- Branch (banking)
A branch, banking center or financial center is a
retaillocation where a bank, credit unionor other financial institution(and by extension, brokerage firms) offers a wide array of face to face and automated services to its customers.
History and description
The practice of opening satellite branches was invented in the early 20th century by
Amadeo Giannini, then head of the Bank of America. [cite news|publisher=San Francisco Chronicle|title=Grand buildings celebrate centennials|url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/09/14/BA3F12SG9B.DTL|author=Carl Nolte|date=2008-09-14] Historically, branches were housed in imposing buildings, often in a neoclassical architecturestyle. Today, branches may also take the form of smaller offices within a larger complex, such as a shopping mall.
Traditionally, the branch was the only channel of access to a financial institution's services. Services provided by a branch include cash withdrawals and deposits from a
demand accountwith a bank teller, financial advicethrough a specialist, safe deposit boxrentals, bureau de change, insurancesales (where it is allowed by law), etc. As of the early 21st Century, features such as automated teller machines (ATM), telephone and online banking, allow customers to bank from remote locations and after business hours. This has caused financial institutions to reduce their branch business hours and to merge smaller branches into larger ones. Conversely, they converted some into "mini-branches" [http://www.answers.com/topic/mini-branch?cat=biz-fin Mini-branch definition] , Answers.com.] with only ATMs for cash withdrawal and depositing; computer terminals for online banking and chequedepositing machines. Some mini-branches may have one or no human staff with only telephone support.
Some financial institutions, in an attempt to show a friendlier image, offer a
boutiqueor coffeehouse-like environment in their branches, with sit-down counters, refreshments, interactive displays, music and playing areas for children. Some branches also have drive-throughteller windows or ATM's. Other financial institutions reduce their costs and position their offerings by having no branches and are sometimes known as virtual banks.
Types of branches
Branch types include:
Traditional Branch or Brick and Mortar Branch
These are typically stand alone branches of a financial institution that often are contained in its own building. These branches typically offer full service banking including safe deposit boxes. They may include access to a drive-through teller windows.
These are typically branches located in a retail space such as a grocery store or discount store. They may be full service branches or limited service branches. They generally do not include a drive-through teller windows or safe deposit boxes.
Green Branch® is a federally registered trademark to denote the environmentally friendly construction and design of retail banking locations. This term was granted as a trademark by the U.S. Patent and Trademark Officeon Oct. 23, 2007 [http://www.uspto.gov/main/trademarks.htm] to The PNC Financial ServicesGroup, Inc. (NYSE: PNC). The basis for the federal patent office’s approval of PNC’s trademark application included the determination that financial and banking services are not generally associated with environmentally friendly or ecologically efficient characteristics.
Wikimedia Foundation. 2010.
Look at other dictionaries:
Branch Banking — Engaging in banking activities such as accepting deposits or making loans at facilities away from a bank s home office. Branch banking has gone through significant changes since the 1980s in response to a more competitive nationwide financial… … Investment dictionary
Banking agent — A banking agent is a retail or postal outlet contracted by a financial institution or a mobile network operator to process clients’ transactions. Rather than a branch teller, it is the owner or an employee of the retail outlet who conducts the… … Wikipedia
branch — An offshoot, lateral extension, or subdivision. Any member or part of a body (e.g. executive branch of government), or system; a department. Division, office, or other unit of business located at a different location from main office or… … Black's law dictionary
Branch (disambiguation) — A branch is a part of a woody plant.Branch or branching may also refer to:Computing* Branch (computer science), a point in a computer program where program flow may change depending on a condition. **Branch predictor, the part of a processor that … Wikipedia
branch — 1. noun /bɹæntʃ/ a) The woody part of a tree arising from the trunk and usually dividing Our main branch is downtown, and we have branches in all major suburbs. b) Something that divides like the branch of a tree See Also: branch banking … Wiktionary
banking — The activities undertaken by banks; this includes personal banking (non business customers), commercial banking (small and medium sized business customers), and corporate banking (large international and multinational corporations). In the UK… … Big dictionary of business and management
Banking in India — originated in the first decade of 18th century. The first banks were The General Bank of India, which started in 1786, and Bank of Hindustan, both of which are now defunct. The oldest bank in existence in India is the State Bank of India, which… … Wikipedia
Banking business intelligence — refers to all general functionalities business intelligence but is focused on the informational needs of banks and the finance community. With the increase of governmental regulations, information is the key component to compliance. Therefore,… … Wikipedia
Banking University of Ho Chi Minh City — (Vietnamese language: Đại học Ngân hàng Thành phố Hồ Chí Minh ) is a university in Ho Chi Minh City, Vietnam. The university provides graduate and postgraduate level education in finance, banking and business administration. There are five… … Wikipedia
Banking in Switzerland — is characterized by stability, privacy and protection of clients assets and information. The country s tradition of bank secrecy, which dates to the Middle Ages, was first codified in a 1934 law. [cite web… … Wikipedia