National Bank

National Bank is defined as a Commercial Bank whose charter is approved by the Office of the Comptroller of the Currency (OCC) rather than by a State Banking Department. National Banks are required to be members of the Federal Reserve System and belong to the Federal Deposit Insurance Corporation.

National Bank Explained

A national bank is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have “national” or “national association” in its name.