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, 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 classic literature ?
As soon as the next moon was full the hunter's wife went to the mill-pond, played on a golden flute, and when she had finished placed it on the bank. Then a rushing sound was heard, and a wave swept the flute off the bank, and soon the head of the hunter appeared and rose up higher and higher till he was half out of the water.
At nine o'clock the bank opened and began to pay the waiting throng; but then, what good did that do Marija, who saw three thousand people before her--enough to take out the last penny of a dozen banks?
To this unfortunate John intrusted a letter with an inclosure of bonds, addressed to the bank manager.
The troop of friends saw it gain the opposite bank; the figures were defined like black shadows on the red-tinted horizon.
I had determined to rob that bank instead of going to bed, and to be back in Melbourne for breakfast if the doctor's mare could do it.
On the following morning (May 26th), as they were all on shore, breakfasting on one of the beautiful banks of the river, they observed two canoes descending along the opposite side.
The majority struggled back to the bank from which they had started.
Grey Beaver had intended camping that night on the far bank of the Mackenzie, for it was in that direction that the hunting lay.
Leaving the bridge, I had only to cross the road beyond, and to enter a plantation on the bank of the river.
If slightest cause for uneasiness about bank, withdraw at once and keep in own rooms Like good chap, "A.
About twelve o'clock we turned out and went along up the bank. The river was coming up pretty fast, and lots of driftwood going by on the rise.
After a time they repassed the Quadling house and the man was still standing on the bank. He cried out to them: