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 Bangko Sentral ng Pilipinas has further eased foreign exchange rules to facilitate transactions of foreign banks that established presence in the country.
10641 or "An Act Allowing the Full Entry of Foreign Banks in the Philippines," which amended the old RA No.
The CBK governor added that foreign banks, opening representative offices, will have these offices under the monitoring eye of the Central Bank.
In 2008 foreign bank offices increased their asset and liability holdings by 35 percent.
Taipei, July 12, 2012(CENS)--Eight out of 29 foreign banks operating branches in Taiwan suffered combined losses of NT$760 million (US$ 25.
BANGALORE -- The number of employees working with foreign banks in India has been shrinking over the last few years.
The Turkish fund said A&T Bank director general and all board members representing the Libyan Foreign Bank at the A&T were removed from office and they were replaced managers appointed by the fund.
As the first foreign bank to penetrate the Abu Dhabi market, this further underscores our commitment to offering customers new and innovative services that meet their varied needs.
If certificates of precious metals are transferred to a foreign bank to be held in a safe deposit box there, the box appears to be classified as a "foreign account" and requires reporting, because it is in the bank's custody, rather than the certificate owner's.
01% between two foreign banks for some 15 billion yen in unsecured yen loans to be extended on Monday, they said.
6) From January 1999, foreign bank licenses for operation and branching are granted based on the same set of criteria that are used for domestic private banks.
5 percent of the country's total, and the number of foreign bank branches represents about 1.

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