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Simple English definitions for legal terms
American Bankers Association
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A quick definition of American Bankers Association:
The American Bankers Association (ABA) is a group of banks, trust companies, and savings banks that work together voluntarily. They represent most of the money that people keep in banks in the United States. The ABA was started in 1875 and is still active today.
A more thorough explanation:
AMERICAN BANKERS ASSOCIATION
The American Bankers Association (ABA) is a group of banks, trust companies, and savings banks and associations that work together voluntarily. They represent most of the money that people deposit in banks in the United States. The ABA was started in 1875.
Some examples of banks that are part of the ABA are Bank of America, Wells Fargo, and JPMorgan Chase.
Another example is a trust company called Northern Trust. They are part of the ABA and help people manage their money and investments.
The examples show different types of banks and financial institutions that are part of the American Bankers Association. They work together to make sure that people's money is safe and secure in the bank. The ABA also helps banks follow the rules and regulations set by the government.