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 classic literature ?
This time the old woman told her to go the next full moon to the mill-pond, and to spin there with a golden spinning- wheel, and then to leave the spinning-wheel on the bank.
Marija made up her mind that, come what might, she would stay there and keep her place; but as nearly all did the same, all through the long, cold night, she got very little closer to the bank for that.
The telegraph was set in motion; and the correspondent of the bank in Edinburgh, for which place it was understood that John had armed himself with extensive credits, was warned to communicate with the police.
Then they saw from the other bank the executioner raise both his arms slowly; a moonbeam fell upon the blade of the large sword.
To increase my chances, the cashier, who also lived in the bank, was away over the holidays, had actually gone down to Melbourne to see us play; and the man who had taken my horse also waited at table; for he and his wife were the only servants, and they slept in a separate building.
On the following morning (May 26th), as they were all on shore, breakfasting on one of the beautiful banks of the river, they observed two canoes descending along the opposite side.
Whining with eagerness, he followed back from the river bank and in among the trees.
It could serve no good purpose to linger until night by the banks of the river.
Yet the solid fact held good - held better than ever - that I had seen his plunder safely planted in my bank.
The next minute I was a- spinning down stream soft but quick in the shade of the bank.
While they waited here, Ojo spied a long broken branch lying upon the bank, so he leaped ashore and got it.
Dragging Elijah to the bank, a rude camp was made, and Daylight started out in search of squirrels.