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 classic literature ?
The wooded banks, with their base-lines of flashing ice, were slipping by.
Sez Counahan: 'Either the lead-line's tuk too stretchin' or else the Bank's sunk.'
He sprang to his feet, rushed up the sloping bank, and plunged into the forest.
The old woman counselled her to go to the mill-pond the next full moon and play upon a golden flute, and then to lay the flute on the bank.
However, one morning Marija took her usual detour, and, to her horror and dismay, saw a crowd of people in front of the bank, filling the avenue solid for half a block.
The soil of this immense region is strongly impregnated with sulphur, copperas, alum, and glauber salts; its various earths impart a deep tinge to the streams which drain it, and these, with the crumbling of the banks along the Missouri, give to the waters of that river much of the coloring matter with which they are clouded.
She did not notice me in the shadow which the trees cast on the bank. She stood with her arms folded in her cloak, looking down at the darkening river.
After a time they repassed the Quadling house and the man was still standing on the bank. He cried out to them:
Rokoff, on the other hand, had used little or no intelligence in his flight along the Ugambi, so that more often than not his craft had drifted in the slow-going eddies, for he habitually hugged the bank farthest from that along which the hideous horde pursued and menaced him.
There was much to be done: his portmanteau to be packed, a credit to be got from the bank where he was a wealthy customer, and certain offices to be transacted for that other bank in which he was an humble clerk; and it chanced, in conformity with human nature, that out of all this business it was the last that came to be neglected.
The boat moved off toward the left-hand shore of the Lys, bearing the guilty woman and the executioner; all the others remained on the right- hand bank, where they fell on their knees.
"The surgeon who fixed me up happened to ask me if I was any relation of Raffles of the National Bank, and the pure luck of it almost took my breath away.