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 periodicals archive ?
"He told officers he had found the bank books on Grainger Street and he thought it was an easy way to make money quickly.
"Adam was playing with the bank book when I suddenly heard him coughing and crying, and I realised something was wrong.
The bank was The Coventry Savings Bank, 69 Hertford Street, Coventry, although on the back of the bank book it asks for all letters to be addressed to The Actuary Savings Bank, Coventry.
Police say it is not clear exactly what was taken, but they believe a bank book, a pension book, and house keys were stolen.
After they left, the widower checked his bank book and found the cash was missing.
During 1H2019 the Bank booked provisional expense of Rs239 million as against a reversal of Rs402 million.
Paisley Sheriff Court heard Graham, who has an appalling record of previous convictions, made off with sterling, euros, an iPad, passport, wallet, an Italian ID card, and bank books in the householder's name.
During the third quarter, the Swiss National Bank booked a profit of CHF16.2bn.
Anas printed on both sides in sheets size chart,blood bank books and compatibilitytransfusion in 901 letter size listed in front of both sides,books blood bank donors in letter size sided,books blood bank result inmuhematologico and serological letter size single-sided,checkbook daily consolidated 100 sheets x 40,101 service listed hereinafter in white bond paper sheet 60 grams printed on one side etc.
RBI's CEO Karl Sevelda said in an interview with Wirtschaftsblatt the bank booked a loss of EUR 83 million (USD 112.3m) in Hungary for the first half of the year.
Gains on the sale of investments and Sukuk notably jumped from BHD 2.8 million to BHD 10.9 million and the bank booked a net gain on available-for-sale investments of BHD 1 million compared with a loss of BHD 5.3 million a year ago.
30 April 2012 - Dubai Islamic Bank booked a net profit of AED245m (USD66.7m/EUR50.4m) in the first three months of the year, up 11% from the AED222m recorded in the same period in 2011, the Dubai-based lender said on Sunday.