In Franklin Nat. Bank v. New York (1954) 347 U.S. 373, New York passed a law prohibiting all entities other than state-chartered savings banks or savings and loan associations from making " 'use of the word "saving" or "savings" or their equivalent in its banking or financial business, or using any advertisement containing the word "saving" or "savings," or their equivalent ... .' " (Franklin, supra, 347 U.S. at p. 374, fn. 1.) Federal law authorized national banks to receive "'savings deposits.'" (Id. at p. 375.) The appellant violated the state law by using "the word 'saving' and 'savings' in advertising, in signs displayed in the bank, on its deposit and withdrawal slips, and in its annual reports." (Id. at p. 376.) The Supreme Court found a "clear conflict" between New York's law and federal law. (Id. at p. 378.) The Supreme Court held national banks must be permitted to accept savings deposits; further, national banks may not be restricted from describing or advertising its services as savings accounts because this is necessary to compete in the business of accepting deposits in the banking industry. (Ibid.)