Payable-through account
Encyclopedia
A payable-through account (PTA) is a demand deposit account through which banking agencies located in the United States
extend cheque
writing privileges to the customers of other institutions, often foreign banks.
PTA accounts are a concern to bank regulators because the banks or agencies providing the accounts may not subject the end customers to the same level of scrutiny as they would their own customers. These concerns were addressed in Title 3A, especially Section 311(b)(4), of the Patriot Act.
A full explanation from the Federal Deposit Insurance Corporation
is available at: http://www.fdic.gov/news/news/financial/1995/fil9530.html
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
extend cheque
Cheque
A cheque is a document/instrument See the negotiable cow—itself a fictional story—for discussions of cheques written on unusual surfaces. that orders a payment of money from a bank account...
writing privileges to the customers of other institutions, often foreign banks.
PTA accounts are a concern to bank regulators because the banks or agencies providing the accounts may not subject the end customers to the same level of scrutiny as they would their own customers. These concerns were addressed in Title 3A, especially Section 311(b)(4), of the Patriot Act.
A full explanation from the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
is available at: http://www.fdic.gov/news/news/financial/1995/fil9530.html