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 ?
The private moneylenders have to renew theregistration certificateannually with RMA.
In fact, it is doubtful if those moneylenders will change the manner they do business or lower the interest rates they impose on their loans simply because they registered their business with the SEC.
The villagers are simply at the mercy of the moneylenders.
"It is unfortunate that moneylenders often belong to a higher level of society and have a good reputation among social activists and associations.
High interest rates, ranging between 24 and 50 per cent, by moneylenders are also a factor that puts intense pressure on the farmers.
Jesus entered the Temple of God and overthrew the tables of the moneylenders, saying: "My house shall be called the house of prayer, but ye have made it a den of thieves." (Mathew 21: 12-13).
Perhaps, not surprisingly, these are the very people who can fall prey to moneylenders who might initially seem to be the answer to a pressing financial problem but can, in reality, lead to even bigger problems.
An XPRESS investigation has revealed that financially constrained residents are quick to turn to private moneylenders who run a parallel banking system almost, only to be caught between the devil and the deep sea.
Strangely, microfinance seems to have no effect whatsoever on moneylenders. The poor in undeveloped nations still go to moneylenders even when MFIs are available.
"We had hopes in his words that he would pay the moneylenders money, get their passports and send them home.
Japan's major consumer loan companies plan to stop lending to housewives and male homemakers without their own income in line with the scheduled full implementation after June of tighter lending rules on moneylenders, sources close to the matter said Saturday.