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 ?
Riba has cautioned that interest caused reduction in money whereas charities naturally increased its bulk and also that interest- seeking money-lenders were in fact indulged in a direct war against Allah Almighty.
He said desperation at one time had forced him to pledge not only his passport but also those of his wife and daughter to money-lenders. "The interest on the loans I had taken only grew by the day and I had no way of repaying them as I was jobless and did not have a visa for 10 years.
The source-wise amount and percentage of loans taken by the households falling on different holding groups have been presented in Table-3 which clearly indicates that the main sources of borrowings are: banks, co-operative societies, Government schemes under the Poverty Alleviation Programmes, village money-lenders, friends and relatives.
Otherwise, they had to turn to local money-lenders who charged high interest rates.
The trouble is, the monetary system is daft, and the world has become a money-lenders paradise.
Brian "The judge said it was 'deliberate, blatant, systematic and sustained intimidation'." Mr Twigg added: "In the current climate more has to be done to protect vulnerable people from evil money-lenders."
Worse still, they will have to go to unlicensed money-lenders to get it.
And they have more than 30 other illegal money-lenders all over Scotland in their sights in the run-up to Christmas.
And their parents could be driven into the hands of money-lenders by the natural desire to fill their stockings.
"These residents will be forced deeper into the clutches of loan sharks and `legal' money-lenders who charge extortionate rates."