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 ?
Vejonis returned the controversial amendments to the Credit Institutions Law back to the parliament for revision, pointing at concerns about the true goal of the amendments.
European Banking Union has set new rules on monetary market especially for credit institutions and for financial banking groups in general.
The essential feature of the bank deposit is the right of the credit institution to dispose of the amount entrusted to it.
The Capital Requirements Directive/ Capital Requirements Regulation IV package is the legal framework regulating the activity of the prudential supervisory framework and the prudential requirements for the credit institutions and the investment firms in the EU Member States.
Muller also said that it is not clear for the central bank why the government is planning to impose the new tax system only on credit institutions, but not the whole financial sector.
According to the law the attainment of the approval for setup does not guarantee the attainment of the operating permit, but only indicates the permission given to the shareholders/members to proceed to the set-up of the credit institution according to the legal provisions and in accordance with the methods provided in the documentation submitted to the National Bank of Romania.
The Bank of Greece has statutory authority to terminate the operating license of a credit institution for, among other things, maintaining insufficient capital, impeding supervision by any means, or violating legal provisions, decisions, or regulations set out by the banking supervisory authorities.
18 February 2010 - Russian state-run Vnesheconombank (VEB) has started soliciting bids from credit institutions for the foundation of Postal Bank, it said on Wednesday.
Wheras a credit institution is defined separately from the activities in which it is allowed to engage, an investment firm is defined as a firm that engages in any of the activities listed in the directive.
deposits and guarantees required: Security for performance of the contract in the amount of eur 50 000 guaranteed by a credit institution or credit insurer provided that the credit institution or credit insurer in the european community, One of the contracting parties to the agreement on the european economic area or one of the contracting parties to the wto public procurement is allowed.
4482-U, dated 7 August 2017, 'On the Form and Procedure for a Credit Institution (Parent Credit Institution of a Banking Group) to Disclose Information on Risks Assumed, Risk Assessment Procedures and Risk and Capital Management Procedures'.
Moscow-based Trade Construction Bank, Buzulukbank, located in the Orenburg Region in the south Urals and the non-bank credit institution, First Land Settlement Centre, based in Kursk, have lost their licenses.

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