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 ?
Adam was playing with the bank book when I suddenly heard him coughing and crying, and I realised something was wrong.
When John took his bank book into a Post Office, he was told it had to be posted to National Savings in Glasgow.
0 Progression Series featuring General Ledger, Accounts Receivable, Accounts Payable, System Manager, and two new modules, Bank Book and Currency Manager.
AN old bank book (left) has posed something of a puzzle for Richard and Sandra Lakin, of Gleneagles Road, Walsgrave.
The accounting modules are: General Ledger, Accounts Receivable, Accounts Payable, Currency Manager, Bank Book and the WindowsPlus System Manager.
THREE children, aged from eight to 10, snatched a bank book and a pension book after telling an 88-year-old woman they were looking for a football.
Also available is an Accounting/Distribution bundle (which includes a Windows System Manager, General Ledger, Accounts Receivable, Accounts Payable, Payroll, Bank Book and Assets and Depreciation) priced at $13,400.
A parked car at the Budbrooke Road Industrial Estate, Warwick, was targeted by thieves last night and sunglasses, perfume and a bank book were taken.
0 General Ledger, Accounts Receivable, Accounts Payable, Bank Book and Currency Manager modules were reviewed in the First Impressions section of the September 1995 issue.
The new release consists of two new modules, General Ledger- Standard Edition and Bank Book, as well as a wide range of new features such as E-mail distribution and support for Btrieve 6.
CONMEN got into a widower's home in Stretton-on-Dunsmore and stole pounds 300 in cash from his bank book.
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