Priority Banking / Wealth Management Services: High Hidden Cost, Less Practical Use

Details about Priority Banking / Wealth Management Services and whether there is any real benefit or use of such services, and what is the hidden cost you pay (Unknowingly) when you opt for such Priority Banking / Wealth Management Services
There is this new concept of Priority Banking / Wealth Management Services which was introduced into the Indian banking sector few years back. Let us look at that and its practical use.

What is Priority Banking / Wealth Management Services ?
Priority Banking / Wealth Management Services is a special "priviledged" status that is given to an account holder, usually based upon the amount he keeps in his bank account :-)
Typically, a threshold is set and if a customer is consistently keeping an amount above that limit in his bank account, then he can be offered Priority Banking / Wealth Management status allowing him some special services which are not available for other standard bank account holders.
These special and privileged services might be as follows:

1) A dedicated account manager allotted to you

2) A dedicated priority banking lounge in the bank branch

3) A dedicated children's play area in the branch (depends on availability)

4) Dedicated Phone based services like request for cash, demand draft, etc. which can be provided to you at your doorstep

5) A dedicated investment advisor who advises you how to effectively use your money for investing in various investment or insurance or tax saving products

6) So called priority is given to you in case you wish to get a locker at a branch (depends upon availability)

7) So called reduced interest rates for any loan applications you make

and so on.

Priority Banking / Wealth Management Services: Hidden Cost, Not so useful

As you can see, these services appear to be really good and beneficial, but what is the reality and how much does it cost?
Let's see in the following section: Priority Banking: Hidden Cost & Charges with Examples