at ATM’s.)
Btw I’m a college student with 4$ In my checking account but my dads got CPC and linked his account to mine.
I got 250,000...
...
...250,000 UR POINTS 😂😂😂
Zach u can get some nice first class airline tickets
I've been a CPC for awhile. No big deal. All ATM fees waived and a fancy ATM card that says CPC
i wish credit unions did private banking. The best perk is that you get the prime rate on mortgages.
250000 seems like a high threshold. Bank of America's "preferred" status starts at only 20000 for similar perks
You should create another parallel channel called “Debit Shifu”, “Cash Shifu” or “Investment Shifu”
Lewis Johnson 😂😂
So wait they sent you a letter inviting you to CPC- and you took time out of your trip to go talk to a Chase rep, and then they said you weren’t eligible? Something doesn’t add up
I am guessing they saw high cash flow coming into my business account over the last few months. Took it as a clue that this guy may have funds elsewhere that he could move to Chase. I suspected I wasn’t eligible but wanted to make a video, so I went there.
I have a business account and CSR with them as well and got sent the letter. That's probably the only way they can guess whether you're a high net worth potential client.
Don't know about Chase private but avoid Fifth Third private banking. Based on personal experiences, very slow, unable to do much on a phone call, stuck up employees.
WRO
i dont trust anyone named 5th 3rd
KingMacintosh
So you’re telling me you’ve never heard about Wells Fargo doing their bullshit? That is the most egregious bank, give me a break
@KingMacintosh There are not too many proven system credit but I know an individual (system expert) who repairs credit not for only me but for a whole lot of others.
I met him on quora and I trust him enough to help me handle issues like this ever since he helped me get approved for my Wellsfargo 30k credit line.
His name is Conner, I am sure he will be willing to help you if you are professional. Creditpatchup@gmail°com
I received a 50k sapphire reserve Visa bonus points for upgrading to PC.
One thing everyone seems to agree on (that I also gathered from reading various forums) is that CPC is nothing to write home about as far as benefits.
I have to be honest I am a chase private client but Im not really sure the benefits
I love the new style! Great vid.
With that much liquidity better go for HSBC Premier. Especially if you're someone who does international business or who might reside outside the country, maintaining accounts elsewhere.
Thanks for taking one for the team.
Lol my I just turned 20, and my local bank added me onto CPC for free (even though I’m a broke college student with only about $1,000 with Chase) just bc I’m thinking about investing with Chase. It’s all about talking to the right banker/branch.
And Incase anyone was wondering, this service is not even anything worth having! I can maybe see the mortgage rates and car rates, but I know that my credit union can offer better rates for auto loans.
I guess the only really good perk that everyone can use is amazing 24/7 customer service
Bankers have targets to hit (see the Wells Fargo scandal) and obviously if you're going somewhere that isn't a huge metropolis like NYC with tons of millionaires then the banker doesn't care who he signs up for CPC. Any new customer is a score on his sheet and a few months to a year down the line you'll probably gt kicked off by corporate. Same thing I did during college with HSBC. Took them two years till they started to charge me for HSBC Premier (didn't even kick me off).
I already banked with them, they just want my money
They want me to invest with them in the future so I they said they'd add me lol
I got into the CPC program when the requirement was lower lol fees are waved but the benefits aren't spectacular
Who would keep $250k in Chase???
PartyPartyPartyNow a lot. I’m a banker at chase and we see CPC every now and then
I have a question before applying for my first Chase Freedom card. I have a 792 credit score and have only ever had a BoA Travel Rewards card. I think I'll be able to get a Freedom card even though I'm still in college. What I was concerned about was using gift cards as a way to get the 5% cash back. In some of your videos you mention buying Visa reward cards is a risky idea, but is this only for people who by thousands of dollars of them? Say I bought 3 $400 Visa gift cards mixed in with other stuff over the course of the 3 months. Will this draw any unwanted attention?
I am with Barclays capital - them wankers been bugging me with all these invites in to their exclusive membership BS account lol. Made in big in the fish industry and didn’t expect to switch around my savings account etc. To this day I ain’t aware with all these financial products out there for high net worth peeps. I am happy with my savings and current ax king which I had for 10 + years. Btw I also got invited for an AMEX black card 2 months ago 😂😂 and NO I didn’t take the plunge, happy with my gold rewards card as it serves me well with the 2 free lounge access yearly - don’t travel much so Gold is ideal
Let's say someone has over 250k with them on stocks, saving account, etc. and apply and get approved for the Chase P. Client. If after receiving the approval, they end up selling some of their stocks and invest outside Chase system in a way that their total sum drops below 250k, what is going to happen? Are they going to cancel his/her Chase P.C.?
It can be somewhat flexible, and you don't need to keep a minimum of $250k there at all times. Generally, once you're in, you're in.
If you stay below 250K for awhile you will eventually be “downgraded”.
you automatically get downgraded, same with other banks with private banking. 250k is not bad, my bank wants over a million to become private. it's not like a special thing really, its just another level on the checking account. you know like they all have super basic, basic, premier, etc and then another level higher is private
As a Private Client Banker for Chase the answer is: nope. You will not be downgraded, cancelled or anything.
webbezzy once you’re in, you’re in homie. Think about a credit union for instance, you need a certain trait to be included... for example “must live in New York”... you’re still free to move after you’ve been accepted
ha I recognize that NJ transit train! which line do you take into NYC?
Chase, Do you really think that if I have $250K in liquid assets I would’ve been using this bank !? 🤔 I DON’T THINK SO !!
If you have that money, which banks would you bank with?
se7en Zee My Credit Union Bank !! And after I turn the $250K to millions, I bring all the money to a Swiss Bank !!
Why would anybody want to do business with Chase. They are absolutely the worst bank.
Junito Punto Comm good luck turning 250 into millions
@@lopezcristian2 Yes should take about 18 years for $250K to grow to $1M invested in the market, with no additional contributions.
One should seriously question whether or not they want to by a "chase private client" even if invited and meet requirements.
Looks like they are being really aggressive. They sent me a business checking bonus offer and I don’t have a business?
I just became a private client but they changed the card to blue lolll I’m upset
IF YOU HAVE A ROTH IRA ACCOUNT WITH THEM CAN YOU GET ONE ? i saw your other on AMEX Centurion one too you mentioned a Chinese imitation website where they engrave your name in metal could you please provide the name thanks. great video btw there helping me improve my credit score cheers
Walid AlSaif so you want to fake a card 🙄 so dumb
Hi Credit Shifu! Big fan, but I am curious what is the mortgage discount?
My son loves watching you and loves credit cards is there anyway you can meet him if you’re still in New York
Interesting thanks for sharing 👍🏻
I know someone who is one. They just invested like 100k
All negotiation between you and the banker. The more rural the branch the lower the requirements.
I have 2 million in my account
Thank you
Lol my credit union has no fee debit
KingMacintosh Bank of America, many banks do.
KingMacintosh it means theres no minimum amount required to avoid being charged “maintenance fee”. If your bank has a minimum deposit required, it means they’ll charge you if it is not met. MANY banks do that.
Yo Yo technically mine requires a $5 minimum, but that's nothing
Which is why I like to call BofA "Bankrupting America"
Although I can't be too rough on them, they are very generous with me in terms of credit line.
I do mainly business with credit unions. Have had Bank of America and been hit with atm few before. My credit unions allow me no fee atm 🙂
thanks for letting us know you're 'small potatoes' hahaha
Haha it’s okay. I like letting people know I’m just your average guy, not some mega rich dude. So viewers know the five star hotels I stay in and business class flights I take do really all come from credit card points
Amazing video
🤣🤣🤣🤣🤣🤣Chase PC is the McDonald’s of all banks.
What is the song name from the video?
damn , i thought it was david tennet
So have anyone read the fine print to see what are the fees Chase will take from you as a private client?
The account itself has less fees, but if you want your money managed by a chase banker, they will charge a fee for that service which will eat into your gains from whatever they invest it in, over time this compounds and you end up losing quite a bit your profits, so I always prefer to manage my own investments. But you don't have to have your money managed like that, the requirement is just $250k in Chase.
I always see the private section in chase
You are walking on 28th St
I am indeed, right next to FIT
Music is too loud
Shayyyyyyze
Why would you do business with a bank like Chase?
Absolutely the worst!
People have forgotten about the bailouts
Tier 4 huh?
how old are you man? Just curious
New subscriber👍🏼
capital one
This dudes face is a great example of why not to smoke cigarettes!...
background music too loud annoying hard to constreret
Chase Private Client is nothing special. It gives you a free safe deposit box and bypass the 5/24.
If you don't have $250k, you can still become a CPC if your parents can add you to their account.
Apparently CPC no longer bypasses 5/24.
yo
Private Client is not worth it ... been with them for almost a year and they suck as a bank over all ... Not worth it ...
This was a waste of my time lol
Agree. It's a waste of his time doing and uploading the video and waste of our time watching the video.
FIRST!
Chase bank is for noobs.
where do the experts bank? tell me sensei!
Chase bank is not a bad bank. Just need to keep more than $1500 and don't overdrawn your account.
1) there are many branches.
2) high signup bonus ($300 for opening a checking account).
3) many good credit card offers.
se7en Zee agree. Espeically great for the nyc metro area. Plus they have a good credit card reward program
Best credit cards in the game (Holy Trinity: Sapphire Reserve, Freedom, and Freedom Unlimited) and Chase is really great for NYC residents.