Do all banks have to be chartered?

Do all banks have to be chartered? If not, what happens to the one's that aren't?

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I read part of a book that's aged between 1695 and 1995, it mentions non-chartered banks but I don't think they are around anymore because these banks really suffered with legal and money issues. Some banks may have a different type of system now because like I said, it's dated way back then.


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