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 ?
TRAGIC: He said Mr Shields received at least two phone messages from the money-lender the night before he died.
Charalambous said it was only logical for money-lenders to want their money back, but on the other hand this habit often led to "other very serious crimes".
The second major source of loan is village money-lenders which constitutes 29.35 and 22.62 per cent among the landless households and on marginal size of holdings respectively.
'At Christmas, those who have little cash have nowhere to turn and illegal money-lenders are always happy to step in.
In this ocean of debt, individuals, businesses and governments tend to be hard up and unable to pay for all the goods and services that are needed - hence unemployment, and much needed real wealth is not created; but money-lenders always do all right.
(the proceeds of which were earmarked for military condotte and the maintenance of castles) -- as well as the obligations owed by various money-lenders (fenerantes) both Christian and Jewish.
Inviting Jewish money-lenders into the city had been under consideration for some time.
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."
"These residents will be forced deeper into the clutches of loan sharks and `legal' money-lenders who charge extortionate rates."
And their parents could be driven into the hands of money-lenders by the natural desire to fill their stockings.
FALLING into the clutches of vicious money-lenders is trouble enough.
When an attempt is made to set up a credit union on his estate to beat the rogue money-lenders, he helps to get it off the ground.