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 North Dakota, 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 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. While specific North Dakota statutes may not directly define eligibility criteria for private banking, state laws do regulate financial institutions and professionals providing these services, ensuring they comply with consumer protection standards and fiduciary responsibilities. Additionally, federal regulations, such as those enforced by the Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC), oversee investment activities and the overall operation of banks to protect consumers and ensure the stability of the financial system.