branch , banking center or financial center is a retail location where banks, credit unions, or other financial institutions (including brokerage firms) offer a variety of face-to-face services advance and automatic for its customers.
Video Branch (banking)
History and description
During the 3rd century banks in Persia (now Iran) and in other regions began issuing letters of credit known as Sakks, basically checking in today's language, which can be traded in cooperative or office homes throughout the Persian region. In the period 1100-1300 banks began to expand across Europe and banks began to open 'branches' in remote and foreign locations to support international trade. In 1327, Avignon in France had 43 branches of Italian banking houses alone.
The practice of opening a satellite branch was popularized in the early 20th century by Amadeo Giannini, then head of Bank of America. Historically, the branches were housed in magnificent buildings, often in neoclassical architectural styles. Today, the branches may also take the form of smaller offices within larger complexes, such as shopping centers.
Traditionally, the branch office is the only place access to the services of financial institutions. Services provided by the branch include cash withdrawals and deposits from demand accounts with bank teller, financial advice through specialist, safe rental, de bureau change, insurance sale (if allowed by law) etc. At the beginning of the 21st Century, features such as automated teller machines (ATMs), telephone and online banking, allow customers to bank from remote locations and after hours. This has caused financial institutions to reduce their branch hours and combine smaller branches into larger branches. Instead, they changed some into mini-branches simply by ATMs for cash withdrawals and deposits; computer terminals for online banking and check-in machines. Some mini-branches may have one or none of the human staff with just phone support.
Some financial institutions, in an effort to show a more friendly image, offer boutique neighborhoods or coffee shops in their branches, with counters sitting, drinks, interactive displays, music and play areas for children. Some branches also have a drive-through teller window or ATM. Other financial institutions reduce their costs and position their offerings with no branches and are sometimes known as virtual or direct bank.
Legal restrictions in the United States
Historically, the banking branches in the United States - especially the interstate branch banking - were viewed as unfavorable by the authorities, and this was codified by the passage of the McDeadden Act of 1927, which specifically prohibited inter-country banking. Over the next few decades, some banks sought to avoid McFadden's provisions by setting up bank holding companies that operate what are called independent banks in several states. To counter this, The Bank Holding Company Act of 1956 prohibits bank holding companies headquartered in one state from having branches in other countries.
Most of the international banking bans were revoked by Riegle-Neal Interstate Banking and the Branching Efficiency Act of 1994. The study also found that the anti-competitive state provisions restrict growth outside the country when they are more stringent than those stipulated by Interstate Banking and the Branching Efficiency Act by neighboring countries. Some states also have restrictive bank branch laws; for example, Illinois banned branches (other than the main office) until 1967, and did not allow unlimited numbers until 1993.
Maps Branch (banking)
Type of branch
Instore
These are usually branches located in retail spaces such as grocery stores, shopping malls, or discount stores. They may be full service branches or limited service branches. They generally do not include window teller drive-through or safe deposit box. These branches may have limited staff and usually include technology as a means to provide banking services such as the use of automated teller machines, video conferencing, and video banking systems.
Foreign bank branch
Types of foreign banks that are obliged to follow the rules of both the home country and the host country. Operating in that country, regulated by the Financial Institution Supervisory Office
References
Source of the article : Wikipedia
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