Chase $3,000 Bonus For Depositing $500,000 With Chase Private Client

Sue , I am not sure that I understand your question. So far I have only had the managed investment account and I have churned that with my CPC account(s); The investment account is a joint account, so P2 has also been able to use it to churn P2’s separate CPC account(s).

Erik Hi Erik! I was wondering if you were able to churn the CPC offer with an Investments Direct account for accounts that fell under $100k? I recently got a notice that my account is being converted to Investments Direct.

$3000 bonus is for $500k moved to Chase. There are lower tiers, $1k for $150k, $2k for $250k. They require a managed account for the bonus, years ago used to be able to do self direct.

Thanks! Will keep an eye out. Can always send a brief email when they call

Yes, search for “convert” or “transition” in the comments here. Though, someone was able to call and cancel the conversion.

Oh wow. They can change the account type while it has assets in it?

Previous data point suggest your advisor may drop you and change your full service account to self direct investment account.

Wonderful, thanks for reporting back. I just cancelled CPC last week. Going to wait 90 days to apply for CTC in branch. You’d probably did see the tracker on your accounts during the qualification period which confirms it’s tracking as expected.

Kevin I did end up getting the CTC bonus and posted the DP here #2371856 . I should have updated here as well. There’s always a risk that Chase will start adhering to those terms. I went in-branch this time to open the Total Checking account (maybe to get some reassurance from the banker?), but I wonder if online would be better because I think I recall some saying that it won’t let you apply if you aren’t eligible for the offer. Also tagging RM Ricki Jay

catcat

CatCat since it’s been more than 100+ days, were you paid out for CTC bonus? What was your experience? Thanks

A fellow poster over at Bogleheads shared this large disclosure document. https://www.chase.com/content/dam/chase-ux/documents/personal/investments/jpm-investment-account-agreements.pdf It notes the $500 minimum to avoid closure on page 17 — “f. Low balance accounts. If your Brokerage Account falls below $500 in value, you authorize JPMS, in its discretion, to liquidate your securities and close your Brokerage Account.”

That sounds super awkward. Did you, your wife, or banker say anything about it?

Just downgrade your client to the total checking after getting the bonus or you can keep the checking account at private client and move in the necessary amount of new assets.

We left self-directed JPM brokerage accounts open ($1 balance or something) over the past year, so luckily no advisor this year, salivating over our assets. Last year we had to meet with advisor to open up self-directed account, which he did begrudgingly for us (since he earns no AUM for it). I wish Chase Private Client & Wells bonuses didn’t require in-branch visit. Would be so much cleaner of a churn. But for $9k/year, I’ll stomach the awkwardness. We should probably stagger our account openings to increase the bonus size (shuffle $500k of mutual funds from P1 WF to P2 WF to P1 jpm chase to P2 jpm chase), but so far haven’t optimized that much yet. Would net us another $2k/yr on the Chase side vs $250k. Anyone else sloshing assets (e.g. mutual funds) from one spouse to another to maximize bonuses? It’s double the bonus fun.

sg77 Right, agreed. The notice I received only mentioned closure, nothing about fees

The $500 minimum to avoid the account being closed might be unrelated to what’s needed to avoid being charged a fee.

Bob Curious if you are opening new brokerage accounts, as well, or left them open from your previous churn? In my experience, the advisor is assigned by branch location so where you opened the CPC checking would determine where/who your JPMS advisor is. For example, during my second churn I went to another branch to open new accounts (I had closed both checking and brokerage from another branch the previous year). The advisor at this new branch had to ask my previous advisor to relinquish/release my closed brokerage before the new advisor could be linked to it. I wouldn’t worry about any awkwardness about opening new accounts with the checking accounts. They’re still earning commission 🙂

Bonus posted for my legacy full-service brokerage account.

Thanks for checking. Pricing still says $25k, but I suppose an FI can always be cheaper than disclosed! Hopefully they keep everyone as full-service even with $500. I haven’t gotten a letter yet. “ANNUAL ACCOUNT FEES Brokerage Account $50 — How to avoid this fee: Be a Chase Private Client or have $25,000+ in combined investment balances or generate $50 in commissions in your account during a calendar year”

An email from Chase Private Client outlining my next steps to earn the bonus confirms that my hold period ends 45 days, not 90 days, after then the end of the 45-day funding period. Evidently Chase believes a 45-day hold period is appropriate or else they wouldn’t have made the offer, would they. I didn’t argue with an investment advisor about the hold period of the bonus offer. I haven’t even met him. The terms of the bonus offer are of no interest to an investment advisor. I argued with the Chase Private Client banker only after he insisted the hold period was 90 days. Furthermore, just because the hold period ends doesn’t necessarily mean that I will withdraw all of my funds. In any case, the CPC bank wouldn’t be managing my money anyway. (You should have heard the pathetic sales pitch he gave for keeping my money with Chase, after he admitted that Chase pays only 0.01% interest on its checking and savings accounts.) I got another call from the Executive Team rep I spoke with a couple days ago. He agreed with me that the CPC banker and his manager had acted inappropriately; that you don’t turn away a customer who’s bringing in a quarter million; that goodwill in the short term can lead to a longer-term relationship; that there’s no limit on how many Chase investment advisors I may interview; and that I am free to open a Chase investment account with any advisor at ANY branch in ANY state, even over the phone. The Executive Team rep had a talk with the CPC banker’s manager. As a result, a meeting has been re-scheduled for me to meet with the investment adviser that the CPC banker had originally told me would open the type of account I want, then arbitrarily canceled the meeting he had scheduled, refused to give me my offer enrollment confirmation receipt, and stated that he was going to disenroll me from the bonus offer. Going forward that CPC banker will not to be involved. Yes, Chase doesn’t have to open an account for me. But whether a Chase investment account is opened for me is not up to the CPC banker or his manager. Furthermore, the investment advisor’s manager is not the CPC banker’s manager. BTW, it was the CPC banker’s manager who submitted a complaint on my behalf. In my experience, submitting complaints in banking disputes always gets me where I want to be.

This bonus might not be for you…the play is to show interest in their services without getting stuck on fees, then nudge them to open the other account, but leave the door open for help in the future. Some advisors won’t play ball. You’ll notice it early on, don’t waste your time and gracefully exit. Arguing with them about 90 day hold, which is already short, makes it obvious what you are up to and that you are difficult to work with..not surprising that they cancelled on you. Stick with what the fine print says, you will not convince them. If the rep is wrong, they’ll point to the fine print anyway. So there is zero value in getting them to agree with you. Submitting complains just gets eyes on your account and will get you nowhere. They don’t have to open an account for you, it’s weird but they clearly have that leeway.