Most state legislatures in the United States ban general corporations from accepting banker’s deposits, which covers any service where a general corporation acts as a funds drawee that transfers current funds (i.e., credit payable upon demand) to make payments as a substitute for coins on behalf of an account holder. Historically, in some states, this ban did not extend to a sole proprietor acting as a banker.

U.S. states tend to include a license to conduct the banking business as part of the standard terms of the corporate franchise in the state bank charters of incorporation. The license may be implied by a reference in the charter application to the bank being created “under” the state banking law. Federal depository institutions such as National Banks, or federally chartered credit unions derive their authority from federal statutory charter law. Opening or operating a bank also requires regulatory compliance, which may include Federal Deposit Insurance Corporation (FDIC) approval for coverage and opening an account at a Federal Reserve Bank (or otherwise establishing a facility to settle checks via settlement with Federal Reserve Bank issued credit).

For Sale 100% Shares of a Californian US Banking Licence

Keypoints

• Bank has 1 Branch in Los Angeles
• License under Federal / CA Regulation
• Owner is willing to retire