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 ?
The provision does not take into consideration that there are international banks operating in Cyprus, which trade extensively with their parent credit institutions and other banks abroad.
In performing them, credit institutions have the duty to comply with the legal regime established individually, usually by special laws and only exceptionally by G.
Credit institutions have been instructed to review bad debt and prepare plans to sell it to a debt trading firm this year.
The European Commission has found recapitalisation and restructuring aid measures in favour of the Cooperatives Credit Institutions and their central body, the Cooperative Central Bank Ltd.
Thus, although the electronic money institutions were credit institutions, the activities that they were allowed to carry out were different from those permitted to banks.
The Board previously determined that three French credit institutions were subject to comprehensive consolidated supervision by the French Commission Bancaire.
Contract award: services provided by audit firms to implement a control program as part of the inspection of credit institutions by the central bank of cyprus in 2015 for the prevention of money laundering and the financing of terrorism.
A They provide that all non-bank credit institutions who give loans to private citizens, must be joint stock companies and have a starting capital of at least BGN 1 a of clear origin.
New management teams are in the process of being appointed, both at central and at credit institutions level.
A chain of decisions related to the restructuring of the nationalised Co-operative Credit Institutions (Co-ops), as expected from a roadmap in accordance with an international bailout, will start to be implemented from Monday, according to press reports.
The pattern mentioned previously was followed also at the construction of the present Romanian banking system, this allowing the identification of both the pluri-institutional level represented by the category of credit institutions, Romanian legal entities, and the mono-institutional level at which the National Bank of Romania is situated.
As of end-March, credit institutions reported good financial parameters while preserving their previously formed reserves," BNB said.

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