Branch banking refers to the operation of additional branches that offer the same key services as the head office of the institution.
Since the 1980s, banking branches have undergone significant changes in response to increased competition in the national market, the deregulation of financial services, and the growth of Internet banking.
If you use a branch of a bank today, then most likely it will be one of the Big Four banks: JPMorgan Chase & Co., Bank of America, Wells Fargo or Citibank.
The 3-6-3 rule is a slang term for an informal practice in banking, especially in the 1950s, 1960s and 1970s, that was the result of the industry’s uncompetitive and simplistic conditions.
The account balance represents the available funds or present value of an account of a particular financial account, such as a checking, savings or investment account.
The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest.
The bank reconciliation report summarizes the banking and commercial activities by reconciling the organization’s bank account with its financial statements.
A bank run occurs when large groups of depositors withdraw their money from banks at the same time, out of fear that the institution will become insolvent.
A canceled check is a check that has been redeemed by cashing or depositing it, making the check invalid for further transactions and cannot be reused.