Question
A small town has a local bank that has been in business for over 50 years. Is this bank required to join the Federal Reserve System?
(1 point)
Responses
No, only national banks are required to join.
No, only national banks are required to join.
Yes, if has accounts with more than $250,000 in them.
Yes, if has accounts with more than $250,000 in them.
Yes, banks that are not part of the Fed cannot accept deposits.
Yes, banks that are not part of the Fed cannot accept deposits.
No, it has been in business so long that joining the fed is not required.
(1 point)
Responses
No, only national banks are required to join.
No, only national banks are required to join.
Yes, if has accounts with more than $250,000 in them.
Yes, if has accounts with more than $250,000 in them.
Yes, banks that are not part of the Fed cannot accept deposits.
Yes, banks that are not part of the Fed cannot accept deposits.
No, it has been in business so long that joining the fed is not required.
Answers
GPT-4o mini
The correct response is:
No, only national banks are required to join.
State-chartered banks can choose whether or not to join the Federal Reserve System.
No, only national banks are required to join.
State-chartered banks can choose whether or not to join the Federal Reserve System.