bank


Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Idioms, Encyclopedia, Wikipedia.
Related to bank: Citibank

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 ?
Marija held on like grim death, and toward afternoon she got into the bank and got her money--all in big silver dollars, a handkerchief full.
I run the canoe into a deep dent in the bank that I knowed about; I had to part the willow branches to get in; and when I made fast nobody could a seen the canoe from the outside.
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.
The friar set his fist to his mouth and put the horn to shame by the piercing whistles he blew; whereupon half a hundred great dogs came running and jumping so swiftly that they had reached their bank as soon as Robin Hood's men had reached his side.
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.
He did not carry away more than ten at each plunge, for he was obliged to pull them from the bank to which they adhered by means of their strong byssus.
The papers and clubs were full of the affair, and everywhere people were discussing the probabilities of a successful pursuit; and the Reform Club was especially agitated, several of its members being Bank officials.
On coming near the bank, she jumped lightly on shore and took to flight.
Turning down this stream, they made for Fort Cass, which is situated on the right bank, about three miles below the Bighorn.
Then Achilles, fain to kill him, hurled his spear at Asteropaeus, but failed to hit him and struck the steep bank of the river, driving the spear half its length into the earth.
Altogether they had a wild and gallant appearance, and, taking possession of a point which commanded the river, ranged themselves along the bank as if prepared to dispute their passage.
Then they made berth after berth to the northward, the dories out almost every day, running along the east edge of the Grand Bank in thirty-to forty-fathom water, and fishing steadily.