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 ?
In addition, moneylenders make it a point to collect all possible information about the borrower which is where many potential defaulters get trapped.
88 million taka (US$41,528) in interest:free loans to help keep 193 acres of mortgaged lands from moneylenders.
Another woman was desperate when a moneylender threatened to make her homeless because she was in debt and had no job.
Experts say micro-credit is weaning many women away from unproductive activity like jewellery pawning and from moneylenders.
on Monday asked the telecom ministry for permission to revise mobile phone contractual formats to keep black-market moneylenders from sending intimidating telegrams via cell phones to people who took out loans at exorbitant interest rates, the companies said.
Nearly a quarter involved high interest credit companies using weekly collections, and unlicensed moneylenders featured.
Advertising from moneylenders is aimed at seducing - or creating - credit junkies.
Yet people short on money often neglect the advice of the professional scolds and instead turn to the damnable moneylenders.
Now we have figures to demonstrate that our fears are valid, we are determined to do all we can to protect consumers from illegal moneylenders.
The nonbank law obligates moneylenders to provide contract papers.
Owners of ready money - an example is again provided by the Arnaldi - could sometimes act as moneylenders, but these loans were usually disguised as sales of land.
A beauty contest it isn't, but there are personal characteristics that moneylenders do find attractive