They, in turn, are supported by three relationship associates. Not surprisingly, Key claims the largest private-banking client base of any bank with a local presence. She founded the department and has seen it grow to a staff of four. If they pay utility bills at Second National, bill-paying fees are waived. Mahoning Bank, which says it found the administrative costs of establishing a private bank group unjustified, does not have a tiered rate system for its more credit-worthy customers.
Every customer is reviewed individually.
Because of the high level of service private bankers provide, they are often treated akin to members of the families they serve. Bank One does not charge an annual fee, either. It established its program last March and today has 45 clients, says Moliterno, who heads its business banking group. The products Bank One provides its clients are determined by their needs, he states, not the bank's line of products. The bank can work well with both a physician and an entrepreneur, he explains, but would not recommend the same products to both because they're in different professions.