Banking
Banking in the 21st century means being able to conduct all transactions digitally without needing to physically visit a branch location. Deposits, withdrawals, payments, and transfers can be conducted online or by phone app as well as applications for credit cards and loans.
All About Banking
-
Banks are a very important part of the economy because they provide vital services for both consumers and businesses. Banks provide a secure way to store, protect and provide access to customer deposits. Consumers can conduct routine banking transactions through checking accounts, ATMs and electronic transfers while earning interest on their deposits held in deposit accounts like savings, certificates of deposits and in certain demand deposit accounts.
Learn More Bank Definition: How Does Banking Work? -
The federal government began offering insurance on bank deposits in March 1933 through the creation of the Federal Deposit Insurance Corporation (FDIC) after more than 9,000 banks failed as a result of the great depression. The FDIC is an independent agency that was created to boost confidence in the health and well-being of the national financial system and currently offers $250,000 of coverage per customer, per account.
Learn More The History of the FDIC -
Larger banks can provide relatively more financial stability compared to smaller financial institutions like state and community banks and other financial institutions. While the U.S. banking system is very strong, including at the state and community level, larger banks are usually nationally chartered commercial banks that are guaranteed to provide FDIC insurance on deposits and are less likely to default on their obligations due to federally mandated capital reserve requirements.
Learn More Reasons Why Big Banks May Be a Wise Option -
A national bank is a commercial bank that is chartered by the U.S. Comptroller of the Currency and functions as a member bank of the Federal Reserve, as well as being an investing member of its district Federal Reserve Bank. National banks are required to be members of the Federal Deposit Insurance Corporation (FDIC) and provide deposit insurance coverage to their customers.
Learn More National Bank Definition -
Bank fees are charges levied by banks and other financial institutions on their personal and business customers for things like account set-up, maintenance, and transactional services. Other examples of bank fees are wire transfer fees, automated teller machine (ATM) fees, non-sufficient fund (NSF) fees, and late payment charges.
Learn More Bank Fees Definition
Key Terms
- Deposit
A deposit with a bank refers to money held by the financial institution in a customer account. Deposits are held by banks for safekeeping and typically earn interest depending on the type of account.
- Checking Account
A checking account is a type of bank account held at a financial institution that permits withdrawals and deposits on a daily transactional basis. Checking accounts are also known as demand deposit accounts because they are highly liquid and can be accessed by writing checks, withdrawing or depositing funds with automated teller machines, and by debit card transactions.
- Personal Loan
A personal loan is the process of borrowing a sum of money for personal use and is generally unsecured by collateral. Personal loans are typically used to pay off credit card debt, purchase big ticket items or fund large expenses like vacations or weddings. Personal loans can be offered by banks, credit unions, or online lenders and involve a set repayment term and either fixed or variable interest along with possible loan fees.
- Federal Deposit Insurance Corporation (FDIC)
The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency insuring deposits in U.S. banks and thrifts to protect customers from bank failures. The FDIC was created during the great depression to maintain public confidence and provide stability to the financial system through the promotion of sound banking practices. The FDIC insures deposits up to $250,000 per depositor for customers of member banks.
- Bank Statement
A bank statement is a document sent from a financial institution to an account holder, either by mail or delivered electronically, that details monthly account activity, showing the account number and all the transactions in sequential order processed during the previous account cycle.
- Underbanked
Underbanked refers to people or segments of society who may have an account with a financial institution but choose to rely on very expensive non-bank sources of financial services such as wire-transfer or check-cashing services, title loans and payday loans instead of more traditional sources of retail banking services like debit and credit cards, demand deposit accounts and personal loans to meet their daily financial needs. This may be due to lack of access due to lower credit scores, not having banks near their residences, limited financial literacy or distrust of traditional financial services.
![How to Avoid Getting Burned With Prepaid Debit Cards](https://www.investopedia.com/thmb/ISsMkcGPbJ04XKMf6yxAJZEdpcE=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/8-ways-to-avoid-getting-burned-with-prepaid-debit-cards.aspx-final-48e6a5bac619458e8f51d12e7b9bf2e5.png)
![A woman uses a laptop and drinks coffee.](https://www.investopedia.com/thmb/m8vvqcsrGhp5JVx0p6UUH2OgwvA=/2184x1373/filters:no_upscale():max_bytes(150000):strip_icc()/computercoffee-81d41a2e355340ce98d698a66330264e.jpg)
![A man uses an ATM.](https://www.investopedia.com/thmb/1RtGwh_RI9RCJ5ttv3kiqnphH5Y=/2120x1414/filters:no_upscale():max_bytes(150000):strip_icc()/atmuser-215242d895a04d9ba2edc58e5cdb6038.jpg)
![Credit Suisse](https://www.investopedia.com/thmb/yamFaunNHv2Npg--Uc10R9if2ko=/3000x2001/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-138506734-566011863df78cedb0a048d8.jpg)
![FedNow](https://www.investopedia.com/thmb/SL9snsI3w3acx3d1iznHRYP3j6Q=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/what-is-fednow-7963716-final-2844767403c6440b8b49190b2feb52be.png)
Explore Banking
![Person working on financial paperwork at a table](https://www.investopedia.com/thmb/9YaLgauZmziDJeOTryIwInZRA94=/8192x5464/filters:no_upscale():max_bytes(150000):strip_icc()/INV_CashManagementAcct_GettyImages-1400799758-446802527829431dbed49b3f5ad3ba36.jpg)
![Two people shake hands in an office setting.](https://www.investopedia.com/thmb/WaQVqVus9_hAgpE8UrND5nN7PQ8=/7360x4912/filters:no_upscale():max_bytes(150000):strip_icc()/Creditunionjoining-d9a735fa8eed4250bbf5ba1775c4a04a.jpg)
![A person walks by a First Republic Bank branch.](https://www.investopedia.com/thmb/C3bghBYolbLCekK2D6Pv4GEyWFk=/6000x4000/filters:no_upscale():max_bytes(150000):strip_icc()/FirstRepublic-9c8b0053547947a8ac6f4c5be27fbebf.jpg)
![Banker Reviews Documents with Client](https://www.investopedia.com/thmb/uHHGApA5FkE7kGg8pUsE_IMD1s4=/6524x4349/filters:no_upscale():max_bytes(150000):strip_icc()/banker-b8b4a5a2552e496d9b11c04d59ef62fb.jpg)
![A couple shakes hands with a bank executive.](https://www.investopedia.com/thmb/uVRwI332H8XDvx7xd8itSp3Y-rc=/2120x1414/filters:no_upscale():max_bytes(150000):strip_icc()/shakinghands2-89f3eb2958b24beea75f662f57e3a274.jpg)
![People lined up at ATMs](https://www.investopedia.com/thmb/wO9cITJFvM_nyb05Y_iVzPKaT1Q=/8660x5773/filters:no_upscale():max_bytes(150000):strip_icc()/whathappensifbankfails-1dc0a4b2b337413abfc9af5fa35684f0.jpg)
![A young adult takes a photo of a check.](https://www.investopedia.com/thmb/qHsN-lGwWzPB2e2pEWummkyCy5U=/2121x1414/filters:no_upscale():max_bytes(150000):strip_icc()/photocheck2-ad2e7fa9624545248cb521197e240eaa.jpg)
![People wait inside the Signature Bank branch in New York City on March 13, 2023. Signature Bank, a $110 billion commercial bank with offices in California, Connecticut, Nevada, New York, and North Carolina, was closed by regulators on March 12, 2023. Customers alarmed by the failure of Silicon Valley Bank yanked their funds.](https://www.investopedia.com/thmb/-F31_4UEkS4j9bI0pcDKoIc_vCk=/3500x2334/filters:no_upscale():max_bytes(150000):strip_icc()/SignatureBank-8a0dfe826d0147bd9090537168057b54.jpg)
![Bank Sign-Up Bonus](https://www.investopedia.com/thmb/gnfuF2BQsOmusr9AoTRbkzllvxE=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/what-is-a-bank-sign-up-bonus-7969724-final-ffb2603694bf4b3e809df888f7932f7d.png)
![SANTA CLARA, CALIFORNIA - MARCH 10: Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation. Prior to being shut down by regulators, shares of SVB were halted Friday morning after falling more than 60% in premarket trading following a 60% declined on Thursday when the bank sold off a portfolio of US Treasuries and $1.75 billion in shares to cover declining customer deposits.](https://www.investopedia.com/thmb/BnZ0rO39sF365PNgfsNKhxwDUXc=/6000x4000/filters:no_upscale():max_bytes(150000):strip_icc()/SVBfailure-a3dab0d9f71e462580a8f24f03c9ba0d.jpg)
![A woman is working at her desk.](https://www.investopedia.com/thmb/zmExdjooyLt6pWBjvEtxsYpxTxc=/2121x1414/filters:no_upscale():max_bytes(150000):strip_icc()/deskworking-87f068a50d0f47eab554b7e436749dea.jpg)
![man looks at phone and laptop while holding coffee cup](https://www.investopedia.com/thmb/l6thqjXLIRxbw0ri8SSiNQf2PNg=/7296x4869/filters:no_upscale():max_bytes(150000):strip_icc()/cdmethodology-29e556ed01884f4dbde8e198606c4e1e.jpg)
![A woman using a laptop in a home setting.](https://www.investopedia.com/thmb/PN8t51_E6WmFeXU2T2lBnGft39I=/5616x3744/filters:no_upscale():max_bytes(150000):strip_icc()/laptopbanking-6b2ee31e951d410a8dbf1465629dd5ff.jpg)
![A client and professional have a discussion.](https://www.investopedia.com/thmb/w_7XES1ABED6UW3fLxe_8kH-qh0=/6000x4000/filters:no_upscale():max_bytes(150000):strip_icc()/publicbank2-3f2e22c633294b40b32d691c8b127a03.jpg)
![Bank Teller Helps Customer Open Account](https://www.investopedia.com/thmb/Ix0i7LhK_RV2H_zZBEmYKThbinw=/2000x1029/filters:no_upscale():max_bytes(150000):strip_icc()/female-employee-helping-female-customer-913342804-08076fb131b54f539e454192cb0c2d3d-421fea9fdde44c82a8b46a973dc1f94b.jpg)
![Young Adult Uses Mobile Device](https://www.investopedia.com/thmb/_RIFJrc9_sN5278MPpJOH9fRpP4=/5315x3543/filters:no_upscale():max_bytes(150000):strip_icc()/teenwphone-e6f22e15d52a416c9b60ce2310a9f3f5.jpg)
![Farm Immigration Rules](https://www.investopedia.com/thmb/8mU5C13pwzHEYTnXRINOIZfNASc=/2000x1125/filters:no_upscale():max_bytes(150000):strip_icc()/farm-immigration-rules-ft-blog0816-2000-33e0658c8e334b9db1db6463e21e86e4.jpg)
![Woman Sitting at Desk Uses Phone](https://www.investopedia.com/thmb/iQsYaeY34nWVordGRwch-3j-VGk=/2119x1414/filters:no_upscale():max_bytes(150000):strip_icc()/zelle2-45e93337999f40de843449940fc52f8f.jpg)
![Young Man Uses Phone](https://www.investopedia.com/thmb/qyeDTmnyVNjO7GYoXSO7KVv4ca4=/2121x1414/filters:no_upscale():max_bytes(150000):strip_icc()/zelle-da883e0ef7c045339a79fed3e9f28e79.jpg)
![A teller interacts with two bank customers.](https://www.investopedia.com/thmb/TBsOHkbvO_iJ5SCx9bz6LR7SUko=/2121x1414/filters:no_upscale():max_bytes(150000):strip_icc()/Language-48675d28f3e546f8a9b370c466e3a982.jpg)
![Person at home, checking currency rates with a smartphone and laptop](https://www.investopedia.com/thmb/0jvYLyUm7XnIphHK5p7h-oVFfSc=/2048x1366/filters:no_upscale():max_bytes(150000):strip_icc()/INV_SWIFT_Story_gettyimages-1358273542-612x612-278cd8fe8ca0402aa54f39660725ef90.jpg)
![What to Look for When Opening a Savings Account at a Bank](https://www.investopedia.com/thmb/C-v5Ir2O7ZhdUGhT2JDH2pQDh9U=/5096x3372/filters:no_upscale():max_bytes(150000):strip_icc()/What-To-Look-for-When-Opening-a-Savings-Account-at-a-Bank-56a091993df78cafdaa2ce88.jpg)
![Banking Desert](https://www.investopedia.com/thmb/WnWUIilwGzmQ06gxQT4CPSjukdE=/2000x1333/filters:no_upscale():max_bytes(150000):strip_icc()/BankingDesert-FINAL-c34a939640f74462a2a196ea173d6bcd.png)
![Elderly couple discussing about their bank accounts and wills](https://www.investopedia.com/thmb/M9e5lxvKq75ju9XyUsU8RFB5RN8=/7240x4329/filters:no_upscale():max_bytes(150000):strip_icc()/WhatHappenstoYourBankAccountAfterDeath-855bd4150c4d405abe515590994bf8c6.jpg)
![What to Know About Postal Banking](https://www.investopedia.com/thmb/eLYK7bsJrGnFmmjl0t9Mp3_5GeI=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/what-is-postal-banking-5217341-final-cf2aa61cab694e12974a34cdb8633fc0.png)
![ACH Transfers vs. Wire Transfers](https://www.investopedia.com/thmb/uqYboSUHQwJStH9Lgp_HiWmOl9w=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/ach-vs-wire-transfer-5208168_final-6803fde548d34872958bf66f403801b2.png)
![A person checks their bank account online](https://www.investopedia.com/thmb/xiNV1x6ryj-oZ_DSp4oZ1nrXP3g=/2121x1414/filters:no_upscale():max_bytes(150000):strip_icc()/bank2-9512d5b9396f4d77a4077610937d311f.jpg)
![A person makes a transaction at an ATM.](https://www.investopedia.com/thmb/iEIh5SUu6q0JsXLoOi-IAYA9siQ=/2121x1414/filters:no_upscale():max_bytes(150000):strip_icc()/EarlyWithdrawal-a3625159a9b74c229f81474e59b5892a.jpeg)
![What to Know About Black-Owned Banks](https://www.investopedia.com/thmb/J3cf2DOGzp_u5M8DSNn7VOOZprM=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/black-owned-banks-by-state-5024944-v2-4a9d217e6e2b45cba4b0237e22fda66f.png)
![What to Know (and Do) If Youre Listed in ChexSystems](https://www.investopedia.com/thmb/FEDnseBl8KRjucoAZzbu9drUOCw=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/what-to-know-and-do-if-you-re-listed-in-chexsystems-5179535_final-1987fa400e9a43a2bd2e9b5bb885d0d2.png)
![A young woman is sitting near a sunny window at home, looking carefully at both her smartphone and a credit card](https://www.investopedia.com/thmb/goqzhllHr-YHPg2pEj2s3KxDSdI=/2119x1414/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-1383931917-16f7e81b08344140b4041462de226112.jpg)
![What Is an External Transfer](https://www.investopedia.com/thmb/3MoysxPE4WsBplRRQqVUK6n5iYE=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/what-is-an-external-transfer-5185528-Final-f6e49fe29c7d4130b09760b3f5a3e943.jpg)
![What to Know About LGBTQ+ Friendly Banks](https://www.investopedia.com/thmb/B-bEYK_kTWGrfVp2v0SaDPXvrfM=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/banks-that-support-lgbtq-community-5185262-final-f3952445c2e34f3ebfa0b081df04cddf.jpg)
![The Best Money Transfer Apps for June 2024](https://www.investopedia.com/thmb/868-QcF7GN3jT6oCYfvv6G87eaA=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/best-money-transfer-apps-5180183-final-d2821f3b79904b8db8beea1d3fbef394.png)
![Why Interest Rates Differ So Much By Loan Type](https://www.investopedia.com/thmb/JyEQLw8Q7hyrkYBVcoqoD3V_iOk=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/historical-interest-rates-for-credit-cards-auto-loans-and-student-loans-5176884-final-786ebbf1264f4d5d9715dfaa6e07c4a1.png)
![hand holding smartphone and scanning the barcode for contactless payment at the food truck](https://www.investopedia.com/thmb/ckdADozlFBZdAEecbCTKGqLYcEk=/1500x1000/filters:no_upscale():max_bytes(150000):strip_icc()/Primary_Image-fb4ad6f35ede4823bf1907e794ec9276.jpg)
![Asian Muslim Female Banker explaining about the union to her customer](https://www.investopedia.com/thmb/UgKiYk6bVYCo2F5Jr90tiXR_nww=/5837x3884/filters:no_upscale():max_bytes(150000):strip_icc()/BestCreditUnions-f55f5234bdb5499292e0bbb69453b1eb.jpg)
![Couple getting a loan from a bank officer](https://www.investopedia.com/thmb/H_b_q3Kzry4XvF67zr7LOpUDpLE=/1254x836/filters:no_upscale():max_bytes(150000):strip_icc()/iStock-598258822.black.bank.loan-5bb90af49c7b480f8b83d8de365919fd.jpg)
![Best Student Bank Accounts](https://www.investopedia.com/thmb/w0CQBxXjr95v2XOg2OEf22Rl4gw=/1500x1000/filters:no_upscale():max_bytes(150000):strip_icc()/roundup_primary_INV_studentloan2-f2a8e8f28e5b465babd3b56ffac816f1.jpg)
![What to Know About Asian American-Owned Banks](https://www.investopedia.com/thmb/Mmrge4o-d_153f2yKBgi3kiFSVA=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/top-10-asian-american-owned-banks-5079644-v2-2afd58e2c1254c48ac6566fde9f6ec65.jpg)
![APR vs. APY](https://www.investopedia.com/thmb/-RqrCX7H-lRyg1A-W4-i5LftQoo=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/Apr-apy-bank-hopes-cant-tell-difference_final-15cefe4dc77a4d81a02be1e2a26a4fac.png)
![Finance](https://www.investopedia.com/thmb/hDgjSMrpR4g8rKAToaSykghWTD0=/1500x1000/filters:no_upscale():max_bytes(150000):strip_icc()/Term-Definitions_Finance-d53e01ed39994c7e959f028374c20ff1.jpg)
![Woman banker](https://www.investopedia.com/thmb/OlfdkDh2Upg9brX72P__7JIjfBc=/6720x4480/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-1292887082-d0ec0023e1d14c0fb3483e984eb00a81.jpg)
![What to Know About Native American-Owned Banks](https://www.investopedia.com/thmb/6u5DCBs9lc4eDpE9hYML1TfIx1k=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/native-american-owned-banks-by-state-5085713-FINAL-1-4f06b5a830554856800ed41478e915ab.png)
![Best Prepaid Debit Cards](https://www.investopedia.com/thmb/IBOXLvX78nj2ZJjJdmw5hGLpn_8=/1500x1001/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-1383931917-508ebe9b8cd54519b18ead5441089026.jpg)
![Man checking out his prepaid card options](https://www.investopedia.com/thmb/xkuys05bMtcbmSTkiIXrLy45DUM=/6240x4160/filters:no_upscale():max_bytes(150000):strip_icc()/ArePrepaidCardsRightforYou-c8b48a6fbebc4e52a27b69a81c03c37e.jpg)
![Debit Card Spending Limit](https://www.investopedia.com/thmb/CiZjWPLC_ECSEgIz1Lu97cpc_P8=/2121x1414/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-981765222-5c4e000cc9e77c00014afafb.jpeg)
![Bank Run: When a large group of depositors rush to withdraw their money from a bank deemed at risk of going under.](https://www.investopedia.com/thmb/7r9iB7qHkUnQsCG1daCDOcYtEVQ=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/bankrun.asp-final-74947ee26c5e4d2394b4b3d6bec6246d.png)
![Commercial Bank](https://www.investopedia.com/thmb/5gpxIb1BNuLBA3d12XVAYBahIac=/1500x1000/filters:no_upscale():max_bytes(150000):strip_icc()/COMMERCIAL-BANK-FINAL-64996d1c0c1748d5994860dd9c190045.jpg)
![Demand Deposit](https://www.investopedia.com/thmb/Kkrm7sLNpUDbBntIrb8cpW5Gkqo=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/demanddeposit.asp_final-41b42ecfa1654ddfaa2198d2027486aa.png)
![Depository: A facility where something is deposited for storage or safeguarding.](https://www.investopedia.com/thmb/a1rM3HrywhFV7gAmR-7fqHFoh4s=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/depository.asp-final-36e12f0f84fe41db8d71979a4cb057ef.jpg)
![Seal of the FDIC, the government agency responsible for insuring bank deposits.](https://www.investopedia.com/thmb/7djsv31of8YB_xLBCRUOLMzHDtI=/3446x1819/filters:no_upscale():max_bytes(150000):strip_icc()/FDIC_Seal_by_Matthew_Bisanz-b92facd3f0304834b33c305f7f9b2007.jpeg)
![Financial Institution](https://www.investopedia.com/thmb/xW3ESm-ENqvdmOqK9oa1QX0tIBY=/1500x1000/filters:no_upscale():max_bytes(150000):strip_icc()/financialinstitution-dc2ec0e00bc44e24adbb9c542f0a03e6.jpg)
![Letter of Credit](https://www.investopedia.com/thmb/FLkeIxOc3yMBsTRfV1ui164_370=/1500x1000/filters:no_upscale():max_bytes(150000):strip_icc()/Term-Definitions_letterofcredit-80440d8187244f05afe53827500b72f3.png)
![Retail Banking vs. Corporate Banking](https://www.investopedia.com/thmb/Utt-Km6yYpV9Vq4X38wtURerd_s=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/retail-banking-vs-commercial-banking.asp-Final-04a06544385c400b91e0343415a8f57e.jpg)
![Senior woman sitting at home counting paper money and some pennies](https://www.investopedia.com/thmb/fDz1hFYhAeQW26VWiQ2TIX63h2c=/6000x4000/filters:no_upscale():max_bytes(150000):strip_icc()/HardMoneyvs.SoftMoneyWhatstheDifference-6e19348b1f5841c4b03854a089171d19.jpg)
![Bank Account Number](https://www.investopedia.com/thmb/_pV2Y9_BlNWdM6r7iMHiC3HB3MU=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/account-number.asp-FINAL-887f9ae4a2eb402e9d4beeaa55f29ca5.png)
![Businessmen](https://www.investopedia.com/thmb/1JguNAXSoen3UGLJ7NNyR61BYks=/7012x4803/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-1368546744-ebf07964a4de43bb9b7c2661fc40e38e.jpg)
![ATM](https://www.investopedia.com/thmb/TPVyk1Ii_WWtVJz7-YSONfUpD4s=/1080x722/filters:no_upscale():max_bytes(150000):strip_icc()/ATM-V3-0dd9ef2d17da40079c35fdb59057a3f1.jpg)
![Bank Draft](https://www.investopedia.com/thmb/vcNauG3kC7Pfr5UYiaV4Z-H0O9g=/4000x2700/filters:no_upscale():max_bytes(150000):strip_icc()/bank_draft.asp-final-35945f3f9c564736ac750dbae92cd7bb.png)