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 ?
Last year his mum Carol Highton launched a new charity to stop illegal money-lenders.
A money-lender who lives in my street has offered to lend me pounds 1000 so I can pay off the cards.
In 1437, within three years of the advent of the Medici regime, the government of Florence modified the law of 1406 by entering into a contract (a condotta consisting of numerous capitoli, a term that served as a pars pro toto to refer to the contract) with one Abraham Dattill, a Jewish money-lender, inviting him and those he named as his associates to inaugurate their business in Florence and providing for their protection against Prosecution.(5)
The bearded money-lender, known as Captain Bird'sEye, was convicted after we handed evidence of his activities to the authorities.
like a well-heeled money-lender. Gone, it seems, are the days of playing for your country simply for the pride of pulling on the shirt.
He added: "There must be some accountability by the money-lender, they are operating like sharks."
GRASPING loan shark Joseph Gault was jailed for a year yesterday - the toughest sentence yet for an illegal money-lender in Scotland.
The providers of such intimate finances in Pakistan are mostly relatives, friends, neighbors, local money-lenders, village shopkeepers, traders, and commission agents (Bashir and Azeem, 2008).
He expressed the confidence that people would fully cooperate with police and administration in crackdown against such ruthless money-lenders, as he said, it was ugly business based on human and social exploitation and this reminded us of the era of slavery.
These money-lenders have been so-called because of the manner by which they lend: A person borrows P5 over a period of one month, and he must repay the lender P6, which includes the one peso interest.
by REJIMON K/reji@timesofoman.com As the economic crisis bites, needy people are taking loans from money-lenders at exorbitant rates at the expense of their vital documents and landing in debt trap.