<p>I didn't say you were wrong....maybe you just misunderstood my post. I said, specifically, JPMorgan Private Bank, which has a minimum deposit of $50 mm.
As far as my source goes...lets just say I know from experience. </p>
<p>My citibank source is a private banker there who was trying to solicit some business (a lot of the larger private banks take pride in their minimum deposit, the higher, the more prestigious they consider themselves). </p>
<p>The BofA number was something I heard, but definitely not a source like yours so thank you for correcting me. </p>
<p>I'm not sure about smaller banks, but I meant JPMorgan private bank in my earlier post. I wasn't referring to any smaller, more local banks. So you might say, "why not just say $50 mm in investible assets," which is a good question, and the reason is that having an acct there means more than having a lot of cash. It's prestigious. Not anyone can just walk in there and open an account, their due dilligence is a long process and generally you have to be referred by a current client. JPMorgan Private bank isn't just anyone with money, it is someone with that much cash + connections and a name. There is a reason why you they don't have offices anywhere except for LA and NY. The inside of their offices in New York look like an Ivy League school, big dark brown leather couches and large oil paintings hanging on the wall. You get assigned a team, who handles everything for you. They take you to dinner and offer tickets to cultural events taking place that might interest you. it's the whole nine yards. </p>
<p>The experience at another private bank may be similar, but on top of the experience is the name. When you hand your debit card to the waitress and she sees that JPMorgan Private Bank on it her eyes light up and you smile because you know what she's thinking: "This guy is ****ing minted."</p>
<p>So to make my previous post more clear, in my own opinion, "rich" means JPMorgan Private Bank.</p>