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Branchless Banking
A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no branch (banking), branch network. It may offer access to an independent banking agent network and may also provide access via Automated teller machines, ATMs (often through interbank network alliances), and mail banking, bank by mail. Direct banks eliminate the costs of maintaining a branch network while offering convenience to customers who prefer digital technology. Direct banks provide some but not all of the services offered by physical banks. Direct bank transactions are conducted entirely online. Direct banks are not the same as "online banking". Online banking is an Internet-based option offered by regular banks. In the United States, direct banks are defined as online/branchless institutions with federal banking charters, with eith ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loan
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed. The document evidencing the debt (e.g., a promissory note) will normally specify, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and the date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower. The interest provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice, any material object might be lent. Ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Online Savings Account
An online savings account (OSA) is a savings account managed and funded primarily on the Internet. Features OSAs are often characterized by a higher interest rate or lower fees, compared with traditional savings accounts. Many of these high-yield accounts have no minimum balance. Account holders may link their OSAs to their existing external bank accounts for easy transfer of funds between multiple accounts. Some also offer ATM cards so customers can directly access the funds in their OSAs. Deposits and withdrawals Some banks offering OSA's may not have bank branches and a customer may deposit funds into their account by either ACH transfer, mailing in a cheque, or direct deposit. To withdraw money, customers can initiate an ACH transfer into another account or sometimes request a check from the bank in the desired amount. Changes in banking and investing OSAs, combined with rising interest rates, have made cash an increasingly attractive investment option. They provide a rel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Agent
A banking agent is a retail or postal outlet contracted by a financial institution or a mobile network operator to process clients’ transactions. Rather than a branch teller, it is the owner or an employee of the retail outlet who conducts the transaction and lets clients deposit, withdraw, transfer funds, pay their bills, inquire about an account balance, or receive government benefits or a direct deposit from their employer. Banking agents can be pharmacies, supermarkets, convenience stores, lottery outlets, post offices, and more. Globally, these retailers and post offices are increasingly utilized as important distribution channels for financial institutions. The points of service range from post offices in the Outback of Australia where clients from all banks can conduct their transactions, to rural France where the bank Crédit Agricole uses corner stores to provide financial services, to small lottery outlets in Brazil at which clients can receive their social payments a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Challenger Bank
Challenger banks are small, recently created retail banks that compete directly with the longer-established banks in the UK, sometimes by specialising in areas underserved by the "big four" banks (Barclays, HSBC, Lloyds Banking Group, and NatWest Group). As well as new entrants to the market, some challenger banks were created following divestment from larger banking groups ( TSB Bank from Lloyds Banking Group) or wind-down of a failed large bank (Virgin Money from Northern Rock). The banks distinguish themselves from the historic banks by modern financial technology practices, such as online-only operations, that avoid the costs and complexities of traditional banking. History Prior to changes in the regulatory landscape in the UK financial services industry, setting up a new bank, with a full UK banking licence, was extremely expensive and time-consuming. This led to a very small number of banks dominating the UK market—the so-called Big Four—with virtually no competi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oversea-Chinese Banking Corporation
Oversea-Chinese Banking Corporation, Limited (), often known as OCBC Bank (), is a Singaporean multinational banking and financial services corporation headquartered in OCBC Centre, Singapore. OCBC Bank was born out of the Great Depression through the consolidation of three banks in 1932 — the Chinese Commercial Bank Limited (incorporated in 1912), the Ho Hong Bank Limited (incorporated in 1917) and the Oversea-Chinese Bank Limited (incorporated in 1919). OCBC Bank has assets of more than S$521.3 billion, making it the second largest bank in Southeast Asia by assets and among the larger banks in Asia-Pacific. It is also one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s and AA- rating from Standard & Poor's. OCBC Bank is consistently ranked amongst the top five "safest banks in the world" by the magazine '' Global Finance''. The Asian Banker named OCBC Bank Singapore's strongest bank for 2018-2019, and the 5th strongest in Asia-Pacific. The ban ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tangerine Bank
Tangerine Bank (operating as Tangerine) is a Canadian direct bank that is a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, Guaranteed Investment Certificates (GICs), mortgages and mutual funds (through a subsidiary). Many savings and investment products are eligible for registration under a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). The bank was founded by ING Group in April 1997 as ING Bank of Canada (operating as ING Direct). In November 2012, it was acquired by Scotiabank. The new name for the bank was revealed in November 2013, and the Tangerine branding was rolled out beginning in April 2014. Although now wholly owned by Scotiabank, Tangerine remains a separate legal entity and thus kept its unique Institution Number (614), with all accounts being under a single transit number (00152). History The predecessor of Tangerine, ING Bank of Canada (using the trade name ING ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ING Direct
The ING Group ( nl, ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services. With total assets of US$1.1 trillion, it is one of the biggest banks in the world, and consistently ranks among the top 30 largest banks globally. It is among the top ten largest European companies by revenue. ING is the Dutch member of the Inter-Alpha Group of Banks, a co-operative consortium of 11 prominent European banks. Since the creation in 2012, is a member in the list of global systemically important banks. In 2020, ING had 53.2 million clients in more than 40 countries. The company is a component of the Euro Stoxx 50 stock market index. The long-term debt for the company as of December 2019 is €150 billion. ING is an abbreviation for ' (). The orange lion on ING ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Online Savings Account
An online savings account (OSA) is a savings account managed and funded primarily on the Internet. Features OSAs are often characterized by a higher interest rate or lower fees, compared with traditional savings accounts. Many of these high-yield accounts have no minimum balance. Account holders may link their OSAs to their existing external bank accounts for easy transfer of funds between multiple accounts. Some also offer ATM cards so customers can directly access the funds in their OSAs. Deposits and withdrawals Some banks offering OSA's may not have bank branches and a customer may deposit funds into their account by either ACH transfer, mailing in a cheque, or direct deposit. To withdraw money, customers can initiate an ACH transfer into another account or sometimes request a check from the bank in the desired amount. Changes in banking and investing OSAs, combined with rising interest rates, have made cash an increasingly attractive investment option. They provide a rel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security First Network Bank
Security First Network Bank (SFNB) was the first pure Internet bank in the United States. It had no physical branch bank offices and could only be accessed online. It was founded in Pineville, Kentucky, in October 1995 by James (Chip) S. Mahan III. Several months later, the bank relocated to Atlanta, Georgia. It was initially established as a savings bank along with a wholly owned software company (Security First Technologies). Eventually teller services were added in Atlanta. On September 30, 1998, Royal Bank of Canada (RBC) acquired the banking portion of the Security First Network Bank, while the software development company was spun off as S1 Corporation S1 Corporation was an American software development company based in Norcross, Georgia which specialized in payment processing and financial services software for automated teller machines and retail point of sale applications, primarily for b .... RBC subsequently acquired Centura Bank of North Carolina, rebrande ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savings Account
A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, transactions on savings accounts were widely recorded in a passbook, and were sometimes called passbook savings accounts, and bank statements were not provided; however, currently such transactions are commonly recorded electronically and accessible online. People deposit funds in savings account for a variety of reasons, including a safe place to hold their cash. Savings accounts normally pay interest as well: almost all of them accrue compound interest over time. Several countries require savings accounts to be protected by deposit insurance and some countries provide a government guarantee for at least a portion of the account balance. There are many types of savings accounts, often serving particular purposes. These can include accounts fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Branch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution (including a brokerage firm) offers a wide array of face-to-face and automated services to its customers. 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 style of arc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
