JPMorgan Chase may be hiding fees and charges in your bill. Understanding your bill will help you avoid unnecessary cost.
If you have enough money to have an account at JP Morgan Private Bank, you either read your own bill just to be careful or you have someone read the bill for you! On the off chance you’re confused by what you see, let’s dive into what you can typically find on a JP Morgan bill. They’re a bit different from traditional bank statements so there isn’t the constant inundation with extra offers and random charges.
JP Morgan is one of the oldest and biggest banking institutions in America, but their personal or private banking company is incredibly exclusive and has statements that are a bit different from regular bills. They still contain a breakdown of your account(s), as well as details about any charges or additional thresholds you need to meet to waive any requisite fees.
JP Morgan is primarily a bank for those with lots of money to store in their checking and savings accounts. To that end, their extra charges are much more variable and based on the actual issue in question. In addition, JP Morgan doesn’t charge monthly maintenance fees or many other fees that you typically find on your “extra charges” spot on a bank statement. Some of the things JP Morgan doesn’t charge for include:
For most of the standard checking and savings accounts, JP Morgan doesn’t have minimum account balances required. For their clients. Only some of these are interest-bearing, and the interest rates can vary greatly depending on the account balance. The JP Morgan Private Client Savings account, for instance, features tiered interest rates.
However, things get a bit different once you obtain a JP Morgan Private Savings Plus Account. Here, you’ll need a minimum balance of between $15,000 and $50,000. Additionally, several target balances are available for you to utilize to avoid any overdraft charges and additional payments. These are between $50,000 and $250,000.
Those interested in using JP Morgan may also use their “Securities” service to manage their portfolios. This includes a wrap fee that covers everything related to the program, essentially charging you so you have to think about your assets under their management. These extra charges will show up on your statement. The fee rates are:
JP Morgan has a dedicated phone line for questions about your existing account. The number is 212-270-6000. Alternatively, you can visit their global offices page if you want to learn more about the office in charge of your account based on your home location.
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