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 ?
The old woman counselled her to go to the mill-pond the next full moon and play upon a golden flute, and then to lay the flute on the bank.
It was too early yet to tell anything-- the bank would not open for nearly three hours.
I had determined to rob that bank instead of going to bed, and to be back in Melbourne for breakfast if the doctor's mare could do it.
The soil of this immense region is strongly impregnated with sulphur, copperas, alum, and glauber salts; its various earths impart a deep tinge to the streams which drain it, and these, with the crumbling of the banks along the Missouri, give to the waters of that river much of the coloring matter with which they are clouded.
Leaving the bridge, I had only to cross the road beyond, and to enter a plantation on the bank of the river.
After a time they repassed the Quadling house and the man was still standing on the bank.
The wooded banks, with their base-lines of flashing ice, were slipping by.
Then they made berth after berth to the northward, the dories out almost every day, running along the east edge of the Grand Bank in thirty-to forty-fathom water, and fishing steadily.
He sprang to his feet, rushed up the sloping bank, and plunged into the forest.
To this unfortunate John intrusted a letter with an inclosure of bonds, addressed to the bank manager.
The boat moved off toward the left-hand shore of the Lys, bearing the guilty woman and the executioner; all the others remained on the right- hand bank, where they fell on their knees.
Dig--dig--dig--until an impatient movement from one of the two passengers would admonish him to pull up the window, draw his arm securely through the leathern strap, and speculate upon the two slumbering forms, until his mind lost its hold of them, and they again slid away into the bank and the grave.