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 periodicals archive ?
correspondent banks to reassess their relations with Arab banks, which are consequently re-evaluating their relationships with their customers, said Mohamad Mansour, head of the compliance and AML/CFT unit at Qatar Commercial Bank.
This includes risks associated with the type of the businesses correspondent banks clients are engaged in, as well as the type of the markets the correspondent banking client serves.
Allows Correspondent Banks, Throughout the Globe, To Use Wachovia Cash Management Services
dollars to Y, a bank located in Germany, and both X and Y hold accounts at the same correspondent bank in New York, X may order (typically electronically) the New York correspondent bank to transfer funds from its account to that of Y.
We have a history of providing innovative solutions to correspondent banks operating in other parts of the country," said Mark Keeling, Executive Vice President and COO of The Bankers Bank.
Global Banking News-May 12, 2014--JP Morgan said to be reviewing correspondent bank relationships
Nexity Bank is a correspondent bank service provider based in Birmingham, Alabama.
There are substantial efficiencies and savings to be found in private market correspondent bank services.
The formation of this wealth management subsidiary distinguishes Nexity as the only correspondent bank to offer such services to its community bank clients.
ExtraNet FP-S with a Quad City Bank and Trust Company private label will significantly enhance and expand our correspondent bank service offerings.
1 correspondent bank in Asia in market share, as well as the No.
com is the primary provider of electronic banking services to banker's banks, correspondent bank processors and corporate credit unions.