Table of Contents
Annual Percentage Yield (APY)
0.01% APY
Pros
- No foreign transaction fees
- Unlimited out-of-network ATM fee refunds
- No fees on the first 4 overdrafts during the current and previous 12 statement periods
- No incoming or outgoing wire transfer fees
- Higher deposit and withdrawal limits than other Chase checking accounts
- Free personalized checks
- Free 3″x5″ safe deposit box (20% off of larger sizes)
- Free cashier’s checks, counter checks, and money orders
- Access to a private banker
- Attend exclusive events
- Waive fees on Chase business accounts
- Access to a Business Relationship Manager
Cons
- $35 monthly service fee
- $34 overdraft and non-sufficient funds fee
- The information related to the Chase Private Client Checking has been collected by Business Insider and has not been reviewed by the issuer
- The $35 monthly service fee is waived each month that you do one of the following: an average daily balance of $150,000 or more in a combination of Chase bank accounts and partner investment accounts OR you have a linked Chase Platinum Business Checking account
- No out-of-network ATM fees or foreign exchange rate adjustment fees
- Unlimited out-of-network ATM fee reimbursements
- Earn interest on your checking account balance
- Access to 16,000 Chase ATMs and over 4,700 branches
- Access a private client advisor and a Business Relationship Manager
- Attend exclusive events
- Open your account in a branch
- Available online nationwide except in Alaska, Hawaii, and Puerto Rico. For branch locations, visit locator.chase.com
Read Our Review
How Chase Private Client Checking works
Unlike with many private banks, you don’t need a minimum balance in your bank and investment accounts to use Chase Private Client. However, you do need to have $150,000 to waive the $35 monthly service fee on Chase Private Client Checking.
Private banking is an exclusive banking service for customers with a high net worth. Chase matches you with one or more private bankers to help you with your money, so you’ll receive more personalized attention than most customers. Chase also has Business Relationship Managers, which is useful if you’re a business owner. You’ll also be able to attend exclusive events.
As a Chase Private Client customer, you’ll waive fees that Chase charges on some other accounts, such as foreign transaction, ATM, and wire transfer fees.
Is Chase trustworthy?
JPMorgan Chase & Co. is Chase’s parent company. The Better Business Bureau gives JPMorgan Chase & Co. an A+ in trustworthiness. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
Although its BBB rating is strong, JPMorgan Chase & Co. has dealt with a few scandals in the past few years. Here are some recent conflicts:
Similar banks, such as Wells Fargo and Bank of America, have their own history of public controversies.
How Chase Private Client Checking compares to other private banking
Your decision between Chase, Citibank, and PNC private banking could come down to how much money you have in your bank and investment accounts. Citibank requires $1 million to become a private client, while PNC requires just $50,000. There is no minimum to be a Chase private client — but you’ll need $150,000 to waive the $35 monthly fee.
If you qualify for private banking with all three institutions, your choice could come down to the nitty-gritty details of the benefits. For example, you may be more interested in one bank’s exclusive events than another.
How Chase Private Client Checking compares to other Chase accounts
Chase has several checking accounts, so you may decide that another one is a better fit than Chase Private Client Checking. Here are your options:
If you want many of the same benefits that come with Chase Private Client Checking but can’t waive the monthly fee, you might like Chase Sapphire Checking. You’ll need $75,000 in all of your accounts to waive the fee instead of $150,000. You won’t have access to a private banker or Business Relationship Manager, though.
Chase Premier Plus Checking makes it even easier to waive the monthly fee (you’ll need $15,000) and comes with some benefits, but you’ll have to pay foreign transaction and out-of-network ATM fees.
You might prefer Chase Total or Chase Secure for their sign-up bonuses. Chase Total provides several ways to waive the monthly fee. You’ll pay a $4.95 monthly fee with Chase Secure, but it keeps you from overdrawing your account so you won’t pay fees.