Banking definitions beginning with N

A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Bank, Bank examination, credit union, Enforcement Action, Financial regulatory agency, National Bank Examiner, National Credit Union Administration (NCUA), Operating Subsidiary, State Banking Department

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An employee of the Comptroller of the Currency whose function is to examine national banks periodically to determine the financial position of a bank and the security of its deposits. The examiner also verifies that the bank maintains procedures consistent with Federal banking laws and regulations.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Bank, Bank examination, credit union, Enforcement Action, Financial regulatory agency, National Bank, National Credit Union Administration (NCUA), Operating Subsidiary, State Banking Department

The Federal regulatory agency that charters and supervises Federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of Federal credit unions.)
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Bank, Bank examination, credit union, Enforcement Action, Financial regulatory agency, National Bank, National Bank Examiner, Operating Subsidiary, State Banking Department

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A savings account from which withdrawals can be made by negotiable orders of withdrawal (functional equivalent of checks). This is an interest-bearing account for which the bank must reserve the right to require the depositor to provide at least seven days notice of his/her intent to withdraw funds.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Availability policy, Inactive account, Individual retirement account (IRA), Passbook, Time deposit, Uniform Gift to Minors Account

A nominee is an individual or entity, which acts on behalf of a beneficial owner. Most often the nominee pretends to be the owner of an entity, asset, or transaction to provide a veil of secrecy as to the beneficial owner's involvement. Many offshore entities provide nominee services whereby they will provide a nominee to act as owner of your arrangement but generally will not act unless instructed to by the beneficial owner.
IRS - Cite This Source - This Definition
Browse Related Terms: Bearer Shares, Beneficial Ownership, International Business Corporation (IBC), Letter of Wishes, Nominee Director, Offshore Mail Forwarding Address, Offshore Trustee

Every IBC must have a Board of Directors. The Board may consist of one person or many people. For instance, the beneficial owner of the IBC may appoint himself/herself as the director and sole officer of the corporation. However, most IBCs are formed with a nominee director. The nominee may be, but does not have to be, an individual who works and/or resides in the country where the IBC was formed. The nominee may be used to sign (contracts, loans, etc.) for the IBC should the beneficial owner not want his/her signature to be connected with the corporation. Typically, the nominee director will have no knowledge of the IBC's affairs or accounts, cannot control or influence the IBC, and will not act unless instructed to by the beneficial owner.
IRS - Cite This Source - This Definition
Browse Related Terms: Bearer Shares, Beneficial Ownership, International Business Corporation (IBC), Letter of Wishes, Nominee, Offshore Mail Forwarding Address, Offshore Trustee

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