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 ?
The essential role played by the bank in the business of credit institutions was materialized by the legislature in a monopoly on the conduct of business.
The average of the small credit institutions capital, calculated according to the new capital requirements provided by the Capital Requirements Directive IV, is much higher than the average of the large credit institutions.
The Bank of Greece also has promulgated regulations for credit institutions on loans to one borrower, a limit on aggregate "large exposures" (amounts equal to 10 percent of regulatory capital), and reserves.
Considering the fact that the draft legislation is aimed towards influencing the dividend policy of credit institutions, which could in turn influence their capitalization, and the fact that the draft legislation does not influence business operators in the financial sector in the same way, the Bank of Estonia believes consulting with the European Central Bank in this case to be justified.
99/2006 on credit institution and capital adequacy; Government Ordinance no.10/2004 on the bankruptcy of the credit institutions.
Investment firms that engage in these activities include firms that are also credit institutions that would be governed by the Second Banking Directive.
The Bank of Russia repeatedly applied supervisory measures against the credit institution, including four impositions of restrictions on household deposit taking.
All cashless payments or transfers of deposits/funds from a domestic customer to an international customer of a credit institution included in the catalogue or to such a credit institution's own account are considered as cashless payments or transfers of deposits/funds to accounts held abroad and are subject to the provisions of any other Decree issued under the Law.
The Governor of the Central Bank of Cyprus, exercising the powers vested in her by section 42 of the Business of Credit Institutions Laws of 1997 to (??.3) of 2018, decided on 29 January 2019 to impose an administrative fine of one hundred thousand euro (100,000), upon the Authorised Credit Institution Societe Generale Bank - Cyprus Ltd, for failure to comply with the provisions of section 18(1)(b) of the Business of Credit Institutions Laws of 1997 to (??.3) of 2018, and paragraph 6(a) of the Central Bank of Cyprus Directive on Governance and Management Arrangements in Credit Institutions of July 2014, in regard with the composition and the functioning of its management body.
Moscow: The Bank of Russia revoked the banking licence from ActiveCapital Bank further referred to as the credit institution.
These include the increase in amount of non-cash payment or money transfer from e1/410,000 to e1/415,000 per month per natural person in each credit institution regardless of the purpose.
By virtue of sections 4 and 5 of the Law, following a recommendation by the Governor and with the consent of the Governor, the following restrictive measures are imposed on credit institutions that are included in the catalogue: (a) All cashless payments or transfers of deposits/funds from a credit institution that is not included in the catalogue to an international customer of a credit institution included in the catalogue or to such a credit institution's own account are considered as cashless payments or transfers of deposits/funds to accounts held abroad and are subject to the provisions of any other Decree issued under the Law.

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