Cash stash.Meet the mega-vault. Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. opened a new facility in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. last week, where workers will be processing hundreds of millions of dollars a day. It's called a vault, but it doesn't look like vaults from the movies. This one takes up 39,000 square feet and features separate mechanisms for verifying deposits, processing rejected items and doling out cash. This bad boy of banking, which can shuffle 106,000 bills per hour, is a third-party processor of cash and coins for giant financial institutions. It also packages bills for a network of San Francisco-based Union Bank's ATM machines (Automatic Teller Machine machine) A banking terminal that accepts deposits and dispenses cash. ATMs are activated by inserting a cash or credit card that contains the user's account number and PIN on a magnetic stripe. . And while bank officials are publicizing pub·li·cize tr.v. pub·li·cized, pub·li·ciz·ing, pub·li·ciz·es To give publicity to. Noun 1. publicizing - the business of drawing public attention to goods and services advertising the new vault, they don't want anyone to know exactly where it is. For obvious reasons. "We're processing huge amounts of money in these secured environments," said Kathy Milner, the Union senior vice president who oversaw the vault project. "We try to keep a low-profile. There's no big sign on the building that says 'Union Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. Cash Vault.'" |
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