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> Once you have >$100k in your chase accounts they'll start doing that. Is there a good reason for this other than if you're about to buy a house or something?
by Xcelerate 4y ago
> Once you have >$100k in your chase accounts they'll start doing that.
Is there a good reason for this other than if you're about to buy a house or something? Most of my net worth is in investments; very little is in checking or savings, because it doesn't seem like there is any benefit to that.
- rhtgrg 4y ago> Is there a good reason for this other than if you're about to buy a house or something? Liquidity. FDIC insurance upto $250k. Of course, you don't want to put a big chunk of your money into a bank like this, but $100k is not a "big chunk of your money" to a lot of people, in relative terms. I'm assuming your sentiment applies to HYSAs as well, which is the better place for this kind of thing.
- WWLink 4y agoNope. And that's part of why they start calling you - to sign you up for CDs, money market accounts, etc. (I'm not sure if they get a commission for selling you into a locked investment, but I imagine they do). They probably also are trying to get you on a good credit card, get a mortgage with them, be the first place you come when you want to buy a car, etc. I guess I'll note, I've never had that much in my personal account but I have a friend who did for a while (and a family member who also did). Personally, I canceled my chase account because a teller at the local branch was being a condescending dick to me. I assume because I didn't have that much money in my account lmao.
- stephencanon 4y agoChecking is the backing buffer for a queue of pending transactions. If you have one or two highly-compensated people in your family, and somewhat randomly-distributed large expenses (paying cash for a car, renovating a house, credit card bills after a vacation, etc), then $100k does not seem like an unusually large buffer size.