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Chartered bank specifics vary from country to country. However, in general, a chartered bank in operation has obtained a form of government permission to do business in the financial services industry. A chartered bank is often associated with a commercial bank.

This means that the firm has met certain standards and agrees to uphold a strict code of ethics. This is important for businesses because it instills confidence that the chartered accountant they've hired is competent and trustworthy.

A financial institution that wants to become a bank, trust, savings institution, or credit union can apply for a charter at the state or federal level from a banking regulator. At the federal level, the Office of the Comptroller of the Currency (OCC) grants charters.

Serving a bank in the U.S. Different states have different laws governing acceptable methods of service, but generally speaking, the most surefire way to serve a U.S. bank is to serve them through their agent for service of process.

Select Report Filters YearLocationsTotal Commercial Banks (Total Insured)2022United States & Other Areas4,1362021United States & Other Areas4,2372020United States & Other Areas4,3792019United States & Other Areas4,51973 more rows

Charters are issued by state chartering authorities (usually state bank regulators) or at the federal level by the Office of the Comptroller of the Currency (OCC). 1 Credit unions are also chartered at the state level by state regulators or by the National Credit Union Administration (NCUA) at the federal level.

The proposed bank must first receive approval for a federal or state charter.

When comparing a chartered vs. commercial bank, the main difference is the charter. A chartered bank is required to have either a state or national charter; a commercial bank may be chartered, but it isn't required to be in order to operate.