"Estoy enfrente del banco."
Translation:I am in front of the bank.
I think this would mean they were opposite the bank on the other side of the street.
My understanding is that it could mean either that you are outside the bank and directly in front of the bank on the same side of the street OR you are on the other side of the street directly opposite the bank.
The engine is running, the street is empty, it is dark and we have our shades on. Bring the money, we have four minutes un till the police or the security comes.