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Financial Definition of GROUP BANKING
What It Is
Group banking is offered by some banks to incentivize a whole group of people, like employees of a company, to have a relationship with the banking institution.
How It Works
Why It Matters
Group banking members may have access to lower interest rates, lower fees, discounts and other perks not available to regular account holders. Group banking can also provide a more personalized banking relationship for the members if the bank designates one representative, who is generally more knowledgeable about the group's needs, as the point of contact for all the members of the group.
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