Chase Private Client: Useless For Churners

BLUF: There is no longer any special consideration from having a CPC relationship. We are all subject to 5/24, even rich assholes with $250,000+ in managed assets.

I just got a stern phone call from one of the CPC vice presidents. He told me to cut out the churning and the use of his staff to assist in banking issues. He gave me a phone number to use for banking questions like some filthy casual non-CPC patron. This was not part of the deal as CPC was sold to me to be like the Ritz-Carlton of banking (Ironically a Chase Product).

If any of you guys were on the fence about trying to get better consideration from Chase by dropping a quarter million dollars into one of their managed accounts, forget it! When I first looked into CPC the junior staff promised me the world of unfettered access to Chase and ALL of their banking services (including consumer credit). This has proven to just be a sales pitch and has not materialized over the last 6 months when it came down to brass tacks.

In reality my CPC relationship failed to get me a J.P. Morgan Chase Reserve card, a Chase Sapphire Reserve card, Ritz-Carlton card. They refused to even submit my application for the Reserve Card, and reminded me that I was CPC and not Chase Private Banking needing $10 million for access. On top of that, they seem very clueless of what consumer cards are even offered, and what features there were of each one. The entire time they wanted to concentrate on total portfolio domination, and distract me from their consumer products. There is a clear separation between J.P. Morgan and the Chase Credit side with what seems to be constant infighting and confusion from their many groups.

So there is no magical TSA-precheck for Chase Bank! I remind you all that Chase doesn’t have a lock down on the rich asshole management market. There are plenty of churning opportunities with Merrill Lynch EDGE, Citi Priority, and HSBC Private Bank.

Any CPC out there that can attest to a different experience?


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