WHAT IS A BANK? According to the Uniform Commercial Code Sec 1:201(4), the term “bank” refers to any person engaged in the business of banking and includes a savings bank, savings and loans association, credit union, or trust company. “Bank is also defined as a company that takes deposits and makes loans. There are many types of banking institutions. A commercial bank takes deposits, makes loans, engages in trust business, gives investment advice, brokers securities, and issues credit cards. National Banks are chartered by the Comptroller of the Currency which is part of the Treasury Department and henry, the Executive Branch of Government. State banks are chartered by the State Banking Departments.
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