Member bank – A banking firm holding membership on an organized stock or commodity exchange, or depositor insurance agency.

Like in the Philippines all commercial banks must be a member of the Securities and Exchange Commission and the Philippine Deposits Insurance Corporations actually this law is a requirement before an investor or a potential bank owner can put up its bank.

In this manner the depositor’s money being deposit into a bank is insured.

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Related ChexSystems Banking Information:

1. Minimum Balance to Open an Account
2. How Do You Confirm that a Non-ChexSystems Bank is Legitimate?
3. Federal Deposit Insurance Corporation
4. National Bank
5. FDIC

Tagged as: Banking Firm, Member Bank