# Can I get an account at the Federal Reserve? **URL:** \ **Category:** Factual Questions\ **Created:** [September 9, 2011, 5:42pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741 "2011-09-09T17:42:09Z")\ **Posts on this page:** 12\ **Page:** 1
**Author:** ![robert\_columbia](https://avatars.discourse-cdn.com/v4/letter/r/e79b87/32.png) [@robert\_columbia](https://boards.straightdope.com/u/robert_columbia)\ **Post date:** [September 9, 2011, 5:42pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/1 "2011-09-09T17:42:09Z")
I’m a US Citizen and live in the US. Suppose I’ve had it with the commercial banks and the credit unions - can I go to the Bank of Last Resort ™ and just do business directly with them? E.g. get a checking account, savings account, maybe get a mortgage, from, say, the Federal Reserve Bank of New York, all at the basic Fed rate rather than what, say, Bank of America is currently charging in the neighborhood. The fact that this doesn’t seem to be done seems to indicate that it may not be easy or economically viable. Is it possible? If not, what is the reason? Is it just Fed policy to not take people who walk in off the street, or is it US Federal Law that defines who is eligible to do business with them? Is it so mind-bogglingly aggravating to go through their procedures (background checks, minimum deposits, regular visits to NY or DC to “review your account”) that nobody bothers? What, specifically, would have to be true in my life for them to deal with me? Would I have to incorporate as a bank? Have at least X million dollars? Have a friend in the right place? ---
**Author:** ![Acsenray](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/acsenray/32/4519_2.png) [@Acsenray](https://boards.straightdope.com/u/Acsenray)\ **Post date:** [September 9, 2011, 5:48pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/2 "2011-09-09T17:48:32Z")
The only ones who have accounts at Federal Reserve Banks are the banks that own them. They don’t offer service to the public. You have to be a bank chartered by the federal government and regulated by the Office of the Comptroller of the Currency, I believe. ---
**Author:** ![friedo](https://avatars.discourse-cdn.com/v4/letter/f/8edcca/32.png) [@friedo](https://boards.straightdope.com/u/friedo)\ **Post date:** [September 9, 2011, 5:49pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/3 "2011-09-09T17:49:13Z")
You can, if you are a bank. ---
**Author:** ![robert\_columbia](https://avatars.discourse-cdn.com/v4/letter/r/e79b87/32.png) [@robert\_columbia](https://boards.straightdope.com/u/robert_columbia)\ **Post date:** [September 9, 2011, 5:50pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/4 "2011-09-09T17:50:54Z")
> [@Acsenray](#): > > The only ones who have accounts at Federal Reserve Banks are the banks that own them. They don’t offer service to the public. You have to be a bank chartered by the federal government. Cite? ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [September 9, 2011, 5:53pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/5 "2011-09-09T17:53:51Z")
Actually, according to [this PDF document](http://www.federalreserve.gov/pf/pdf/pf_1.pdf#page=4) about the Fed, some state-chartered banks are members. “The nation’s commercial banks can be divided into three types according to which governmental body charters them and whether or not they are members of the Federal Reserve System. Those chartered by the federal government (through the Office of the Comptroller of the Currency in the Department of the Treasury) are national banks; by law, they are members of the Federal Reserve System. Banks chartered by the states are divided into those that are members of the Federal Reserve System (state member banks) and those that are not (state nonmember banks). State banks are not required to join the Federal Reserve System, but they may elect to become members if they meet the standards set by the Board of Governors. As of March 2004, of the nation’s approximately 7,700 commercial banks approximately 2,900 were members of the Federal Reserve System—approximately 2,000 national banks and 900 state banks.” ---
**Author:** ![Darth\_Panda](https://avatars.discourse-cdn.com/v4/letter/d/ee7513/32.png) [@Darth\_Panda](https://boards.straightdope.com/u/Darth_Panda)\ **Post date:** [September 9, 2011, 5:55pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/6 "2011-09-09T17:55:58Z")
> [@friedo](#): > > You can, if you are a bank. And not just any old bank. For example, I doubt a sperm bank can get an account there. Although, it does put a new twist on bank of last resort… ---
**Author:** ![obbn](https://avatars.discourse-cdn.com/v4/letter/o/d6d6ee/32.png) [@obbn](https://boards.straightdope.com/u/obbn)\ **Post date:** [September 9, 2011, 5:57pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/7 "2011-09-09T17:57:38Z")
> [@Darth\_Panda](#): > > And not just any old bank. For example, I doubt a sperm bank can get an account there. Although, it does put a new twist on bank of last resort… Hmmmm, the deposits seem like fun, but the withdrawls seem kinda .. well ewwwww:o ---
**Author:** ![Acsenray](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/acsenray/32/4519_2.png) [@Acsenray](https://boards.straightdope.com/u/Acsenray)\ **Post date:** [September 9, 2011, 6:00pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/8 "2011-09-09T18:00:25Z")
> [@robert\_columbia](#): > > Cite? You’re not going to do any of your own legwork then? Tell you what, why don’t you look up the websites of the Federal Reserve System and the Office of the Comptroller of the Currency, and read the Federal Reserve Act of 1913, 12 U.S.C. Chapter 3, and then report back. It’s no more work for you than it is for me. Okay, hell, I’ll go this far – > [@12 U.S.C. § 222](#): > > … Every national bank in any State shall, upon commencing business or within ninety days after admission into the Union of the State in which it is located, become a member bank of the Federal Reserve System by subscribing and paying for stock in the Federal Reserve bank of its district in accordance with the provisions of this chapter and shall thereupon be an insured bank under the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.], and failure to do so shall subject such bank to the penalty provided by section 501a of this title. > [@12 U.S.C. § 342](#): > > Any Federal Reserve bank may receive **from any of its member banks, or other depository institutions, and from the United States** , deposits of current funds in lawful money, national-bank notes, Federal reserve notes, or checks, and drafts, payable upon presentation or other items, and also, for collection, maturing notes and bills; or, solely for purposes of exchange or of collection may receive from other Federal reserve banks deposits of current funds in lawful money, national-bank notes, or checks upon other Federal reserve banks, and checks and drafts, payable upon presentation within its district or other items, and maturing notes and bills payable within its district; or, solely for the purposes of exchange or of collection, may receive from any nonmember bank or trust company or other depository institution deposits of current funds in lawful money, national-bank notes, Federal reserve notes, checks and drafts payable upon presentation or other items, or maturing notes and bills: Provided, Such nonmember bank or trust company or other depository institution maintains with the Federal Reserve bank of its district a balance in such amount as the Board determines taking into account items in transit, services provided by the Federal Reserve bank, and other factors as the Board may deem appropriate … ---
**Author:** ![kayaker](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/kayaker/32/441_2.png) [@kayaker](https://boards.straightdope.com/u/kayaker)\ **Post date:** [September 9, 2011, 6:07pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/9 "2011-09-09T18:07:16Z")
> [@obbn](#): > > Hmmmm, the deposits seem like fun, but the withdrawls seem kinda .. well ewwwww:o And the safe deposit boxes? :eek: ---
**Author:** ![Uncertain](https://avatars.discourse-cdn.com/v4/letter/u/6a8cbe/32.png) [@Uncertain](https://boards.straightdope.com/u/Uncertain)\ **Post date:** [September 9, 2011, 6:19pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/10 "2011-09-09T18:19:02Z")
Sure. You just need to come in with $100. They give you a toaster, and you can pick up a couple of lollipops for the kids. [Not](http://www.newyorkfed.org/aboutthefed/faq.html)! [More direct link.](http://www.frbatlanta.org/fedfaq/search/Dsp_itempopupUFAQNewYork.cfm?ID=0712D5DB-9609-F189-D8938872A61063EC) ---
**Author:** ![NNN99](https://avatars.discourse-cdn.com/v4/letter/n/ac91a4/32.png) [@NNN99](https://boards.straightdope.com/u/NNN99)\ **Post date:** [September 10, 2011, 3:25pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/11 "2011-09-10T15:25:43Z")
In your dreams. The federal reserve is a depository for America gold. Nothing more. ---
**Author:** ![Acsenray](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/acsenray/32/4519_2.png) [@Acsenray](https://boards.straightdope.com/u/Acsenray)\ **Post date:** [September 10, 2011, 3:33pm UTC](https://boards.straightdope.com/t/can-i-get-an-account-at-the-federal-reserve/595741/12 "2011-09-10T15:33:31Z")
Completely false. The Federal Reserve is not there solely or evenn primarily for depositing gold. Holding gold is for supporting its primary missions, which are to stabilize the banking system, facilitate transactions, control the money supply, maintain the international balance of payments, and influence interest rates