Banks which received government deposits denied to the Bank of the United States were known as "pet" banks.

Question

Quizplus · Accepted Answer

These banks were called "pet" banks because they were state banks selected by the Treasury to receive surplus government funds in 1833, after President Andrew Jackson vetoed the renewal of the charter for the Second Bank of the United States, effectively dispersing federal funds among favored state banks.

Banks Which Received Government Deposits Denied to the Bank of the United