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 Maine, 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 may 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. Maine's financial regulations ensure that institutions offering private banking services adhere to consumer protection laws, maintain the confidentiality of client information, and operate within the legal framework for financial transactions and advisory services. Additionally, federal regulations, such as those enforced by the Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC), provide oversight on investment activities, fiduciary responsibilities, and the overall integrity of financial services offered to clients.