deposit account

"There is more savings in deposit accounts, there's less people struggling with loans and actually business confidence is at a nine-year high."

The act is a proposed federal law that would ensure that all businesses — including state-sanctioned weed stores — have access to deposit accounts, insurance and other financial services.

For Shawbrook, an acquisition of either Co-op or Metro Bank would give it greater scale as well as access to current deposit accounts, a cheaper source of funding for its loans than savings.

Senators have concerns about a part of the bill, Section 10, that makes bank regulators have a valid reason for requesting that a bank shut down a deposit account.

In January, the Justice Department proposed changes to how it runs federal prisoners’ deposit accounts in an effort to ensure victims are paid restitution, including from some high-profile inmates with large balances.