Branch Banking

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Definition of 'Branch Banking'

Branch banking is a system of banking in which a bank has multiple physical locations, called branches, where customers can conduct banking transactions. Branch banking is the traditional form of banking, and it is still the most common way for people to bank.

There are several advantages to branch banking. First, it allows customers to conduct banking transactions in person, which can be more convenient than doing so online or over the phone. Second, branches offer a wider range of services than online or telephone banking, such as depositing checks, taking out loans, and opening new accounts. Third, branches provide a more personal touch than online or telephone banking, and customers can often get help from a live person if they have questions or problems.

However, there are also some disadvantages to branch banking. First, it can be more expensive than online or telephone banking. Second, branches are not always convenient to access, especially for people who live in rural areas. Third, branches can be more time-consuming to use than online or telephone banking.

Overall, branch banking is a convenient and personal way to bank. However, it is important to weigh the advantages and disadvantages of branch banking before deciding whether it is the right choice for you.

Here are some additional details about branch banking:

* The first branch bank was established in 1792 by Alexander Hamilton, the first Secretary of the Treasury of the United States.
* Today, there are over 90,000 branches in the United States.
* The largest branch bank in the United States is Bank of America, which has over 4,500 branches.
* The smallest branch bank in the United States is First National Bank of Sutton, Nebraska, which has one branch.

Branch banking is a major part of the U.S. economy. It provides jobs for millions of people and helps to facilitate economic activity.

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