Chase Private Client checking account

Would you like to read a comprehensive review of the Chase Private Client checking account? Responsible Economy has conducted an in-depth analysis of all its features, including fees, interest rates, welcome bonuses, requirements, and everything you need to know. Additionally, we provide a comparison of the best checking accounts available in the United States in 2023. Welcome and enjoy the review!

Features

Let’s take a look at the features of the Chase Private Client checking account:

Fees

Chase Private Client checking account fees

If you fail to meet the requirements, you will be subject to a monthly fee of $35, amounting to $420 per year. The only requirement is to maintain an average balance of $150,000 in the checking account.

Minimum deposit

While Chase does not explicitly state the minimum initial deposit for opening this checking account, it is likely that you will need to make a minimum initial deposit of $100,000 to be eligible.

ATM withdrawals

With the Chase Private Client checking account, you can make fee-free cash withdrawals at ATMs worldwide.

Zelle

You can conveniently send and receive money using Zelle with this account.

Chase Overdraft Assist

This particular checking account does not offer an overdraft service, as it requires a minimum balance of $100,000.

Bonus

There is no welcome bonus associated with this account.

Interest rate

Chase offers a meager interest rate of 0.01% APY. However, private banking clients may have the opportunity to negotiate a higher interest rate with their bankers.

Requirements

Aside from the minimum balance requirement of $150,000, there are no specific additional requirements mentioned for the Chase Private Client checking account.

These features and requirements should be taken into consideration when evaluating whether the Chase Private Client checking account aligns with your financial needs and goals.

Requirements

The only requirements to open the Chase Private Client checking account are as follows:

  1. Residency: You must be a resident of the United States and provide proof of your residential address.
  2. Minimum Balance: You need to maintain a minimum balance of $150,000 in the checking account.
  3. Social Security Number: You must have a valid Social Security number.
  4. US Phone Number: You need to have an active phone number in the United States.

Meeting these requirements is essential to be eligible for the benefits and privileges offered by the Chase Private Client checking account.

Fees

As mentioned previously, it is important to note that if you do not meet the requirement of maintaining a minimum balance of $150,000 in your Chase Private Client checking account, you will be subject to a monthly fee of $35. Therefore, it is crucial to ensure that your account balance meets or exceeds the specified threshold to avoid incurring the monthly fee.

Pros

Here is a list of the advantages offered by the Chase Private Client checking account:

  • Extensive Branch Network: Chase Private Client provides access to a large number of offices and branches across the United States, offering convenience and accessibility.
  • Enhanced Interest Rates: Compared to other Chase accounts, the Chase Private Client checking account may offer better interest rates, allowing you to potentially earn more on your account balance.
  • Fee-Free ATM Withdrawals Worldwide: With Chase Private Client, you can make withdrawals at ATMs around the world without incurring any fees. This feature provides flexibility and convenience when accessing your funds while traveling.

Cons

Here are the disadvantages of the Chase Private Client checking account:

  1. Monthly Fees: If you fail to meet the minimum balance requirement of $150,000 in your account, you will be subject to a monthly fee of $35. This fee can add up over time and impact the overall cost of maintaining the account.

Frequent questions

Now we are going to answer all the questions you may have about Chase Client Private.

Differences between Chase checking accounts

We have made a table with all the differences between the checking accounts that you can open with Chase:

Chase Total CheckingChase Secure BankingChase Premier Plus Checking
12$* (fulfilling conditions 0$)4,95$25$* (fulfilling conditions 0$)
Easy to avoid commissionsYou can’t avoid commissionsDifficult to avoid commissions
Zelle serviceZelle serviceZelle service
Overdraft assistNo Overdraft assistOverdraft assist
Fees cashier checksFees cashier checksNo fees cashier checks
Fees at non-Chase ATMsFees at non-Chase ATMs4 free withdrawals
Chase fees for checks
No service Chase for checks
No Chase fees for checks
Differences between Chase checking accounts

Comparison of current accounts in 2023

We have made a chart with the best checking accounts that you can open in the United States:

Logo Chase
  • It is very easy to avoid monthly commissions
  • Welcome bonus of 200 dollars fulfilling conditions
  • More than 16,000 ATMs in the United States
  • $25 minimum deposit
  • Very low interest rates
Bank of America logo
  • It is very easy to avoid monthly commissions
  • More than 16,000 ATMs in the United States
  • $100 minimum deposit
  • No welcome bonus
  • High interest rates if you have a lot of savings
Wells Fargo logo
  • It is very easy to avoid monthly commissions
  • Nearly 12,000 ATMs
  • $25 minimum deposit
  • Welcome bonus of 300 dollars fulfilling conditions
  • High interest rates on CDs
Logo Sofi
  • No fees and no requirements
  • Nearly 60,000 ATMs
  • Welcome bonus of 250 dollars fulfilling conditions
  • High interest rates on CDs
Charles-Schwab-Logo
  • No fees no direct deposits
  • Fee-free withdrawals from ATMs around the world
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs
Chime checking account Logo
  • No fees no direct deposits
  • More than 60,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on Savings
Ally logo
  • No fees no direct deposits
  • More than 50,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs and Savings
Citibank-logo
  • Commissions of $10 if you do not meet requirements
  • No fees at Citibank ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs

Chase checking accounts

We have made a video with the main characteristics of Chase checking accounts:

YouTube video
Chase Checking accounts

Video with the best banks

Here you have a video with best checking accounts in 2023:

Best banks in 2023

Learn more about Chase

We show you a table that we have made with information of interest about Chase:

InformaciónDescription
Web pagehttps://www.chase.com/
Facebookhttps://www.facebook.com/chase
Twitterhttps://twitter.com/Chase
Number of telephone1-800-935-9935
Information about Chase

Other Chase products

Here you have a list with products by Chase:

Conclusions

Based on the comprehensive analysis conducted, our conclusion is that the Chase Private Client checking account may not provide favorable conditions. The requirement of maintaining a minimum balance of $150,000 to avoid paying commissions can be restrictive for many individuals. Additionally, the lack of transparency regarding the interest rate offered is a significant drawback, as it prevents potential clients from assessing the potential returns on their deposits.

Related content

Finally, you have articles related to bank accounts:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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