Financial Institutions Case study

Madame Gaining, then head of the Bank of America. 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. Traditionally, the branch was the only channel of access too financial Institution’s services. 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.

In 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 mint-branches with only Tams for cash Industrial and depositing; computer terminals for online banking and queue depositing machines. Some mint-branches may have one or no human staff with only telephone support.

Some financial institutions, in an attempt to show a friendlier mage, 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 Tam’s. Other financial institutions reduce their costs and position their offerings by having no branches and are sometimes known as virtual banks. Legal restrictions Historically, branch banking in the United States – especially interstate branch banking – was viewed unfavorable by regulatory authorities, and this was codified

Ninth the enactment of demanded Act of 1927, which specifically prohibited interstate banking. Over the next few decades, some banks attempted to circumvent McFadden provisions by establishing bank holding companies that operated so- called independent banks in multiple states. To address this, The Bank Holding Company Act of 1956 prohibited bank holding companies headquartered in one state from having branches in any other state. Most interstate banking prohibitions were repealed by the Rigger-Neal Interstate Banking and Branching Efficiency Act of 1994.

Research has also found that anticompetitive state provisions restricted out-of-state growth when those provisions were more restrictive than the provisions set by the Interstate Banking and Branching Efficiency Act or by neighboring states. Some states have also had restrictive bank branch laws; for example, Illinois outlawed branches Other than the main office) until 1967, and did not allow an unlimited number until 1993. Types of branches Traditional or brick-and-mortar 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 Endows. In-store These are typically branches located in a retail space such as a grocery 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. These branches have limited staff and typically include technology as a means to deliver banking services such as the use of automated teller machines, videoconferencing, and video banking systems.

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