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 New Hampshire (NH), private banking services are regulated under both state and federal laws. These services cater to high-net-worth individuals (HNWIs) by offering personalized financial services such as investment and portfolio management, wealth management, tax services, estate planning, insurance products, jumbo mortgages, lines of credit, and bill payment. Clients typically receive preferred pricing and may need to maintain a certain balance across their accounts to qualify for private banking services. NH state statutes do not have specific provisions that uniquely regulate the eligibility criteria for private banking; instead, these criteria are typically set by the individual financial institutions based on their policies and risk assessments. At the federal level, private banking is subject to various regulations, including the Bank Secrecy Act, anti-money laundering laws, and regulations enforced by the Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC), which ensure that financial institutions adhere to responsible lending practices and provide adequate consumer protections. It is important for individuals interested in private banking services to consult with an attorney to understand the specific legal implications and to ensure compliance with all relevant laws and regulations.