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 ?
Last year his mum Carol Highton launched a new charity to stop illegal money-lenders.
the proceeds of which were earmarked for military condotte and the maintenance of castles) -- as well as the obligations owed by various money-lenders (fenerantes) both Christian and Jewish.
GRASPING loan shark Joseph Gault was jailed for a year yesterday - the toughest sentence yet for an illegal money-lender in Scotland.
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.
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.
THE boss of a payday loan giant has been paid nearly PS14million in three years as hard-up Brits turn to money-lenders.
Some are even duped and cornered by employers and money-lenders who withhold passports and slap cases against them.
And after the ruthless money-lenders she had turned to demanded payments with threats, Chambers secretly sold an investment property at North Shields' Royal Quays just days before filing for bankruptcy.
ALLEGED illegal money-lenders have been arrested following a series of raids.
West Yorkshire Trading Standards staff will also be on hand to receive inquiries and give information on illegal money-lenders or 'loan sharks' who, in the current economic climate, prey on people who find themselves in a desperate situation and looking for a quick-fix.