I'm sure they don't go to Bank of America like everyone else. So where do they go?
2006-07-19 00:45:48 · 7 answers · asked by mrcarter82 2 in Business & Finance ➔ Personal Finance
Actually you would be suprised. Many goto Bank of America, US Bank, Chase Manhattan, etc.
They do what is called "Private Banking" - exclusive banking reserved for those types of people. Private Banking usually means a bank will help keep money, invest it, and handle financial transactions with special interest.
2006-07-19 19:10:14 · answer #1 · answered by Zach 2 · 0⤊ 1⤋
More like several banks, and a few might be in different countries.
It is pretty common to switch banks every few years, most smaller banks or credit unions have better money market account compared to BOA. But BOA has great automatic bill pay system and reasonable rates whenever I need to use an ATM in Europe or Asia. However, BOA has horrible customer service.
2006-07-19 11:34:31 · answer #2 · answered by rflatshoe 3 · 0⤊ 0⤋
They actually use the same banks as everyone else. But their wealth is not in the banks, but investments of varying types. But if they were to pull out their checkbook or debit card and buy something, the name of their bank would be recognizable to you as a nationwide bank. It's just that it's not where most of their money is kept.
2006-07-19 09:55:31 · answer #3 · answered by nothing 6 · 0⤊ 0⤋
LOL - probley a bank in some other country! LOL!
2006-07-19 07:48:29 · answer #4 · answered by Patti 3 · 0⤊ 0⤋
they probably diversify -- lots of banks in lots of places
2006-07-19 07:50:17 · answer #5 · answered by My Big Bear Ron 6 · 0⤊ 0⤋
chevy chase.
2006-07-19 07:47:54 · answer #6 · answered by nothingis_sound 3 · 0⤊ 0⤋
...in light of terrorism, your question is annoying...
2006-07-19 07:51:13 · answer #7 · answered by each may believe differently 3 · 0⤊ 1⤋