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 ?
99/2006 prohibits that any natural, legal person or entity without legal personality, which is not a credit institution, should be engaged in an activity of receiving deposits or other repayable funds from the public or an activity of attracting and/or managing amounts of money from the contributions of members of groups of people constituted for the purpose of receiving collective funds and granting credits/loans from the funds thus accumulated for the purchase of goods and/or services by their members.
Along with that, the banking activity remained inaccessible to the credit institution category, due to the fact that attracting funds for the purpose of issuing electronic currency is not considered as attracting deposits or other reimbursable funds, if the funds received were immediately changed into electronic money.
In conclusion for any credit institution the successful coverage of the first stage within the authorization process (materialized in attaining the set-up approval) conditions its set-up as legal entity by registering to the Trade Register Office whilst the coverage of the second stage (materialized in attaining the operating permit) conditions only the possibility to perform the activities for which it was authorized by the National Bank of Romania.
Supervision of Greek credit institutions, such as Piraeus, is the responsibility of the Supervision Department of the Bank of Greece.
By contrast, a branch of a credit institution, even if the credit institution is a member of a stock exchange in its home country, is governed by a policy of national treatment.
Central Bank of Cyprus announced Monday that credit institutions are obliged to inform and explain adequately to borrowers experiencing financial difficulties, their rights and obligations during the procedure of management of delays and loan restructuring.
GERRY MURPHY, ombudsman for Credit Institutions, blamed the euro yesterday after revealing that he received a 10 per cent increase in complaints last year.
To attend, registered stockholders must deposit their shares with the secretary of the board of directors, a Mexican credit institution or Mexican securities depositary at least two days prior to the meeting.
Deposits and Guarantees required: The tenderer shall submit with his tender a letter of intent of a credit institution for the assumption of an absolute contract performance and defects liability security with the contents of the tender documents (Annex no.
Deposits and Guarantees required: Within 18 working days after award, the Contractor shall (net) to provide a performance bond or comparable securities in the amount of 5% of the package price fixed by an authorized in the European Community credit institution or credit insurer.
Under the bailout agreement, the Cooperative Central Bank will submit a restructuring plan providing for the merger of the 93 Cooperative Credit Institution currently operating into 18 new cooperatives, while their supervision is transferred from the Cooperative Central Bank to the Central Bank of Cyprus.
According to the decree, all cashless payments or transfers of deposits/funds from a domestic customer to an international customer of a credit institution included in the catalogue of names, or to such a credit institution's own account are considered as cashless payments or transfers of deposits/funds to accounts held abroad and are subject to the provisions of any other decree issued under the Law.

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