Walk into the wrong Swiss bank and you'll be quickly escorted out and pointed in the direction of the bank you "should" be entering. What just happened? You've just walked into a "private" bank rather than a "retail" bank. Private banking refers to services provided by banks to private individuals with exceptionally large assets to work with. It's called "private" because customers receive a much more personal level of service than in mass-market retail banking. This historically exclusive service has been reserved for those with liquid assets over $1 million, although accepted deposits as low as $50,000 are not unheard of these days. The services you will receive at a private bank focus on private counseling in aspects of wealth management including investments, tax concerns, and estate planning. Many private banks require a special invitation or referral by current customers.
Retail banking, on the other hand, is your traditional mass-market banking system offering checking, savings, personal loans, mortgages and other types of accounts for individuals. While many retail banks also offer investment services, they're not on the level of those offered by private banks. When banking with a retail bank, customers work with local branches of larger commercial banks.
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