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 classic literature ?
The old woman counselled her to go to the mill-pond the next full moon and play upon a golden flute, and then to lay the flute on the bank.
And he gained his own bank without more ado, while Robin thrashed and spluttered about until he made shift to grasp a willow wand and thus haul himself ashore on the other side.
On the third morning they descried some persons at a distance on the river bank.
He burned the elms the willows and the tamarisks, the lotus also, with the rushes and marshy herbage that grew abundantly by the banks of the river.
The soil of this immense region is strongly impregnated with sulphur, copperas, alum, and glauber salts; its various earths impart a deep tinge to the streams which drain it, and these, with the crumbling of the banks along the Missouri, give to the waters of that river much of the coloring matter with which they are clouded.
Then they made berth after berth to the northward, the dories out almost every day, running along the east edge of the Grand Bank in thirty-to forty-fathom water, and fishing steadily.
By diving I could evade the bullets and, swimming vigorously, reach the bank, take to the woods and get away home.
Paris remained for many centuries in its island state, with two bridges, one on the north, the other on the south; and two bridge heads, which were at the same time its gates and its fortresses,--the Grand-Châtelet on the right bank, the Petit-Châtelet on the left.
So saying, he came softly to the river bank and laying him down upon the grass, peered over the edge and down below.
The great darkness had the usual effect of taking away all desire for communication by making their words sound thin and small; and, after walking round the deck three or four times, they clustered together, yawning deeply, and looking at the same spot of deep gloom on the banks.
The banks of the river grew lower, too, permitting them to see more of the country, and presently they discovered yellow buttercups and dandelions growing amongst the grass, from which evidence they knew they had reached the Winkie Country.
Huge cakes of ice were squeezed out till they popped into the air like melon seeds squeezed from between the thumb and forefinger of a child, while all along the banks a wall of ice was forced up.