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 West Virginia (WV), 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 typically receive preferred pricing and may need to maintain a certain balance across their accounts, often ranging from $150,000 to $250,000 or more, to qualify for these services. While specific WV state statutes may not directly define eligibility criteria for private banking, the state's banking regulations, overseen by the West Virginia Division of Financial Institutions, ensure that financial institutions operate within the legal framework, including adherence to consumer protection laws and regulations. Additionally, federal laws such as the Bank Secrecy Act and regulations by agencies like the Federal Reserve, FDIC, and the Office of the Comptroller of the Currency (OCC) provide oversight to ensure that banks, including those offering private banking services, comply with anti-money laundering requirements, provide fair access to financial services, and maintain sound banking practices.