Branch (banking)
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A branch, banking center or financial center is a retail location where a bank, credit union or other financial institution (and by extension, brokerage firms) offers a wide array of face to face service to its customers.
Historically, branches were housed in imposing buildings, often in a neoclassical architecture style. Today, branches may also take the form of smaller offices 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, in an attempt to show a friendlier image, offer a boutique or coffeehouse-like environment in their branches, with sit-down counters, refreshments, interactive displays, music and playing areas for children. Some branches also have drive-through teller windows or ATM's.
Other financial institutions reduce their costs by having no branches and are sometimes known as virtual banks.
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