What does BANQ stand for?
What does BANQ mean? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: BANQ.
We've found a total of 1 definition for BANQ:
What does BANQ mean?
- Banq is an intentionally erroneous spelling of the word bank, but pronounced the same way. It has been adopted by companies which are not banks but wish to appear as such, and satisfy legal restrictions on the usage of the word bank. In the United States, the commerce departments of state governments generally prohibit or restrict the use of certain words in the names of corporations unless those corporations are legitimate chartered banks. For example, words prohibited by the state of Louisiana include bank, banker, banking, savings, safe deposit, trust, trustee, and credit union. The evasive nature of the word does not necessarily indicate that an imposter is attempting to fraudulently impersonate a bank. One notable example is a company called Cachet Banq Inc., an ACH processing service that performs automated banking transactions for payroll processing. The company does not claim to offer any banking services, such as deposits or loans, and would only be able to legally include the word "bank" in its name in its home state of California with the approval of the California Department of Financial Institutions.