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 Washington State, 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 of private banking typically receive preferred pricing and may need to maintain a certain balance across their accounts, often ranging from $150,000 to $250,000 or more, to qualify for these services. Washington State's regulations would ensure that financial institutions offering private banking services comply with state-specific banking laws, consumer protection laws, and fiduciary responsibilities. Additionally, federal regulations, such as those enforced by the Securities and Exchange Commission (SEC) for investment services and the Office of the Comptroller of the Currency (OCC) for national banks, also apply to ensure the soundness of financial practices and the protection of consumers.