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."

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 ?
'an institution or unit thereof that safeguards an organised collection of human biological materials and associated data from different individuals, which are usually kept for an unlimited period of time, for the purposes of health research.' Tissue bank v.
The AATB has been accrediting tissue banks since 1986.
After the tissue bank was shaken by scandals, the Bishop himself had given up on it.
The cardiopulmonary patch, the only nonmusculoskeletal tissue distributed, had been treated with antibiotics by the tissue bank according to protocol and was implanted by a health-care facility in Massachusetts on September 26.
"If someone goes into hospital with colorectal cancer and has the tumour removed in surgery, it goes to the pathologist to check that it has all been removed and then into waste, but we are requesting that it goes to the tissue bank instead," added Dr Steele.
Abcellute Tissue Bank, a subsidiary of Cardiff headquartered Abcellute Holdings, has gained a favourable opinion from a NHS Research Ethics Committee to operate as a Research Tissue Bank under National Research Ethics Service guidelines.
Bangalore, March 28(ANI):Narayana Health City,a hospital in Bangalore,has come-up with a public stem cell bank named the Rotary Narayana Tissue Bank and Stem Cell Research Centre.Stem cells are used in the treatment of diseases like leukaemia, breast cancer,lymphoma,anaemia among others.This stem cell bank is supposed to have three hundred thousand samples,which can be used for the patients in need of the stem cells across the country as well as abroad.
The Tissue Bank at the Rocky Mountain Multiple Sclerosis Center also wrote to say they heard from more than 115 potential donors last summer--9 is the average for that period.
A fledgling Thunder Bay tissue bank is hoping for a fresh start with a leading edge advanced processing technique.
The Musculoskeletal Transplant Foundation is the world's largest tissue bank. Osteotech founded the bank to supply it with tissue in 1987.
The allograft was supplied by Cryolife, a tissue bank in the business of harvesting, preserving, and distributing products derived from human tissue for medical use.
Experts at the country's largest brain tissue bank last night moved to reassure relatives that no organ had been taken without consent.