Recent Examples of national bank from the Web
South Korea’s national bank estimated that North Korea’s economy in 2016 grew 3.9%.
The expansion is part of a push for the national bank to add brick-and-mortar stores in 15 to 20 markets before 2023.
While some rules limiting size still exist, in 1994, lawmakers passed legislation that paved the way for national banks that could hold customers’ deposits coast to coast.
In a settlement announced Friday, Wells will pay $500 million to the Office of the Comptroller of the Currency, its main national bank regulator, as well as a net $500 million to the Consumer Financial Protection Bureau.
Reuters, citing sources with knowledge of the plans, said the regulator is readying sanctions alongside the Office of the Comptroller of the Currency, an independent bureau of the Treasury Department that regulates national banks.
Last year, about 45% of new checking accounts were opened at the three national banks, even though those lenders had only 24% of U.S. branches, according to research by consulting firm Novantas.
Town Bank is joining a growing list of Wisconsin and national banks in raising the minimum hourly wage for employees to $15.
By 23, British Robinson was in line to become a vice president at a major national bank.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'national bank.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
Financial Definition of NATIONAL BANK
What It Is
How It Works
For example, let's say Company XYZ is a bank. To become a national bank, it must receive a charter from the Comptroller of the Currency and pay premiums to the FDIC. In return, the bank can become a member of the Federal Reserve and thus borrow from the Federal Reserve when necessary (see our definition of Federal Reserve for more on how this works). The bank also receives FDIC coverage for its depositors, meaning that most depositors' money will be protected even if Company XYZ goes bankrupt.
The Federal Reserve is the bank for the U.S. Treasury. In this capacity, local Federal Reserve banks hold receipts and make payments on behalf of the Treasury. The Federal Reserve banks maintain Treasury fund accounts, clear checks drawn against the Treasury, and manage the physical issuance, servicing and redemption of Treasury securities and savings bonds.
Why It Matters
National banks have existed since the 1860s, when the U.S. implemented the National Bank Acts of 1863 and 1864. The U.S. didn't have a consistent national currency then, and the laws allowed chartered banks to issue their own bank notes that were backed by U.S. government bonds. (National bank notes don't exist anymore.)
National banks hold the vast majority of the country's deposits. Until 2004, they were almost never allowed to underwrite insurance or engage in merchant banking or real estate development.
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