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 ?
The hunter's wife did as she was advised, and the first night the moon was full she sat and spun with a golden spinning-wheel, and then left the wheel on the bank. In a few minutes a rushing sound was heard in the waters, and a wave swept the spinning-wheel from the bank.
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.
Then they saw from the other bank the executioner raise both his arms slowly; a moonbeam fell upon the blade of the large sword.
My dear sir, do you expect your bank robber to let you reach for your gun in the place where he knows it's kept?
The soil of this immense region is strongly impregnated with sulphur, copperas, alum, and glauber salts; its various earths impart a deep tinge to the streams which drain it, and these, with the crumbling of the banks along the Missouri, give to the waters of that river much of the coloring matter with which they are clouded.
My first attempt satisfied me that there was no reasonable hope, burdened as I now was, of breasting the strong current running toward the mid-river from either bank. I tried it on one side, and I tried it on the other, and gave it up.
To remove that vile box from the bank, on top of another cab, with no stronger pretext and no further instructions, was not to be thought of for a moment.
The next minute I was a- spinning down stream soft but quick in the shade of the bank. I made two mile and a half, and then struck out a quarter of a mile or more towards the middle of the river, because pretty soon I would be passing the ferry landing, and people might see me and hail me.
Floating around a bend they saw ahead a high bank of water, extending across the entire river, and toward this they were being irresistibly carried.
Though vaguely conscious, he lay without movement while the ice tore by, great cakes of it caroming against the bank, uprooting trees, and gouging out earth by hundreds of tons.
In addition, subscriptions were received at the following banks in the different states of the two continents: At Vienna, with S.
Petrov, the bank director, had twelve thousand; Sventitsky, a company director, had seventeen thousand; Mitin, who had founded a bank, received fifty thousand.