While few Americans would admit to socialist leanings, even today, it just seems like there’s something wrong with this equation, especially considering that studies have shown that those with wealth (the top 1%) have seen significantly less impact from the recession than the rest of the population, losing a much smaller percentage of assets.  But it is probably for this exact reason that Wells Fargo has chosen to target this demographic.  Banks are losing money just like everyone else and it looks like at least one institution is making the smart move by going straight to the source.

This exclusive new bank will be called Abbot Downing, and the name is indeed apt.  For those unfamiliar with the title, it comes from a 19^th century coach company of the same name (from partners Lewis Downing and J. Stephens Abbot) that was famous for producing stage coaches that catered to wealthy citizens looking to travel in luxury.  In fact, their best-known coach was the Concord, which may put you in mind of an elite form of travel that certain wealthy persons enjoy today.  In any case, the name of the game was exclusivity, and the new iteration of Abbot Downing couldn’t get much more selective when it comes to clients; anyone wishing to gain membership to the bank must cough up a minimum of $50 million in investments.

Surprisingly, it doesn’t look like they’ll have much trouble filling the roster.  They’ve reportedly secured $27.5 billion in commitments from interested parties already, and they’re not set to open until April of next year.  However, they do seem to be offering some perks in exchange for the 8+ figures that patrons will have to pony up.  Their staff of 300 will include not only standard professionals that can advise customers on issues such as cash flow, investments, and transfer of wealth, but the bank will also employ psychologists that can help with matters of family legacy (and education) as well as leadership transfer (in the case of companies being handed down, or even just managing a wealthy estate).  They’ll also have an expert on hand for the sole purpose of building family genealogies.  Oh, the problems the uber wealthy must face.

The main branch of Abbot Downing will open in Chicago, but there will also be branches in a handful of other cities, like Philadelphia, Denver, Houston, and Los Angeles, to name a few.  Of course, they don’t need very many facilities when their targeted patrons are literally one in a thousand.  And while most Americans may be disgusted by Wells Fargo’s blatant money grab, the truth is that it’s just good business.  They’re offering a service to those with the money to pay for it, and most of their competitors are probably kicking themselves that they didn’t think of it first.  After all, targeting a small, wealthy segment of the population means a lot more money for a lot less work.

Emma Martin is a contributing writer for assettags.co.uk where you can find security labels and adhesives to help prevent theft.

1. Gold diggers.  Some women and men are looking for a meal ticket more than a soul mate.  But unless your ideal spouse happens to be a trophy wife (or husband), you probably want something more than a person who treats you like an ATM.  By forcing a prenup on your would-be spouse, you’ll probably weed out the undesirables pretty quickly.  Anyone who stays will do so with the full knowledge that a divorce will end with little or no restitution, giving pause to the gold digger that’s looking for a payday.
2. Spiteful spouses.  Someone is bound to be hurt by a divorce, especially someone who has pledged their life to you only to be spurned.  Of course, you might decide that the person you once loved is deserving of a portion of the money you have, but then again, you might not.  Better to have the option to magnanimously award funds when you don’t have to rather than being forced to give up what you’ve worked so hard for when your soon-to-be-ex decides to milk you for everything you’re worth.
3. What’s yours is yours.  If you’re wealthy in your own right, due to hard work, ingenuity, and so forth, then there’s absolutely no reason you should have to give up anything you’ve gained simply because of a divorce.  Of course, while you’re married, you’ll certainly want to share with the person you love, which is why prenups can be such a touchy subject.  But the truth is, if you’re not going to spend the rest of your life with this person (and you just don’t know it yet), you shouldn’t have to pay for him/her to be happy with someone else.
4. Family matters.  Not all wealth is earned; some is inherited.  And if you think that your family is going to happily go along with you getting married without a prenup that protects their assets, you might find that you’re sorely mistaken.  Likely your parents and siblings will want the money to stay with the family rather than being split up.  So while they’ll almost certainly go along with you making accommodations for kids that result from the relationship, they probably won’t be so keen to see half of your fortune going to an ex-spouse.
5. Starting over is hard enough.  Whether the decision to divorce is yours, your spouse’s, or a mutual agreement, you’re probably going to have to deal with some amount of heartbreak in the process.  And you don’t want to make matters worse with an ugly battle over money.  With a prenup you hold all the cards.  So if you want to award some money to your ex, you can probably smooth out the proceedings.  But if you’d rather your spouse leave penniless, you have that option, as well.

Emma Martin writes for the Law Office of Corboy and Demetrio, a personal injury law firm based in Chicago, Illinois.

• How often will you need to stop at the bank?  If this will be a regular part of your daily or weekly routine, you’ll want to choose one that has a convenient location for you.
• Do you travel often?  If so, is it necessary for you to be able to access your bank in person?  You might want to choose a bank with locations covering the entire country.
• Do the bank’s hours fit your schedule?  If not, do they offer the right online banking options for you to use after hours?
• Most banks do offer online banking.  You can check your current balances, transfer money between accounts, and even pay your bills.  Most often, this service will be free.  If not, you may want to avoid using that particular bank.
• You’ll want to compare available interest rates; they will differ across the board, and there will be different requirements to meet in order to qualify for the offered rates.  For example, most banks require a minimum balance of $10,000 to receive the best interest rate for a money market account.  The bank that I use only requires $2500 to get the market rate.  Quite a difference.
• Does the bank offer interest-bearing checking accounts?  These ones typically require a minimum balance just like most savings accounts, but if this is a priority for you, look for a bank that provides this service.
• Does the bank charge service fees?  What is their overdraft fee?  How much do they charge if you go below a minimum required balance?  Do they charge you for using a different bank’s ATM (in which case, you’ll pay that bank’s ATM fee and your bank’s fee as well)?  If you’re likely to end up in these situations, you should find the bank with the lowest fees.
• Will you be opening more than one account, such as a checking and a savings?  Is it important for them to be linked together?  Or do you simply prefer the ability to easily transfer money between them online?  You’ll want to choose a bank that offers the best rates across the board so you get the most out of it.  You may have to sacrifice in a few areas; for example, you might accept a couple points less in interest on your savings than you’d get at another bank if the checking benefits are better at this bank.
• Is the customer service good?  How were you treated when you asked for information on accounts?  How did the other customers appear to be treated?  Ask for people’s opinions to help you get a better view of the overall picture.
• Is the bank FDIC insured?  If so, your deposits are protected up to $100,000.  If the bank is not, don’t bother.

You’ll be doing a lot of reading and asking a lot of questions.  Don’t be afraid to take your time and explore every option before you choose a bank—you want to be sure you’re getting the best benefits to meet your banking needs and wants.

If you’re like most people, you’re admittedly afraid to see your spending habits written down.  It’s scary, and seeing any negative habits on paper can give you that uncomfortable sinking, twisty feeling in your stomach.  Well, too bad!  You have to do it.  Get someone to hold your hand or offer you a shoulder to cry on or fix you a drink.  You’re going to make a financial checklist so you can get on the right track, right now.

Check Your Spending

Start with your income.  Next, write down all of your monthly expenses.  Include all of your bills, groceries, gas for your car, and yes, even the random but common little expenses like eating out, going to the movies, your weekly magazine, and your daily cup of designer coffee.  You’ll see right away how much of your extra cash is being spent on unnecessary items.  You can make dinner at home, join a movie rental service like Netflix for cheap, read your magazine online, and brew your own coffee for less than $10 a month.

Invest Your Finances

Once you figure out where to cut back, you’ll see a little bit more wiggle room with your money.  Take that money and start a savings.  Invest in an IRA, your 401(k), a CD, a Money Market, etc.  Even a few dollars a week saved can add up quickly enough to come in handy when an emergency arises.

Plan to Get Out of Debt

Make a plan for getting yourself out of debt.  You’d probably have even more extra money if you didn’t have to pay those darn credit cards that keep accumulating interest.  Take some of the extra money you found from cutting back and put it toward your debt.  Start by paying off your smallest debts first, then take that amount you were paying to that account and add it to your payments for the next smallest.  If you follow a plan like this one, you’ll slowly but surely climb out of the hole.

Check Your Future

Don’t forget about your future.  Set some financial goals, and write those down on your checklist, too.  Writing down your goals has been proven to increase your chances of actually achieving them.  Where do you want to be in 5 or 10 years?  Even better, where do you SEE yourself in that time?  Don’t dream it, do it.  It starts by being honest with yourself and writing it all down.  What are you waiting for?

• Have your paycheck direct deposited into your checking account.  It will save you a trip to your bank and you’ll have access to your money sooner.  You will still get a stub for your records showing the deposited amount, taxes taken out, etc.
• Go a step further and arrange to have a certain amount or percentage of your paycheck direct deposited into a savings account.  You won’t have to consciously think about saving money because you’ll automatically be paying yourself first, and if that money never passes through your hands, you won’t be tempted to spend it and probably won’t miss it.  Even a small amount can be helpful by time you need to access your savings.
• Sign up for online bill payment or even automatic payment.  If you opt for automatic, make sure you trust yourself to have available funds in the account you attach to your bill on the due date.  If you have a creditor that doesn’t offer you the option to pay online, most banks offer bill pay programs.  You simply enter your creditor’s information and your bank will send them a check.  With this option, you’ll want to allow yourself an extra couple days before the due date, as your bank’s check still needs to reach the creditor by mail.  In all cases, you’ll be saving yourself the time of writing out a check, as well as saving money on envelopes and postage.  You’ll be more likely to avoid late fees, too.
• Consider transferring high balances on your credit card to one with a lower interest rate (visit BankRate.com for best deals).  Some companies may even offer you a no-interest deal for a certain period of time.  I personally took this option because I knew that interest was the factor preventing me from paying down my balance as quickly as I could.  If you’re confident that you can pay off the debt within the time frame and refrain from adding extra charges to that card, this can be an option for you.
• If your immediate financial future is looking bleak, but you know that you can get yourself back on track with minimal help, try contacting your credit card companies or other lenders and asking if they have a financial hardship program.  If they do, you can potentially have your monthly payments and/or interest rate reduced for a short period of time.  They might even waive your monthly payments completely for a couple months.  (Be careful, though.  Those charges might be tacked onto your next set of due payments, so read the fine print.)  Your credit rating will mostly likely take a hit, but if you can get back on track right away, your score will improve right along with your financial situation.
• If you know you need more help to get out of debt, consider a debt consolidation service.  They essentially pay off your old debt for you and approve you for one large loan to cover the cost, leaving you with only one monthly payment.  The good news is that you could owe less overall than before, as these services are able to negotiate with your creditors to lower your payments.  The bad news is that all of those accounts will be closed, leaving you with no emergency credit cards, the interest rate on your new loan might be high, and your credit score will definitely drop.  However, if this is your only way out, you have a better chance of getting out of debt quicker and redeeming your credit score faster than if you opted to file bankruptcy or simply stopped paying your bills and got sent to collections.  Just beware of scammers that claim they can completely eliminate your debt right away (usually if you pay them a large sum of money) or secure a low interest rate for you.

You can keep track of your own finances with a budgeting program, as well.  Knowing exactly where your money is going can help you get a good idea of how much money you might be wasting.  Renegotiate as many debts as possible to save money.  Even simpler things like adjusting your cell phone bill can help.  (For example, do you text a lot?  Add a feature to cover x amount of texts for x amount of money to save, etc.)  Consolidating your finances in these ways will allow you extra time and money to enjoy the more exciting parts of life.