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Original purpose : The First Bank of the United States was needed because the government had a debt from the Revolutionary War, and each state had a different form of currency. It was built while Philadelphia was still the nation's capital. Alexander Hamilton conceived of the bank to handle the colossal war debt - and to create a standard form of currency.
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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 "Citibank, N.A." Many "state banks", by contrast, are chartered by the applicable state government (usually the state's department of banking). The Federal Deposit Insurance Corporation (FDIC), insures all deposits may it be into a national bank or state bank
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Why was the creation of a national bank so important to the U.S economy?
The national bank controlled the money supply
Is WoodForest National Bank a FDIC Covered Bank.?
yes WoodForest National Bank a FDIC Covered Bank.
What is the national Bank of America called?
1st national bank of America
What are some bank's names?
Chase, First national, First national community bank, Bank of America, national city, are just a few.
Where is republic national bank located?
The Republican National Bank was sold to HSBC Bank USA, in 1999.
What is the purpose of a national bank?
to hold peoples money.
Do you have to bank with First National Bank?
Only if you want First National Bank to be your bank.
Which is the intermediary bank for Punjab national bank?
yes Punjab national bank is nationalized bank
When was National Bank of Bahrain created?
National Bank of Bahrain was created in 1957.
What was the previous name of the National Australia Bank?
The "National Australia Bank" was previously known as the "National Bank of Australia".
Why was the creation of a national bank so important to the U.S economy?
The national bank controlled the money supply
What is the Hungarian national bank's name?
Hungarian National Bank , Magyar Nemzeti Bank
What is Commerce National Bank's motto?
Commerce National Bank's motto is 'The Bank For BusinessSM'.
When was National Commercial Bank created?
National Commercial Bank was created in 1953.
What was a key idea in the American system was a call for a?
National bank. -- apex
Is WoodForest National Bank a FDIC Covered Bank.?
yes WoodForest National Bank a FDIC Covered Bank.
Is the national bank and the second bank of the US the same?
The National Bank and the Second Bank of the United States are the same. The term national bank can refer to the Bank of North America as well as the First Bank of the United States.
