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 New Jersey, private banking services are regulated under both state and federal laws. These services cater to high-net-worth individuals by offering a suite of personalized financial products and services, which can include investment and portfolio management, wealth management, tax services, estate planning, insurance products, jumbo mortgages, lines of credit, and bill payment services. Clients typically receive preferred pricing and may need to maintain a certain balance across their accounts to qualify for private banking. While specific eligibility criteria can vary by institution, balances often range from $150,000 to $250,000 or more. New Jersey banks offering private banking services must comply with state banking regulations, as well as federal regulations such as the Bank Secrecy Act and anti-money laundering laws. They are also subject to oversight by regulatory bodies like the New Jersey Department of Banking and Insurance and the Federal Reserve. It is important for institutions to adhere to these regulations to ensure the protection of their clients' assets and the integrity of the financial system.