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 cell bank was produced at the company's state of the art GMP manufacturing facility located in Oceanside, Calif.
Jurisdictional uncertainties in the regulatory interface between the HFEA, the UK Stem Cell Bank and beyond" (2007) 27 Legal Studies 511 at 521.
A medical school spokesman said closing the stem cell bank is expected to eliminate about nine jobs.
Patrick's meeting with Glyn Stacey, director of the UK Stem Cell Bank at the National Institute for Biological Standards and Control in Hertfordshire, England.
Developed in partnership with and backed by the Massachusetts Life Sciences Center, the Human Stem Cell Bank provides the biomedical research community with expertly derived and maintained human embryonic stem cell lines for fundamental biological investigation and therapeutic applications.
The bank will ensure that researchers can explore the enormous potential of this exciting science for the future benefit of patients," said Professor Colin Blakemore, chief executive of the UK's Medical Research Council, one of the 2 government agencies funding the stem cell bank.
The bank will serve the entire United States and will be operated out of Dallas by BioLife Cell Bank, LLC, utilizing the StemSource[R] Cell Bank equipment from Cytori Therapeutics.
Sentien has engaged PCT for manufacture of the final formulation of its cell therapy product and intends to transfer and implement Sentien's master cell bank, product working cell bank and product manufacturing processes to PCT.
WORCESTER - The East China Stem Cell Bank at Tongji University in Shanghai has agreed to collaborate and share stem cells with the Massachusetts Human Stem Cell Bank and International Stem Cell Registry at the University of Massachusetts Medical School.
Summary: Narayana Health City,a hospital in Bangalore,has come-up with a public stem cell bank named the Rotary Narayana Tissue Bank and Stem Cell Research Centre.
Burnaby, British Columbia announced it is planning an initial public offering this month with a goal of raising $4 million to become the first publicly traded cord blood stem cell bank in Canada, and the 2nd in North America.
AssureImmune LLC (AI), the premier family stem cell bank in the United States, today announced their merger with Banco de Cordon Umbilical (BCU), the largest cord blood bank in Latin America.