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 Oklahoma, 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. Oklahoma state statutes do not have specific provisions that uniquely regulate the eligibility criteria for private banking; instead, these criteria are often set by the individual financial institutions based on their policies and the competitive market. 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 services and banking practices to ensure the protection of consumers and the integrity of financial markets. Additionally, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) may also have regulations that affect private banking operations. Clients interested in these services should consult with an attorney to understand the specific legal implications and protections available to them under Oklahoma and federal law.