bank

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Related to Credit institutions: credit bureau, Credit report

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 ?
Related to the credit institutions the regulation ensured by the central bank is practically influenced by behavior.
The Bank of Greece also may impose fines and other sanctions on credit institutions and their legal representatives and managers for violations of banking statutes and regulations.
The Bulletin presents lists of credit institutions complying with the requirements set forth by Russian Government resolutions as of 1 November 2017.
Given the challenge that the implementation of such an ambitious restructuring plan represents, it is encouraging that the authorities have started to implement its first key steps, such as the merger among the cooperative credit institutions.
CBC also notes that it is very important, for the borrower, once approached by a credit institution, to provide all necessary information requested.
If it determines that EC credit institutions in a third country "do not receive national treatment offering the same competitive opportunities as are available to domestic credit institutions and that the conditions of effective market access are not fulfilled," the Commission may initiate negotiations with the third country to achieve such treatment.
4481-U, dated 7 August 2017, 'On the Rules and Timeframe for Parent Credit Institutions of Banking Groups to Disclose Information on Risks Assumed, Risk Assessment Procedures, Risk and Capital Management Procedures and on Financial Instruments Included in the Calculation of a Banking Group's Equity Capital' (becomes effective from 1 January 2018; officially posted on the Bank of Russia website on 7 November 2017);
he number of credit institutions headquartered in the EU slightly decreased from 3,167 in December 2016 to 3,154 in March 2017.
The apex bank said that it has revoked the licenses of three more credit institutions in order to clean up the domestic banking sector.
Central Bank of Cyprus has issued a directive imposing stricter loan origination criteria both in the commercial banks and the cooperative credit institutions.
From September 9, 2013, credit institutions should follow the provisions of the new Directive for 'Managing Delinquencies' and relevant 'Code of Conduct'.
A total of 190 credit institutions have expressed interest in entering the Bulgarian market, according to the 24 Chasa daily; 18 of them, including 16 banks, have already notified the BNB that they want to operate in Bulgaria.