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Simple English definitions for legal terms
national bank
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A quick definition of national bank:
A national bank is a type of financial institution that helps people deposit, borrow, exchange, and transfer money. It is regulated by the government and is part of a larger system called the Federal Reserve. National banks can also be called "banks" or "national associations" and are allowed to use the abbreviation "N.A." in their name. They are important because they help people manage their money and support the economy.
A more thorough explanation:
A national bank is a financial establishment that accepts deposits, makes loans, exchanges or issues money, and transmits funds. It is a member of the Federal Reserve System and is governed by a charter approved by the Comptroller of the Currency. A national bank can use the abbreviation N.A. (national association) as part of its name.
Examples:
- Bank of America N.A.
- JPMorgan Chase Bank N.A.
These examples illustrate national banks that are members of the Federal Reserve System and have received a charter from the Comptroller of the Currency. They provide various financial services to their customers, such as checking and savings accounts, loans, and credit cards.
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