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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."

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
There is often an overlapping of personae of money-lenders, landlords, employers, produce dealers and traders; and in such situations, it would be possible to tie credit supply to operations in produce and labour markets so that all major economic transactions of the borrower operate in favor of the lender" (Tilakaratna, 1996).
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.
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.
Last year his mum Carol Highton launched a new charity to stop illegal money-lenders.
Worse still, they will have to go to unlicensed money-lenders to get it.
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.
Jesus' concern in the Gospels is with money-changers, not money-lenders. The money-changers converted the coins of the Roman Empire into the currency accepted by the Jerusalem Temple, as money-changers today convert dollars into Euros.