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• All banks in the United States are chartered by either a state government or the federal government. Federally chartered banks, called national banks, are overseen by the Comptroller of the Currency of the US Department of the Treasury.

  All national banks are members of the Federal Reserve System and deposits are insured by the Federal Deposit Insurance Corporation (FDIC).

  The dual banking system of federal- and state-chartered banks can be traced to the National Banking Act of 1863. The act created the new federal bank system in an attempt to impose order on what had been a chaotic situation. State banks have survived, however, and the two banking systems co-exist.

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  Cite Definition for National Bank

  American Psychological Association (APA)

  National Bank. (n.d.). Yahoo Personal Finance Glossary. Retrieved February 4, 2023, from website: http://www.expertglossary.com/definition/national-bank.

  Chicago Manual of Style (CMS)

  National Bank. finance.yahoo.com. Yahoo Personal Finance Glossary. Yahoo Finance. http://www.expertglossary.com/definition/national-bank (accessed: February 4, 2023).

  Modern Language Association (MLA)

  "National Bank." Yahoo Personal Finance Glossary. Yahoo Finance. 4 February. 2023 http://www.expertglossary.com/definition/national-bank.

• Browse Related Terms: Check hold, Checking account, Commercial bank, Comptroller of the Currency, Federal Deposit Insurance Corporation (FDIC), Federal funds, Federal Reserve Fedwire, Federal Reserve System, Financial institution, Loose credit, Mutual company, National Bank, Nonbank banks, Open-market operations, Regulation D, Reserve requirement

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