bank

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bank

n. 1) an officially chartered institution empowered to receive deposits, make loans, and provide checking and savings account services, all at a profit. In the United States banks must be organized under strict requirements by either the Federal or a state government. Banks receive funds for loans from the Federal Reserve System provided they meet safe standards of operation and have sufficient financial reserves. Bank accounts are insured up to $100,000 per account by the Federal Deposit Insurance Corporation. Most banks are so-called "commercial" banks with broad powers. In the east and midwest there are some "savings" banks which are basically mutual banks owned by the depositors, concentrate on savings accounts, and place their funds in such safe investments as government bonds. Savings and Loan Associations have been allowed to perform some banking services under so-called deregulation in 1981, but are not full-service commercial banks and lack strict regulation. Mortgage loan brokers, and thrift institutions (often industrial loan companies) are not banks and do not have insurance and governmental control. Severe losses to customers of these institutions have occurred in times of economic contraction or due to insider profiteering or outright fraud. Credit Unions are not banks, but are fairly safe since they are operated by the members of the industry, union or profession of the depositors and borrowers. 2) a group of judges sitting together as an appeals court, referred to as "in bank" or "en banc."

bank

noun bursary, cash box, coffer, depository, monntary reservoir, money box, pecuniary resource, promptuary, public treasury, repository, reserve, safe, safe-deposit vault, storehouse, strongroom, till, vault
Associated concepts: bank account, bank bill, bank certificate, bank check, bank collections, bank deposit, bank draft, bank examiner, bank money order, bank note, bank of deposit, bank of issue, bank robber, bank stock, bank transaction, bank withdrawal, bankbook, banker's acceptance, banker's lien, banking hours, banking powers, banking privileges, commercial bank, savings bank
See also: border, coffer, deposit, edge, fund, garner, hoard, keep, margin, pool, repository, reserve, shelter, store, treasury

BANK, com. law. 1. A place for the deposit of money. 2. An institution, generally incorporated, authorized to receive deposits of money, to lend money, and to issue promissory notes, usually known by the name of bank notes. 3. Banks are said to be of three kinds, viz : of deposit, of discount, and of circulation; they generally perform all these operations. Vide Metc. & Perk. Dig. Banks and Banking.

References in classic literature ?
At that moment the father came out of the hole in the bank.
They began at the water- mark and proceeded in the bank some distance, which we understood by their making the water muddy with the clay; and we immediately proceeded to disappoint their design, by cutting a trench across their subterranean passage.
The boys assembled at the schoolhouse, and strolled idly about the banks of the brook; but no schoolmaster.
The witch counselled her to go to the pond the first time there was a full moon, and to comb her black hair with a golden comb, and then to place the comb on the bank.
Presently the willows parted on the other bank, and Robin could hardly forebear laughing out right.
The banks of the river were in many places precipitous with strata of bituminous coal.
As when fish fly scared before a huge dolphin, and fill every nook and corner of some fair haven--for he is sure to eat all he can catch--even so did the Trojans cower under the banks of the mighty river, and when Achilles' arms grew weary with killing them, he drew twelve youths alive out of the water, to sacrifice in revenge for Patroclus son of Menoetius.
On the following morning (May 26th), as they were all on shore, breakfasting on one of the beautiful banks of the river, they observed two canoes descending along the opposite side.
Thin they wint back, an' it cost 'em two an' thirty days to beat to the Banks again.
The sentinels, facing the banks of the stream, might have been statues to adorn the bridge.
We have just explained that, in the fifteenth century, this ship was anchored to the two banks of the river by five bridges.
Onward they walked with song and jest and laughter till noontide was passed, when at last they came to the banks of a wide, glassy, and lily-padded stream.