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 BSP has so far allowed 12 foreign banks to open branches in the Philippines since former president Benigno Simeon Aquino III signed Republic Act 10641 or An Act Allowing the Full Entry of Foreign Banks in July 2014 which removed the limit in the number of foreign banks that can enter the country.
"(It's) an opportune time because the foreign banks can be vehicles for FDI into the Philippines at a time when we have attained investment grade rating while also preparing further for regional integration."
Furthermore, like the old law, the foreign bank must be "widelyowned and publicly listed in its country of origin, unless the foreign bank applicant is owned and controlled by the government of its country of origin."
Some of the foreign banks that have closed down their offshore banking operations in the Philippines include ABN-AMRO Bank NV and JP Morgan International Finance Ltd.
Four firms out of eight consulting subsidiaries in Myanmar had submitted Requests For Proposal (RFPs) to provide consultation services for the selection of foreign banks. The RFPs were invited as the CBM is moving forward with the liberalization process.
The apex bank is said to be considering the stricter rules in order to remove a loophole that has reportedly allowed foreign banks to hide assets from the toughest US bank rules, Reuters said.
The bench was apprised by the SBP Governor that there were several impediments to the tracing of foreign bank account due to defective laws and international treaties.
The central bank in another report said that foreign bank applications to locate in the country "shows that the Philippines remains one of the top investment destinations of foreign banks."
The Bangko Sentral ng Pilipinas has further eased foreign exchange rules to facilitate transactions of foreign banks that established presence in the country.
Permitting foreign banks to open branches is done all over the world and offers competition in the market place whose beneficiary is the consumer, he told state news agency KUNA, noting that such competition leads to cost reduction and increased business which add to Kuwait's keenness on becoming a regional financial and economic power house.
From 2006 to 2010 the average gap between liabilities and financial assets held by foreign bank offices in the U.S.
The Fund said the decision for confiscation was taken in line with the UN resolutions 1970 and 1973, and that the shares of the Libyan Foreign Bank would remain under the fund's control for as long as the UN resolutions stood in effect.

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