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Wanted to know this for a very long time, but not sure what's the best place to ask.

Their information is everywhere, and public. Like movie stars, pop stars, etc.

I know some use a company account, if they're more on the business side, but I don't think most celebs would do that.

Do they have a "special" bank? Do they actually talk to the customer service reps...

I don't think assistants are able to access their account over phone.

Trying to think about how they go about this.

It appears that celebs use the large banks as well, as private banking is decreasing.

What if the celebs are not wealthy high enough to use a private bank? Then they have to deal with the incumbent banks?

Trying to google some links but don't know where to look.

Focus on USA, but any developed country would be helpful.

  • why did you downvote? :/ .... – ambw Mar 2 '15 at 22:32
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Public figure banking is just as insecure as the rest of us' banking services. If thats what you were wondering.

People can and do social engineer wealthy person, celebrity, and public figure banking accounts and can and do steal large sums of money. Sometimes the bank takes the loss, sometimes the celebrity has to jump through a million hoops and ultimately takes the loss themselves never seeing the money again, sometimes the FBI and Secret Service get involved etc.

But it isn't inherently more/less secure, or inherently special. For example, a venture capitalist who ironically invests in technology security solutions recently had $50,000 wired away from his bank account, as the hacker authorized the transfer to the owner's attorney/account using the gmail-trash security flaw. (If you have an email conversation in the trash section of gmail, you won't see notifications of responses. So hackers could be in your gmail account right now talking to various customer support in your trash section, pretending to be you)

The bankers typically know their client's identity. And the current structure of commerce requires having trusted intermediaries that you trust to keep your information confidential. Confidentiality inevitably turns into compromise.

I don't think assistants are able to access their account over phone.

This is not an absolute, there are plenty of ways an assistant can do this and also conceal the identity of the owner of the account.

If a company was used, the assistant could be authorized by the company entity to manage certain aspects of the account. Limited Power of Attorney can also be used for the company account or the individual's account.

  • Assumption #1: DOB and birth name are sensitive info. Reality: But they really aren't if it's just as insecure. Assumption #2 Much higher up should have easier, better, more privileged banking. Reality: But in some cases, without private banking, they likely don't, and have to deal with the same experiences most of us have to -- quora.com/Which-credit-cards-do-millionaires-possess -- or they are using business accounts, which should be better. – ambw Mar 2 '15 at 23:47
  • Followup #1: What's the best site to keep up out of curiosity for stuff like "recently had $50,000 wired away"? Followup #2: What's the most common or where can I find this? -- "plenty of ways an assistant can do this and also conceal the identity of the owner of the account" – ambw Mar 2 '15 at 23:49
  • @ambw I don't have a site, I just happened to know that Adam Draper (a VC known in some circles) had $50,000 stolen from him and complained about it on twitter and on his blogs. Secondly, limited power of attorney, nominee directors, authorized users of an account... these are the topics you would want to research. For instance, you could be the majority shareholder of an LLC or corporation and have an employee responsible for the banking. The banks won't know you are a majority shareholder, or the structure of that business' finances at all. – CQM Mar 3 '15 at 0:12
  • "So hackers could be in your gmail account right now..." Nope, 'cause I don't HAVE a gmail account :-) – jamesqf Mar 3 '15 at 3:17
  • @jamesqf ... that you know of. :) – dg99 May 24 '15 at 21:51
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Celebrities who have reached a large amount of wealth usually don't handle their finances themselves. They delegate this to their accountant. They might have a personal account and credit card for daily personal expenses, but don't have direct access to the bulk of their net-worth. Their accountant has. But the accountant of a celebrity is usually not a person of public interest, so their personal information is not as accessible to the public.

  • They should have a business manager even before they reach celebrity or high wealth status. The moment taxes would become complex (an performer having to pay taxes in every state they played a concert), or the size of one check would overwhelm the 250K FDIC protection limit, they need help. – mhoran_psprep Mar 3 '15 at 11:08

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