What differentiates a Fed-member bank from a state chartered bank? and Bank of America bunting

What differentiates a Fed-member bank from a state chartered bank?

Are there specific benefits to a bank being a Fed-member bank?


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Answer by Tomk
Any bank or other incorporated banking institution engaged in similar business may become a member of the Federal Reserve System. National banks are required by law to be members. State-chartered banks may join if they meet certain requirements.

A Federal Reserve System member must conform to the rules and regulations of the Federal Reserve. The member banks are generally see to be more stable and less likely to "go under" than those state banks which elect not to belong to the Federal Reserve System..

As a banking customer, you most likely wouldn't see any difference in the two.

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