Group banking,
Definition of Group banking:
Group banking works a lot like a group health insurance policy that is offered by insurance companies to employees. A bank will team up with a corporation and offer its employees a group banking plan. Employees are usually not required to sign up for group banking benefits offered by an employer.
A plan offered by banks designed to be used by groups rather than individuals. A common example is a company plan offered to employees. Usually the bank will offer incentives such as discounts, lower fees and interest rates, as well as other benefits not available to individual customers.
Group banking is a term that refers to a type of banking plan offered to groups such as employees in a corporation of people instead of individuals. These plans provide incentives and other benefits for those who participate, which are not readily available to the bank's other customers. Group banking can also refer to the control that a company has over two or more financial institutions.
How to use Group banking in a sentence?
- Plan participants generally have better perks than they would otherwise be able to get on their own.
- Group banking is a plan offered by banks to large groups of people such as employees at a company.
- Potential incentives for group banking can include low- or no-fee checking accounts, lower interest rates, special perks, and discounts.
Meaning of Group banking & Group banking Definition
