SIC 6-Digit Codes for "60"

Federal Reserve Banks are a network of 12 regional banks that operate under the supervision of the Board of Governors of the Federal Reserve System. These banks are responsible for implementing monetary policy, regulating and supervising financial institutions, and providing financial services to the U.S. government, depository institutions, and foreign official institutions. The Federal Reserve …

Central Reserve Depository Instn NEC is a subdivision of the Central Reserve Depository Institutions industry. This industry involves the safekeeping and management of securities and other financial assets on behalf of clients. Central Reserve Depository Instn NEC specifically refers to institutions that do not fit into other categories within the industry. These institutions may offer a range of …

Banks are financial institutions that provide a range of services to individuals, businesses, and governments. The primary function of banks is to accept deposits from customers and use those funds to make loans and investments. Banks also offer a variety of other services, including checking and savings accounts, credit cards, mortgages, and investment products. Banks play a crucial role in the …

Trust companies are financial institutions that provide a range of fiduciary and wealth management services to individuals, families, and businesses. These companies act as trustees, executors, and administrators of trusts, estates, and other types of financial arrangements. Trust companies are regulated by state banking authorities and are required to maintain a high level of transparency and …

Automated Teller Machines (ATMs) are electronic banking outlets that allow customers to perform basic financial transactions without the need for a human teller. ATMs are typically located in public areas such as shopping centers, airports, and convenience stores, as well as within bank branches. These machines are designed to provide customers with quick and convenient access to their bank …

The Letters of Credit industry, classified under SIC Code 6021, involves the issuance and management of financial instruments that guarantee payment to a seller from a buyer's bank. These instruments are commonly used in international trade transactions to mitigate the risk of non-payment by the buyer. The process involves a buyer opening a letter of credit with their bank, which then …

Banks/Overseas-Representative Offices is a subdivision of the National Commercial Banks industry that involves the establishment of representative offices by banks in foreign countries. These offices serve as a liaison between the bank and its clients in the foreign country, providing information and assistance on banking services and products. Banks/Overseas-Representative Offices also engage in …

State Commercial Banks are financial institutions that are chartered by a state government to provide banking services to individuals, businesses, and other organizations within the state. These banks are regulated by state banking authorities and are subject to state banking laws. State Commercial Banks offer a range of financial products and services, including checking and savings accounts, …

Commercial Banks NEC is a subdivision of the Commercial Banks industry, which includes banks that accept deposits and make loans. However, Commercial Banks NEC includes banks that do not fit into any other category of the Commercial Banks industry. These banks offer a range of financial services to individuals, businesses, and other organizations. They may specialize in certain types of loans or …

Savings & Loan Associations are financial institutions that specialize in accepting deposits and providing mortgage loans to individuals and businesses. These associations are typically chartered by the federal government and are subject to strict regulations. The primary goal of Savings & Loan Associations is to provide a safe and secure place for individuals to save money and to help them …

Thrift & Loan Companies are financial institutions that specialize in accepting deposits and providing loans to individuals and businesses. These companies are typically smaller than traditional banks and focus on providing personalized service to their customers. Thrift & Loan Companies are regulated by the Federal Deposit Insurance Corporation (FDIC) and are required to meet certain capital …

The Savings Plans industry involves companies that offer various types of savings plans to individuals and businesses. These plans are designed to help people save money for specific purposes, such as retirement, education, or emergencies. Savings plans can be offered by banks, credit unions, insurance companies, and other financial institutions. The industry is highly regulated by government …

Savings & Loan Assns-Representatives is an industry that involves companies that act as representatives for federally chartered savings institutions. These representatives work to promote and sell the products and services offered by these institutions to potential customers. They may also provide information and assistance to existing customers, helping them to manage their accounts and make …

Savings Institutions-Except Federal is an industry that comprises of financial institutions that accept deposits from customers and provide loans and mortgages. These institutions are not federally chartered and are regulated by state laws. The primary objective of these institutions is to promote savings and provide affordable credit to individuals and businesses. Savings Institutions-Except …

Credit unions are financial cooperatives that are owned and operated by their members. They offer a range of financial services, including savings accounts, checking accounts, loans, and credit cards. Unlike banks, credit unions are not-for-profit organizations, which means that they are able to offer their members lower fees and better interest rates. Credit unions are typically community-based, …

Federally Chartered Credit Unions are financial institutions that are owned and operated by their members. These credit unions are chartered by the federal government and are regulated by the National Credit Union Administration (NCUA). They offer a range of financial services to their members, including savings accounts, checking accounts, loans, and credit cards. Federally Chartered Credit …

Credit Unions Not Federally Chartered are financial institutions that are member-owned and provide a range of financial services to their members. These credit unions are not regulated by the federal government, but instead are regulated by state laws. They offer a variety of financial products and services, including savings accounts, checking accounts, loans, and credit cards. Credit Unions Not …

Branches and Agencies of Foreign Banks is an industry that involves the establishment of foreign banks' branches and agencies in a country other than their home country. These branches and agencies operate under the supervision of the foreign bank and offer a range of banking services to customers in the host country. The services offered by these branches and agencies include deposit-taking, …

Export finance is a specialized industry that provides financial services to companies engaged in international trade. This industry is focused on providing financing solutions to exporters, importers, and other businesses involved in cross-border transactions. Export finance involves a range of financial products and services that are designed to help companies manage the risks associated with …

Foreign Trade & International Banks is an industry that involves financial institutions that specialize in international trade and foreign exchange transactions. These institutions provide a range of services to businesses and individuals engaged in international trade, including currency exchange, trade financing, and risk management. They also facilitate cross-border transactions by providing …

Fiduciaries are companies that hold assets on behalf of their clients and are legally obligated to act in their clients' best interests. They are entrusted with managing and safeguarding assets such as money, property, and investments. Fiduciaries can be individuals or institutions, such as banks, trust companies, and investment firms. Their services are often used by individuals who want to …

Currency exchanges are businesses that specialize in the exchange of one currency for another. These exchanges can be physical locations or online platforms that allow individuals and businesses to convert their money from one currency to another. Currency exchanges play a crucial role in international trade and travel, as they provide a means for individuals and businesses to access foreign …

Money Order Service is a type of financial service that allows individuals to send money to a recipient who is not within their immediate vicinity. This service is often used by individuals who do not have access to a bank account or who prefer not to use electronic payment methods. Money Order Service involves the issuance of a paper document that serves as a payment order for a specified amount …

Check cashing services are financial institutions that provide customers with the ability to cash checks, including payroll, government, and personal checks. These services are typically used by individuals who do not have a bank account or who need access to cash quickly. Check cashing services charge a fee for their services, which is typically a percentage of the check amount. In addition to …

Money brokers are companies that act as intermediaries between parties seeking to buy or sell financial instruments, such as currencies, securities, or commodities. They facilitate transactions by matching buyers and sellers and negotiating prices. Money brokers do not take positions in the instruments they trade, but instead earn commissions on the transactions they facilitate. Money brokers may …

Foreign exchange brokers and dealers are companies that facilitate the buying and selling of foreign currencies for their clients. They act as intermediaries between buyers and sellers, providing access to the global currency markets and offering a range of services to help clients manage their foreign exchange risk. These companies may work with individuals, corporations, financial institutions, …

Escrow service is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations are fulfilled. Escrow services are commonly used in real estate transactions, but can also be used in other industries …

The Travelers' Checks-Issued industry involves the issuance of travelers' checks, which are pre-printed, fixed-amount checks that can be used as a form of payment while traveling. These checks are typically issued by banks or other financial institutions and can be used in place of cash or credit cards. The industry also includes the sale and redemption of travelers' checks. …

Safe deposit box-rental is a service provided by banks and other financial institutions that allows individuals and businesses to securely store valuable items and documents. These boxes are typically located in a vault or other secure area within the institution and can only be accessed by the renter or authorized parties. Safe deposit box-rental is a popular option for those who want to protect …

Clearing Houses are financial institutions that act as intermediaries between buyers and sellers of financial instruments, such as stocks, bonds, and derivatives. They facilitate the settlement of transactions by ensuring that the buyer receives the securities and the seller receives the payment. Clearing Houses also manage the risk associated with these transactions by requiring collateral from …

Money Transfer Service is an industry that involves the transfer of funds from one location to another. This service is typically used by individuals or businesses who need to send money to someone in a different country or region. Money Transfer Service providers offer a range of options for sending and receiving money, including online transfers, bank transfers, and cash pickups. These services …

Registered Agents are companies that act as a liaison between a business entity and the state in which it is registered. They provide a range of services to ensure that businesses comply with state regulations and maintain good standing. Registered Agents receive legal and tax documents on behalf of their clients and forward them in a timely manner. They also provide a physical address for the …

Payroll Distribution Service is an industry that involves the management and distribution of employee paychecks on behalf of companies. This service is typically outsourced to third-party providers who specialize in payroll processing and distribution. The primary goal of a Payroll Distribution Service is to ensure that employees are paid accurately and on time, while also ensuring compliance …

The Gift & Loyalty Cards industry involves the production and distribution of cards that can be used as gifts or rewards for customer loyalty. These cards are typically pre-loaded with a certain amount of money or points that can be redeemed at specific retailers or service providers. The industry also includes companies that provide related services such as card design, printing, and processing. …

Money Order Systems is an industry that provides a secure and reliable method for individuals to send and receive money. This industry involves the creation and distribution of money orders, which are similar to checks but are prepaid and guaranteed by the issuer. Money orders are commonly used by individuals who do not have access to a bank account or who prefer not to use electronic payment …

Companies in the Banking Systems & Service-Electronic industry provide electronic banking services and systems to financial institutions and their customers. These services include online banking, mobile banking, ATM networks, electronic funds transfer, and other electronic payment systems. The industry also provides software and hardware solutions for financial institutions to manage their …

Bitcoin Conversion Kiosks are physical machines that allow users to buy or sell Bitcoin and other cryptocurrencies using cash or credit/debit cards. These kiosks are typically located in public places such as shopping malls, convenience stores, and airports. The process of using a Bitcoin Conversion Kiosk involves selecting the type and amount of cryptocurrency to buy or sell, entering payment …

Functions Related to Deposit Banking is an industry that involves a variety of financial services related to deposit accounts. These services are provided by banks, credit unions, and other financial institutions. The industry includes a range of activities such as accepting deposits, providing loans, issuing credit cards, and managing investment accounts. The primary focus of this industry is to …