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 Virginia, 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, including investment management, wealth management, tax services, estate planning, insurance products, and various types of credit. Virginia's banking regulations, overseen by the Virginia State Corporation Commission's Bureau of Financial Institutions, ensure that banks operating within the state adhere to the laws and protect consumers. Additionally, federal regulations, such as those enforced by the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC), also apply to private banking activities. These regulations cover the safety and soundness of banking practices, consumer protection, and anti-money laundering measures. Eligibility for private banking services typically requires maintaining a certain balance across accounts, which varies by institution but often falls within the $150,000 to $250,000 range.