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 South Carolina, 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 of private banking often benefit from preferred pricing. Eligibility for private banking typically requires maintaining a certain balance across various accounts, which can range from $150,000 to $250,000 or more. While specific state statutes in South Carolina may not directly define eligibility criteria for private banking, financial institutions operating within the state must comply with federal regulations such as the Bank Secrecy Act, Anti-Money Laundering laws, and various securities and banking regulations enforced by agencies like the SEC and FDIC. These regulations ensure the integrity of financial services and protect consumers, including those utilizing private banking services.