Author Topic: Chase Bank wants to hold my Vanguard Account.  (Read 2174 times)

happyfeet

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Chase Bank wants to hold my Vanguard Account.
« on: June 23, 2015, 05:04:09 PM »
Salesperson said it would make for easier taxes since Chase would produce one paper statement for all accounts instead of individual statements for each holding.

Chase rep said they are no sales fees and no charges for Chase to be the "holder" of my Vanguard account.  Any changes to my account would be processed through Chase.  Account would not be part of the private banking which does charge.

I AM NOT moving my Vanguard account.  I also believe there is no such thing as a bank brokerage not making any sort of money off of this.

Any other readers come across this with Chase?

We moved our money to Chase a few months ago for the $400 signon bonus and  the banker was very adament in knowing "how much" money we had overall.  Stupid us - told them.  Mistake. Did I have to reveal that info?  The banker said something to the effect that it was mandatory for Govt paperwork to know overall assets.

I am happy with the banking arrangement at Chase.  But don't need them in anymore of our business.

Thanks,
« Last Edit: June 23, 2015, 05:06:34 PM by happyfeet »

forummm

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Re: Chase Bank wants to hold my Vanguard Account.
« Reply #1 on: June 23, 2015, 05:10:48 PM »
Sounds super sketchy. You don't even have to list all your assets on mortgage applications.

arebelspy

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Re: Chase Bank wants to hold my Vanguard Account.
« Reply #2 on: June 23, 2015, 05:15:10 PM »
Don't let them get their claws on your money.  Just ignore them.
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Jags4186

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Re: Chase Bank wants to hold my Vanguard Account.
« Reply #3 on: June 23, 2015, 05:29:20 PM »
I go and grab $500/yr from them for checking/savings sign up offers.  They always put me through the asset schpiel.  I always tell them and then say I have no interest in paying them 1.6%/yr on top of their actively managed fund fees for them to hold my accounts.  I will take their $500 bonuses on a yearly basis.  They tell me "well if you're a private client we waive all ATM fees!"  Yes you and every online bank pretty much.

NoraLenderbee

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Re: Chase Bank wants to hold my Vanguard Account.
« Reply #4 on: June 23, 2015, 05:32:35 PM »
Sounds like BS. Maybe there's no charge for the first three months or something like that.

And no, you do not have to tell them how much money you have. And if you lied, they would never know.

Indexer

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Re: Chase Bank wants to hold my Vanguard Account.
« Reply #5 on: June 24, 2015, 05:22:08 PM »
There might not be any fees to hold it there.  They will make their money other ways.

1.  If you buy more funds then there might be fees.
2.  This is the biggy.  They can SEE what you have.  This is what they really want.  Once they have it over there the advisor(sales rep) will start mailing you crap or calling you about how he can improve your portfolio....

Obviously don't do it.