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 ?
In order to approve an application by a foreign bank to establish a representative office in the United States, the IBA and Regulation K require the Board to determine that the foreign bank applicant engages directly in the business of banking outside the United States and has furnished to the Board the information it needs to assess the application adequately.
In all the data on foreign bank offices we've observed thus far there is a dramatic shift during the U.
Present in the market for over 30 years, Barclays is in the company of a number of contenders of foreign banks vying to enter the lucrative property development mortgage financing market.
Q: A foreign asset-protection trust owns a foreign corporation that has a foreign bank account.
Foreign banks set credit lines for their surplus funds to be deposited in accounts at the BOJ, which carry a zero interest rate, and those to be extended to Japanese banks.
This may be the result of past policies of sometimes discouraging foreign bank entry and discouraging foreign banks f rom moving into a wide range of banking markets.
Among the awards for excellency granted every year by Euromoney, which are being presented today in London, Banco Santander Central Hispano has received as well the award for Most Improved Bank in 2000, Best Bank in Spain, Best Foreign Bank in Portugal and seven awards in Latin America.
Table on top foreign banks according to pretax profit shows that ANZ Grindlays again took the top slot in 1997 with pretax profit at Rs.
Summary: Libya has set regulations for its commercial banks to seek "strategic partnerships" with foreign banks, capping at 49 percent the stakes foreign investors can own.
Under the IBA and Regulation K, in acting on an application by a foreign bank to establish a representative office, the Board must consider whether the foreign bank (1) engages directly in the business of banking outside of the United States, (2) has furnished to the Board the information it needs to assess the application adequately, and (3) is subject to comprehensive supervision on a consolidated basis by its home country supervisor (12 U.
persons who own interests in foreign bank accounts.
The Banking Group focuses its resources on servicing Florida chartered banks, national banks and foreign bank holding companies, Edge Act corporations, international bank agencies and representative offices of foreign banks in the United States.

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