Deposit Columns Charter For Free

Your eligible deposits held by a UK establishment of Charter Savings Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.

A charter allows a financial institution to perform certain financial services, including accepting deposits, making loans, and providing a range of fiduciary services to its customers. While some charters allow banks to do all of these things, others are limited in purpose to allow only a subset of financial services.

Column is the only nationally chartered bank that is purpose-built to enable other banks, sophisticated fintechs and non-bank financial enterprises to offer financial products in full compliance with the letter and spirit of all regulatory requirements and safety and soundness principles.

Column Bank is the brainchild of Plaid co-founder William Hockey and his wife, Annie, who began the process of buying a small community bank, Northern California National Bank, with $50 million of their own money two and a half years ago.

Funds are distributed across various financial institutions nationwide, with up to $250,000 allocated to each account. Funds will have no exposure to a single bank, industry, or macro event ? and will have full FDIC insurance coverage across the totality of deposits.

Email hi@column.com to submit. We started building Column in 2019 and launched in 2022. Every single component has been built from the ground up ? with no middleware or legacy software. We are purpose-built to power financial services for the next hundred years.

Applying for a Bank Charter Before granting a charter, the chartering regulator must determine that the applicant bank has a reasonable chance for success and will operate in a safe and sound manner. Next, the proposed bank must obtain approval for deposit insurance from the Federal Deposit Insurance Corporation.