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Simple English definitions for legal terms
national association
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A quick definition of national association:
A national association is a type of bank that helps people with their money. It can take deposits, give out loans, and help people send money to others. It is supervised by the government to make sure it is doing things correctly. There are many different types of banks, like ones that help farmers or ones that only give out loans to businesses. Some banks are part of a big group called the Federal Reserve System. People can also "bank" their money by putting it in a bank account.A more thorough explanation:
A national association is a financial establishment that provides services such as deposit, loan, exchange, or issue of money and transmission of funds. It is also known as a national bank and is a member of the Federal Reserve System.
For example, Wells Fargo is a national association that provides banking services to its customers.
Another example is Bank of America, which is also a national association that offers financial services to its clients.
These examples illustrate how national associations are financial institutions that provide various services to their customers, including depositing and withdrawing money, issuing loans, and facilitating the exchange of funds.
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