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Is "Private Banking" just a Don Draper term?

Jim0445
in Off-Topic
For years, I've noticed that some large banks advertise their "Private Banking" divisions. (When I hear "private banking," I imagine arriving in a limo and escorted to a banker's desk.) I would appreciate hearing from those of you who have "private banking" and just what benefits this offers. (After years of satisfactory banking with Wachovia, I signed off with Wells Fargo's marketing assaults each time I entered a branch and have been happy with my move to credit unions.) So I'm wondering, is "private banking" just a Madison Avenue term or does it really offer special benefits and what do these benefits cost?) The only thing I miss about Wachovia or WF is a free safe deposit box. My credit unions offer free banking with no "gotch's" but charge everybody the same $20 for a basic safety deposit box; it's very democratic - everybody pays the same rental fee.) My main credit union pays 0.25% on checking accounts and 1.75% on money mkt funds. For that, I'll take public banking.

Comments

  • rforno
    edited April 2019
    Unless you're ultra high net worth with bazillions of dollars that need to be managed then, no, it's not worth it. But if you're UHNWyou will likely get a 'very nice' private banking experience. :)

    To wit: Chase 'Private Client' services is pretty much their brokerage targeting folks with 50K-1M accounts that MIGHT need a little bit of handholding or 'advice' and who might also be willing to bank with them, too. I get their postcard 'invitations' every so often .. but I don't need their services.

    I bank at my credit union too and am just fine w/them. I don't need to feel 'prestige' with this stuff.
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