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 ?
Muzaffar Said while regretting the lustful and greedy attitude of private money-lenders made clear that the Bill has been enacted after receiving enormous public complaints in this regard.
He said desperation at one time had forced him to pledge not only his passport but also those of his wife and daughter to money-lenders.
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.
Last year his mum Carol Highton launched a new charity to stop illegal money-lenders.
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.
He said during his captivity his kidnappers had treated him well and categorically denied his abduction was in any way related to online gambling or debts to money-lenders.
The deficit of income over consumption expenditure is met out by these households by way of taking loans from the local money-lenders as well as by purchasing day to day consumption items on credit basis.
To speak of money-lenders harkens back the stereotype of Shylock, when Jews were forced by Christians to engage in usury.
Aa One illegal worker who is based in Sharjah, recently told 7DAYS: "I owe more than dhs10,000 to the money-lenders.
Whole communities suffer because of the heavy-handed tactics of money-lenders who make irresponsible loans at unfair rates of interest.