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What is the difference between commercial banks that are members of the Federal Reserve System and those that are nonmembers? »

Is there any benefit to choosing to do business with a bank that is a member of the Federal Reserve System?

On average, member banks tend to be the larger institutions. If you choose to bank at a member institution, you will likely be choosing a larger bank with many branch locations, alternatively, if you choose to hold an account with a nonmember bank, you’ll typically be choosing a smaller institution with fewer branch locations. Other than this fact, there appears to be measurable difference in the services of member and nonmember banks from the consumer’s perspective.

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Banking & CD FAQs

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Is there any benefit to choosing to do business with a bank that is a member of the Federal Reserve System?

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