For a wealthy person, impulse shopping can demand large sums of money–in some cases, upwards of a million dollars. High net worth individuals don’t tend to leave their money sitting in a checking account, and selling off assets to raise cash can take time.
Private banking clients sometimes ask to borrow large sums of money on short notice, said Brian Moynihan, president of global wealth and investment management at Bank of America.
“We had a client that was on vacation with his wife, and wanted to buy something not small, and walked into a branch, and asked us to deliver seven figures immediately,” Moynihan.
“That’s what makes us unique–we can handle those kinds of requests,” Moynihan added.
