Trust and mortgage companies?
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Bankenb a) chartered) near Bankenc) Bankend) none of the above
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The correct answer is d)none of the above.
[ It is true that some Trust and mortgge loan companies may have bakns in their name. It is also true that banks do extend mortgage loans and may also act as turstees. There may be sone trusts or mortgage lenders who may have obtaind the status of chartered banks for certain limited banking activity. But, pure Trust and mortgage loan companies are not necessarily chartered banks, or near banks or banks. Banks can create deposits by creating loans. Trust and mortgage conmpanies cannot do that. Trusts may be for variuos purposes other than for lending.
The definition of a bank varies from country to country. Under English law, bank is defined as a person who carries on the business of banking, which is:conducting current accounts for customers, paying cheques drawn on a given person, and
collecting cheques for their customers. However the commercial role of banks is wider than banking, and includes:
issue of banknotes (promissory notes issued by a banker and payable to bearer on demand)
processing of payments by way of telegraphic transfer, EFTPOS, internet banking or other means
issuing bank drafts and bank cheques
accepting money on term deposit
lending money by way of overdraft, installment loan or otherwise
providing documentary and standby letters of credit, guarantees, performance bonds, securities underwriting commitments and other forms of off balance sheet exposures
safekeeping of documents and other items in safe deposit boxes
currency exchange
sale, distribution or brokerage, with or without advice, of insurance, unit trusts and similar financial products as a ‘financial supermarket’ .
Given the above, the Trusts and mortgage lending companies cannot be regarded as chartered banks or near banks or banks.]