During the mid-1990s, a number of banking regulations changed to make interstate banking easier. As interstate banking has become more common, banks compete nationally for customers by offering locations throughout all 50 states. These changes allow you to deposit checks and complete other basic banking transactions in any state in which your bank operates.
Interstate Banking Benefits
The ability to conduct banking business across the country offers a number of benefits. First, you can keep the same bank when you move if the bank has locations in your new landing spot. It is also convenient to have access to banking services around the country. Depositing checks and performing other basic transactions through branches and ATM machines can save you money as well.
References
- Los Angeles Times: Border Crossing: Unhindered Interstate Banking is About to Arrive. For the First Time, Accounts Will Follow Consumers Across State Lines. And Mega-Banks Are Sure to Grow.
- Federal Reserve Bank of St. Louis. "Banking groups and chains," Pages 27-28. Accessed Nov. 3, 2020.
- Federal Reserve Bank of St. Louis. "Banking groups and chains," Page 22. Accessed Nov. 3, 2020.
- Federal Reserve Bank of St. Louis. "Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994." Accessed Nov. 3, 2020.
- Joseph T. Keating. "Chain banking in the District," Page 18. Economic Perspectives, September/October 1977, Volume I, Issue 5.
Writer Bio
Neil Kokemuller has been an active business, finance and education writer and content media website developer since 2007. He has been a college marketing professor since 2004. Kokemuller has additional professional experience in marketing, retail and small business. He holds a Master of Business Administration from Iowa State University.