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Say No to FDIC - in North Dakota
The only state bank existing and it is not FDIC insured:
http://www.banknd.com/ro/index.jsp
Quote:
Bank of North Dakota is a Correspondent Bank for most financial institutions in North Dakota. In this role, the Bank provides faster availability of funds drawn on North Dakota accounts and processes items at a lower cost than other correspondents. Currently, the Bank processes more than 4,100,000 items per month.
Many state financial institutions maintain their check clearing with Bank of North Dakota and use the Bank's account with the Federal Reserve Bank to settle other check clearing charges or ACH payments received through the Federal Reserve System.
In addition, our Retail Department provides services to depositors of Bank of North Dakota. While Bank of North Dakota does have retail products similar to other financial institutions, these services are limited in scope.
In contrast to most commercial banks, Bank of North Dakota is not a member of the Federal Depository Insurance Corporation. North Dakota Century Code 6-09-10 provides that all deposits in the Bank of North Dakota are guaranteed by the State.
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Of course you do not appear to be able to open an individual account with them for banking services unless you are a farmer or student and then for loan purposes only. Isn't it interesting that a state owned and operated bank doesn't require federal insurance for its' member credit accounts (all state entities).
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Its' a dog eat dog world and I am wearing milkbone underwear!!!
Last edited by palani : 01-15-2008 at 05:27 AM.
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