https://www.confiduss.com/en/banks/account-opening/private/ Private bank accounts

Private banking is a range of financial and banking services provided by a bank or other financial institution, usually to affluent customers - also known as high net worth individuals. Unlike a regular checking account, a personal bank account is traditionally opened with the expectation that the bank will hold the money for you. This means that private banking departments typically only want to see a minimal number of transactions going in and out of your account - this is not the account to receive payroll, pay bills or take business underwriting. However, it would be the right place to keep your family fortune, proceeds from a business sale, or any other monies you don't plan to spend in the near future.

If you are looking for a secure and reputable bank for wealth management or other private banking services, the Confidus team can help you find the most efficient solution for all your needs.

Opening a private bank account
When discussing the key differences between a private bank account and other types of accounts, it is important to note the additional requirements and general process of opening an account with a private bank. The main requirement for opening a private bank account is a significant amount of money – while the lowest minimum deposit is around $250,000, some banks require $5,000,000 in deposits before you can open a private bank account.

Opening a private bank account requires a certain amount of paperwork and a process to go through. While the main requirement for opening a private bank account is depositing a certain amount of cash, there are cases where applicants are denied opening a private bank account for other reasons. Each year, around 5% of applications are denied due to suspected fraud or illegal activity. To avoid accepting funds from arms or drug dealing or other illegal activities, private banks undergo rigorous risk and compliance procedures mandated by regulators to verify the identity of the prospective customer and the source of the funds. The recipient of the funds must also be identified.