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 Michigan, 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, often ranging from $150,000 to $250,000 or more. Michigan's regulations would require private banks to adhere to state banking laws, consumer protection laws, and fiduciary duties. At the federal level, private banks must comply with the Bank Secrecy Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and other regulations enforced by the Securities and Exchange Commission (SEC), the Federal Reserve, and the Office of the Comptroller of the Currency (OCC). These regulations are designed to protect consumers, ensure the stability of the financial system, and prevent financial crimes.