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 North Carolina (NC), private banking services are regulated under both state and federal laws. These services cater to high-net-worth individuals (HNWIs) by offering a suite of personalized financial products and services, which may include investment and portfolio management, wealth management, tax services, estate planning, insurance products, jumbo mortgages, lines of credit, and bill payment services. Clients of private banking often benefit from preferred pricing and discounts. Eligibility for private banking typically requires maintaining a certain balance across various accounts, which can range from $150,000 to $250,000 or more. State regulations in NC ensure that financial institutions offering private banking services adhere to consumer protection laws, maintain the confidentiality of client information, and comply with anti-money laundering (AML) and know your customer (KYC) requirements. Federally, institutions are regulated by bodies such as the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC), ensuring adherence to federal banking, securities, and tax laws. It is important for clients to consult with an attorney or a financial advisor to understand the specific implications of engaging in private banking services.