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 ?
There can be no one-size-fits-all interest rate for this type of moneylenders.
A lot of people who borrow at Christmas, be it through cash loans from moneylenders or vouchers for catalogues, spend the next 12 months paying it off.
Twenty percent of the catch is given as interest and the rest is sold to the moneylender for the price he fixes.
Meanwhile, Indian Embassy first secretary Ram Singh said diplomats would raise awareness of the dangers of illegal moneylenders during meetings with low-paid workers.
High interest rates by moneylenders also cited as a reason behind suicides
Now we learn moneylenders have returned as the Church of England invests in Wonga.
In 2007, there were 300,000 customers of licensed moneylenders in the Irish market.
In an unwritten rule almost, the moneylenders withhold passports, alongside guarantee cheques, to disburse personal loans among desperate residents.
In order to test the idea that moneylenders are not usurious, several things need to be done.
Sreeja's father, Varanamkudath Omanakkuttan said the moneylender who was also an Indian, had visited him in Kerala twice a few months ago and complained that his son-in-law did not return 1.
Realizing how common this situation was in rural Bangladesh, Yunus launched a pilot project that allowed people like Begum to break out of their bond with moneylenders, poverty and debt.
For many years, tribal Garo people fought alone to keep their mortgaged ancestral lands from being given up to moneylenders.