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 ?
As reported, Saeima in early June adopted the amendments to the Credit Institutions Law in the final reading.
Nguyen Van Hung, deputy chief inspector of the central bank's Inspection Agency, said M&A is a popular and effective solution to handle weak credit institutions and has many advantages compared with other measures.
Compared to insolvency legislation, "Directive on Banking recovery and resolution" by the specific instruments allow to effectively treat the situation of a credit institution in difficulty with considering the public interest.
In this respect, another natural or legal person that is not an authorized credit institution will not be able to perform a banking activity, i.
In June 27, 2013 Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC and the EU Regulation 575/2013, which are applicable from January 1, 2014, were published in the Official Journal of the European Union Directive 2013/36/UE, considering the access to the credit institutions activity and the prudential supervision of the credit institutions and the investment firms.
As per its financial statements, as of 1 January 2018, the credit institution ranked 469th by assets in the Russian banking system.
According to the Bank of Estonia, focusing on the budget policy goal in the way suggested in the draft legislation could in the future weaken the stability of the financial system and decrease the ability of the credit institutions to fund investments necessary for the economy.
No other natural or legal entity that is not an authorized credit institution shall not be able to perform any banking activity, meaning at the same time to perform activities to attract deposits and other reimbursable funds from the public and to grant credits from their own account.
GERRY MURPHY, ombudsman for Credit Institutions, blamed the euro yesterday after revealing that he received a 10 per cent increase in complaints last year.
The Bank of Greece also requires a credit institution to report on a semiannual basis loans and guarantees by the credit institution to its affiliates or between the credit institution's affiliates.
The credit institution should be in a satisfactory financial condition and bear at least a B3 rating by Moody's and B- by Standard and Poor's and Fitch.
Under this directive, a credit institution could provide services throughout the Community--either through branches or across borders--under home-country control without obtaining an authorization from the host country.

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