Private banking includes personalized financial services and products that retail banks and other financial institutions offer to high-net-worth individuals (HNWI). These services and products often include:

• investment and portfolio management

• wealth management

• tax services

• will, trust, and estate planning services

• insurance products

• jumbo mortgages

• lines of credit

• bill payment.

Private banking clients often receive discounted or preferred pricing on these services and products.

To be eligible for private banking services and products, retail bank clients are often required to maintain balances in their bank accounts (checking, savings, money market) and investment accounts (IRAs, mutual funds) totaling $150,000 to $250,000 or more.

In Mississippi, private banking services are not governed by a specific set of regulations unique to the concept of private banking for high-net-worth individuals (HNWIs). Instead, these services are subject to the same state and federal banking regulations that apply to all banking activities. This includes oversight by the Mississippi Department of Banking and Consumer Finance, as well as federal regulators like the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC). These agencies ensure that banks adhere to laws and regulations related to investment and portfolio management, wealth management, tax services, estate planning, insurance products, mortgages, lines of credit, and bill payment services. Additionally, banks offering private banking services must comply with anti-money laundering laws, know your customer (KYC) requirements, and other consumer protection laws. The eligibility criteria for private banking services, such as maintaining a certain balance in bank and investment accounts, are typically set by the individual financial institutions based on their own policies and are not specifically regulated by state law.