Branch (banking)

From Wikipedia, the free encyclopedia

A branch, banking centre or financial centre is a retail location where a bank or financial institution offers a wide array of face to face service to its customers. Like a store, a branch may either be a standalone building, or an office within a larger complex, such as a shopping mall.

Services provided by a branch include cash withdrawals and deposits from a demand account with a bank teller, financial advice through a specialist, safe deposit box rentals, bureau de change, insurance sales (where it is allowed by law), etc.

Traditionally, the branch was the only channel of access to a financial institution's services. Today, with such features as automated teller machines, telephone and online banking, customers can bank virtually anywhere, anytime, which brings financial institutions to reduce their branch business hours or to merge smaller branches into larger ones.

Some financial institutions reduce their costs by having no branches and are sometimes known as virtual banks.