bank

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Bank

An institution that provides a great variety of financial services. At their most basic, banks hold money on behalf of customers, which is payable to the customer on demand, either by appearing at the bank for a withdrawal or by writing a check to a third party. Banks use the money they hold to finance loans, which they make to businesses and individuals to pay for operations, mortgages, education expenses, and any number of other things. Many banks also perform other services for a fee; for instance they offer certified checks to customers guaranteeing payment to third parties. In some countries they may provide investment and insurance services. With the exception of Islamic banks, they pay interest on deposits and receive interest on their loans. Banks are regulated by the laws and central banks of their home countries; normally they must receive a charter to engage in business. Banks are usually organized as corporations.

bank

a deposit-taking institution which is licensed by the monetary authorities of a country (the BANK OF ENGLAND in the UK) to act as a repository for money deposited by persons, companies and institutions, and which undertakes to repay such deposits either immediately on demand or subject to due notice being given. Banks perform various services for their customers (money transmission, investment advice, etc.) and lend out money deposited with them in the form of loans and overdrafts or use their funds to purchase financial securities, in order to operate at a profit. There are many types of banks, including COMMERCIAL BANKS, MERCHANT BANKS, SAVINGS BANKS and INVESTMENT BANKS. See BANKING SYSTEM, BANK OF ENGLAND, CENTRAL BANK.

bank

a deposit-taking institution that is licensed by the monetary authorities of a country (the BANK OF ENGLAND in the UK) to act as a repository for money deposited by persons, companies and institutions, and which undertakes to repay such deposits either immediately on demand (CURRENT ACCOUNT 2) or subject to due notice being given (DEPOSIT ACCOUNTS). Banks perform various services for their customers (money transmission, investment advice, etc.) and lend out money deposited with them in the form of loans and overdrafts or use their funds to purchase financial securities in order to operate at a profit. There are many types of banks, including COMMERCIAL BANKS, MERCHANT BANKS, SAVINGS BANKS and INVESTMENT BANKS. In recent years many BUILDING SOCIETIES have also established a limited range of banking facilities. See BANKING SYSTEM, CENTRAL BANK, FINANCIAL SYSTEM.

bank

An institution empowered by law to receive deposits, cash checks or drafts, discount commercial paper,make loans,and issue promissory notes payable to the bearer,known as bank notes. American commercial banks fall into two categories:(1) federally chartered and (2) state chartered. Federally chartered banks come under the regulatory and auditing supervision of the United States Comptroller of the Currency.State-chartered banks come under the control of the appropriate state banking authority.Typically the FDIC will audit state-chartered banks and the comptroller's office will audit federally chartered banks.

References in periodicals archive ?
Available is an International Accounting/Distribution bundle (which includes General Ledger, Accounts Receivable, Accounts Payable, Currency Manager, Bank Book, Assets and Depreciation, Inventory Management, Order Entry, Purchase Order, Bill of Material and Production Order Processing).
0 offers more than 100 new features, executive integrated reporting tools and extensive customization capabilities as well as the debut of two new modules, Bank Book and Currency Manager.
PS2,000 sterling had been stolen, 900 euros had been taken, as was his passport, his bank books, his ID card and his wallet.
Let us open our bank books so the people will know who are thieves and who are not,' he said.
Each month, the savings bank books of citizens are increased by 30 million euro.
Left Bank Books is pleased to present author Laura Skandera Trombley as she discusses and signs her book Mark Twain's Other Woman: The Hidden Story of His Final Years.
Thomas, 71, only found out about his windfall after ex-wife Margaret discovered three of his old bank books in the bottom of a drawer and sent them to him.
The money is often held in long-forgotten school savings accounts, or old bank books that come to light when account holders move house or loved ones go into care or die.
The thieves stole cash, bank books and mobile phones from four homes in Middlesbrough.
The small, white tablet with TR/100 and 3m printed on it was inside a sandwich box, which was lost along with some bank books in the West Gate Close area at around 8.
M2 EQUITYBITES-April 24, 2012--US Signature Bank books record net income in Q1 2012(C)2012 M2 COMMUNICATIONS http://www.
BANKING AND CREDIT NEWS-April 24, 2012--US Signature Bank books record net income in Q1 2012(C)2012 M2 COMMUNICATIONS http://www.