Consumer complaint received 2024-09-07
Product: Checking or savings account — Checking account
Issue: Managing an account — Fee problem
Company: JPMORGAN CHASE & CO. (MA)

XXXX. My husband ( XXXX XXXX and I ( XXXX ) were First Republic checking account customers - After Chase acquired First Republic, we became Chase customers and our three checking accounts ( XXXX individual for XXXX and XXXX, and one joint ) got moved to Chase and with the full integration that happened in XXXX timeframe, the three accounts got assigned different Chase tiers- this created confusion and we set up time with XXXX XXXX XXXX from Chase 's XXXX MA branch to discuss the matter. 

XXXX. We met with XXXX XXXX XXXX in-person on XX/XX/year> to discuss the tier of service at Chase ( vs. what we had previously with XXXX XXXX. We talked about the difference between " Sapphire '' and " Private Client '' levels specifically, and in particular we were told that : " For Sapphire level we need to qualify individually ( $ XXXX per person ), but Private Client level allows us to be treated as a household and we can meet the $ XXXX minimum requirements together. '' Further, Private Client level allows for fees on self-directed accounts to be waived and we can include those balances also towards the $ XXXX minimum requirement. 

SEE ATTACHMENT 1 3. We relied on the above information provided and moved new funds into Chase to meet " Private Client '' level of service and opened three new brokerage ( XXXX, XXXX, Joint ) and three new investment accounts ( XXXX, XXXX, Joint ) ; We currently have NINE accounts total, including the three original checking accounts that ported over from XXXX ( XXXX, XXXX, Joint ), and we exceed the $ XXXX minimum when considering all XXXX Chase accounts. 

XXXX. On XX/XX/year> - we received an email saying that our account balances do not meet the minimum requirements for " Private Client '' level, with a warning that fees will be levied. Upon speaking with XXXX XXXX XXXX on XX/XX/year>- he apologized for mis-stating the account minimum requirements at our original meeting ( on XX/XX/XXXX ) and offered to downgrade our account to a lower level to avoid these monthly fees. 

XXXX. However, moving to a lower tier of service will impose other fees on the brokerage and self-directed accounts we have opened since the conversation on XX/XX/year> - we only opened these accounts because of the " Private Client '' benefits/fee waivers. Further, these investment accounts have {$75.00} closing fees per account ( {$450.00} total ) - so we asked if these fees could be waived and we could then downgrade to a lower tier of checking accounts. After 4-5 weeks of conversations, we're now being told that Chase will not waive these " closing '' fees on investment accounts even though we were persuaded to open these accounts as part of the " Private Client '' service, tied to our checking accounts. 

XXXX. Further, Chase XXXX branch manager ( XXXX XXXX XXXX ) had promised to resolve these issues and told us we will not be charged any fees until this matter is sorted out. Notwithstanding her promises, we were charged a total of {$70.00} ( two {$35.00} charges on both XXXX and XXXX 's checking accounts ) on XX/XX/year> and expect this will continues every month until this matter is resolved. XXXX XXXX has been unresponsive to both emails and phone calls over the last two weeks as the situation has worsened.

SEE ATTACHMENT 2 We do not have any issues with the other services/products with Chase at this time, including mortgage and credit card relationships - the issues above pertain solely to the checking accounts and investment accounts we newly opened this summer.