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 ?
Dragging Elijah to the bank, a rude camp was made, and Daylight started out in search of squirrels.
The "We're Here", under jib and riding-sail, gave her no more room than was absolutely necessary, - Disko did not wish to spend a week hunting for his cable, - but scuttled up into the wind as the Carrie passed within easy hail, a silent and angry boat, at the mercy of a raking broadside of Bank chaff.
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 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.
The band of warriors who lined the banks above stood looking down in silent groups and clusters, some ostentatiously equipped and decorated, others entirely naked but fantastically painted, and all variously armed.
I ran headlong down the bank. She sank again, in the moment when I stopped to throw aside my hat and coat and to kick off my shoes.
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.
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.
On coming near the bank, she jumped lightly on shore and took to flight.
'Well,' thought I, 'these Colonials do take the cake for hospitality!' And, still marvelling, I let him lead me into the private part of the bank.
But, though the bank was almost always with him, and though the coach (in a confused way, like the presence of pain under an opiate) was always with him, there was another current of impression that never ceased to run, all through the night.
Early in the morning of the twelfth of June he came out of his tent, which was pitched that day on the steep left bank of the Niemen, and looked through a spyglass at the streams of his troops pouring out of the Vilkavisski forest and flowing over the three bridges thrown across the river.