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Banks are intermediaries between depositors (who lend money to the bank) and borrowers (to whom the bank lends money). The amount banks pay for deposits and the income they receive on their loans are both called interest.
The Bank of North Dakota (BND) is a state-owned, state-run financial institution based in Bismarck, North Dakota. It is the only government-owned general-service bank in the United States.
6-09-10. All deposits in the Bank of North Dakota are guaranteed by the state.
You must be a resident of North Dakota in order to open a checking or savings account. For proof of ND residency, an individual must have a North Dakota driver's license or North Dakota government-issued photo identification card, and a physical address in North Dakota.
Most of BND's deposits come from the state's collection of taxes and fees. The balance of the Bank's deposits come from corporate accounts, North Dakota city and county government entities, and North Dakota financial institutions. North Dakota residents are a very small part of our deposit base.
Standard & Poor's (S&P) affirmed Bank of North Dakota's (BND) credit rating as A+/Stable in its annual review released on October 27, 2022.