History and Description
During the 3rd century banks in Persia (now Iran) and in other territories started to issue letters of credit known as Sakks, basically checks in today’s language, that could be traded in cooperative houses or offices throughout the Persian territories. In the period from 1100-1300 banking started to expand across Europe and banks began opening ‘branches’ in remote, foreign locations to support international trade. In 1327, Avignon in France had 43 branches of Italian banking houses alone.
The practice of opening satellite branches was popularized in the early 20th century by Amadeo Giannini, 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 to a 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 mini-branches with only ATMs for cash withdrawal and depositing; computer terminals for online banking and cheque depositing 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 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 and position their offerings by having no branches and are sometimes known as virtual banks.
Read more about this topic: Branch (banking)
Famous quotes containing the words history and, history and/or description:
“We aspire to be something more than stupid and timid chattels, pretending to read history and our Bibles, but desecrating every house and every day we breathe in.”
—Henry David Thoreau (1817–1862)
“The history of men’s opposition to women’s emancipation is more interesting perhaps than the story of that emancipation itself.”
—Virginia Woolf (1882–1941)
“Do not require a description of the countries towards which you sail. The description does not describe them to you, and to- morrow you arrive there, and know them by inhabiting them.”
—Ralph Waldo Emerson (1803–1882)