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 ?
On this point, the Department of Trade and Industry, not the SEC, has to decide on the range of interest rates that moneylenders can legally impose on the loans or credit accommodations (e.
Because of that they may not be able to get credit anywhere else so they turn to moneylenders and end up taking out loans at hugely-inflated interest rates.
The villagers are simply at the mercy of the moneylenders.
Our association helps people trapped in such issues and talks with moneylenders, who take into custody their (borrowers') important documents like post-dated and signed blank cheques, ATM cards, CPRs and even passports -- and later blackmail them into paying much more than they owe them," he said.
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.
According to the Irish central bank, the growth in the number of moneylenders in the nation has been 'slight.
If you feel that you have been the victim of an illegal moneylender then here is your chance to be heard.
A welfare officer said private moneylenders in the UAE are loosely referred to as the "blade mafia".
Researchers in 2009 found that moneylenders charged 30% per month in South Africa.
Abu Dhabi, Sep 6(ANI): The Indian couple, who allegedly committed suicide after hanging their daughter in Ras Al Khaimah in the United Arab Emirates could not return to India because the husband had kept the passports of his wife and daughter with a private moneylender as a security guarantee.
Japanese moneylenders including credit card firms have been faced with claims for overcharged interest since a 2006 Supreme Court ruling effectively rejected interest rates beyond a statutory limit even with the consent of borrowers.