National bank in the United States

In the United States, the term "national bank" originally referred to the revolutionary era Bank of North America, later, First Bank of the United States, or its successor the Second Bank of the United States. All are now defunct.

In the modern U.S. the term "national bank" has a precise meaning: a banking institution chartered by the Office of the Comptroller of the Currency ("OCC"), an agency in the U.S. Treasury Department, pursuant to the National Bank Act. The inclusion of the word "National" in the bank's name or the designation "National Association" or its abbreviation "N.A." is a required part of the distinguishing legal title of a national bank, as in "Bank of America, N.A." Many "state banks", by contrast, are chartered by the applicable state government (usually the state's department of banking). Federal Deposit Insurance Corporation (FDIC), insures all deposits may it be into a national bank or state bank.

Notwithstanding the name, not all "national banks" have nationwide operations. Some "national banks" have operations in only one city, or county or state. "National banks" should also be distinguished from federal savings associations (which include federal savings and loans, and federal savings banks), which are financial institutions chartered by the Office of Thrift Supervision, another agency in the U.S. Treasury Department. The Federal Reserve is the United States central bank.

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