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Joint account. A joint account is a bank account that has been opened by two or more individuals or entities. Joint accounts are commonly opened by close relatives (such as by a married couple) or by business partners in an unincorporated business, but it can be used in other circumstances. Ordinarily, anyone can deposit funds into a joint ...
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [2] Specifically, the act requires financial institutions to keep records of cash purchases of ...
Bank reserves are a commercial bank's cash holdings physically held by the bank, and deposits held in the bank's account with the central bank.Under the fractional-reserve banking system used in most countries, central banks may set minimum reserve requirements that mandate commercial banks under their purview to hold cash or deposits at the central bank equivalent to at least a prescribed ...
Numbered bank accounts are bank accounts wherein the identity of the holder is replaced with a multi-digit number known only to the client and selected private bankers. [1] [2] Although these accounts do add another layer of banking secrecy, they are not completely anonymous as the name of the client is still recorded by the bank and is subject ...
The Federal Reserve's benchmark rate of 5.25% to 5.5% continues to positively affect returns for high-yield savings accounts. FDIC-insured digital banks and online accounts consistently offer the ...
Chemical National Bank offices at 270 Broadway, c. 1913. Chemical Bank was the principal operating subsidiary of the Chemical Banking Corporation, a bank holding company. As of the end of 1995, before its merger with the Chase Manhattan Bank, Chemical was the third-largest bank in the United States by total assets, with $182.9 billion.
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A payable-through account (PTA) is a demand deposit account through which banking agencies located in the United States extend cheque writing privileges to the customers of other institutions, often foreign banks. PTA accounts are a concern to bank regulators because the banks or agencies providing the accounts may not subject the end customers ...