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 ?
The apex bank said that it has revoked the licenses of three more credit institutions in order to clean up the domestic banking sector.
Basically, the definition of a credit institution is made exclusively through its core banking activities [art.
The above representative office is, therefore, not considered to be an authorised credit institution.
establishing the agriculture credit institution, which is supposed to provide
Similar to banks, as a prototype of the credit institution, the electronic money institutions had the juridical form of a joint-stock company and could be constituted and function only on the basis and within the limits of the authorisation issued by the National Bank of Romania, the authority ensuring not only the authorisation, but also the regulations and prudential supervision.
Contract award: services provided by audit firms to implement a control program as part of the inspection of credit institutions by the central bank of cyprus in 2015 for the prevention of money laundering and the financing of terrorism.
This way the state through the national central bank controls the entire legal existence of any credit institution, Romanian legal entity, influencing therefore their behavior.
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.
Kopko, the Company's Chairman and Chief Executive Officer, stated, "First, the Company is delighted to have a major credit institution such as GE Capital as its new lender in a multi-year credit facility.
Lakonian Trust Ltd and Cooperative Bank of Lakonia & Peloponnisos provide credit and economic facilitations to improve social and cultural growth through fourteen Credit Institution Cooperatives and sixteen Coopeartive Banks.
Safety must come from a credit institution authorized in the EU.
It is recommended that most individuals currently negotiating a loan (of any type and currency) with any credit institution seek professional advice.

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