member bank

Definition

Bank which is part of the Federal Reserve System; or more generally, a bank that is part of a central clearing or central banking system. Such banks have to follow the rules and regulations put forward by the central bank or the clearing system.

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I worked for the member bank and I put in a lot of hours and a lot of my energy into making it run smoothly.

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Most member banks are part of a the Federal Reserve System which under this collective protects and insures the money of individuals who bank at these member banks.

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The FDIC provides deposit insurance to the customers of its Member Banks. In order for a financial institution to become a Member Bank of the the FDCI, they must abide by certain rules and regulations set fourth by the FDIC.

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