The United States Congress granted all thrifts in 1980, including savings and loan associations, the power to make consumer and commercial loans and to issue transaction accounts.
This includes deposit taking, transaction accounts, credit cards, mortgages, and other lending.
The concept usually involves a type of loan that allows the borrower to use the loan as their day-to-day transaction account.
IMB offers home loans, personal loans, savings and transaction accounts, term deposits, business banking, financial planning and a range of insurance products.
The CCA is designed to both be the source of funds for stock trading and also an everyday transaction account, with a linked debit MasterCard.
A depository institution's reserve requirements vary by the dollar amount of net transaction accounts held at that institution.
"Many times, a transaction account is the best," acknowledged Debra Jorgensen, a financial analyst and adviser in the San Francisco office of Merrill Lynch.
This is because transaction accounts will have more frequent drawing of funds (hence the need for a reserve).
Now, Mr. Sandler said, the company is studying the possibility of offering traditional checking and other transaction accounts.
Westamerica is a community bank with a focus on transaction accounts and personal service.