How would you define "Financial Institution Name" in a legal contract? (2024)

FAQs

What is the legal definition of a financial institution? ›

A financial Institution is defined in 18 U.S. Code § 20 as an entity, national or international, that deals primarily in business related to financial or/and monetary transactions, namely loans, deposits, investments, currency exchange, or any other transaction of similar nature.

Financial Institution Name means the name of the bank or financial organization that is to carry out transactions based on the authority granted by the payer. This entity will continue to carry out transactions until they receive a written termination notice of this authority from the payer.

The major categories of financial institutions are central banks, retail and commercial banks, credit unions, savings and loan associations, investment banks and companies, brokerage firms, insurance companies, and mortgage companies.

The term “financial institution” means any institution engaged in the business of providing financial services to customers who maintain a credit, deposit, trust, or other financial account or relationship with the institution.

Types of financial institutions include: Banks. Credit unions.

Definition & Citations:

An organization that is a channel between the parties involved in funds transfer between fund savers and fund borrowres. They are depository or nondepository insurance companies. Depository banks pay interest on a deposit from the interest on loans.

Your branch (transit), institution, and account number are located on the bottom of a cheque for the relevant account, as shown below.

Whenever a new customer opens an account, banks require identity documents, such as a driver's license, passport, or social security card, to validate their identity.

It includes but is not limited to depository institutions, banks, savings banks, money service businesses, trust companies, insurance companies, securities brokers and dealers, commodity futures and options brokers and dealers, forward contract and foreign exchange merchants, securities and commodities exchanges, ...

The non-banking financial institution which comes under the category of financial institutions cannot accept deposits into savings and demand deposit accounts. A bank is a financial institution which can accept deposits into various savings and demand deposit accounts, and give out loans.

Is Bank of America a financial institution name? ›

Bank of America is one of the world's leading financial institutions, serving individuals, small- and middle-market businesses, large corporations, and governments with a full range of banking, investment management and other financial and risk management products and services.

Wells Fargo Bank | Financial Services & Online Banking.

They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions. These three types of institutions have become more like each other in recent decades, and their unique identities have become less distinct.

Final answer:

The stock market is not an example of a financial institution, which includes banks, credit unions, and finance corporations.

Title 12 of the United States Code covers banks and banking, and is linked from the U.S. House of Representatives' Office of the Law Revision Counsel (OLRC), which prepares the United States Code.

They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions. These three types of institutions have become more like each other in recent decades, and their unique identities have become less distinct.