Banks and Bank Branches

Banks are the financial institutions in which money is kept (for savings or commercial purposes) or is invested, supplied for loans, or exchanged. Bank branches are the facilities for a specific bank that are responsible for specific banking functions, such as personal banking for individuals who live near the bank branch.

For example, John Smith banks at the Fifth Avenue branch of Citibank in New York. A bank branch is identified through a sort code or Bank Identifier Code (BIC) (if International Bank Account Number (IBAN) functions are enabled).

Organization and participant bank accounts are affiliated with the bank branches established as part of the financial administration services. For example, John Smith's benefits are paid into his checking account that is assigned to the Fifth Avenue bank branch of Citibank.