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 ?
Despite the efforts to reduce the level of dollarization in the domestic banking system, Angola will continue to rely heavily on correspondent banks for international transactions.
He disclosed that Lebanese banks are better off than many lenders in the Arab world when it comes to dealing with international correspondent banks.
Local financial institutions need to be transparent for correspondent banks to feel comfortable dealing with them, otherwise local banks risk the closure of their accounts, Baasiri said.
The forum will discuss international legislation, which seeks to adjust the phenomenon of de-risking; international initiatives on the phenomenon of de-risking (the Union of Arab Banks and the International Monetary Fund initiative); applying a risk-based approach in the framework of correspondent banks; monitoring correspondent banks policies on de-risking; and the role of Arab regulatory authorities to reduce de-risking that may affect Arab banks.
FBME's owners go on to criticize financial authorities of "hiding behind the fiction that there are no correspondent banks, while we know there are banks willing to act in this capacity, as we have repeatedly stated.
CBOS explained that stopping of some correspondent banks in Europe and Saudi Arabia to their dealings with the Sudanese banks related to the internal procedures within the framework of the corporate governance in those banks, explaining that this is considered as normal in the banking dealing where it witnesses continuous change through exit of some reporters and entry of others from time to time.
Regions Bank provides direct lending to its correspondent banks in Latin America, helping them finance their customers' import-export needs.
Summary: Some Arab banks are facing difficulties in their relations with American correspondent banks due to the high risks in some countries and growing compliance demands, said Joseph Torbey, president of the Executive Committee of the Union of Arab Banks Thursday.
Summary: At SIBOS 2013, Zoya Malik met Mandeep Ahluwalia, Global Head of Banks at Lloyds Bank to learn about the bank's partnership-building with correspondent banks in the region
Emirates India International Exchange (EIIE), one of UAE's most established exchange houses, recently announced its tie-ups with new correspondent banks in India and the Philippines.
If the Reserve Banks withdraw from the service, depository institution customers would have several reasonable, private-sector options available for processing definitive municipal securities such as through the Depository Trust Company, correspondent banks, or direct presentment to the paying agents.
BANINTER has one of the largest networks of correspondent banks in the United States, Europe, and Central and South America.