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 ?
Blaming nepotism and lack of professionalism for the dismal state of the banking system, deputy head of the National Bank of Tajikistan (NBT), Sirojiddin Ikromi, said, 'wrong arrangement of principles of corporate governance, providing large loans to acquaintances, mixing by heads of ending agencies of personal business and banking activity as well as lack of a single standard of evaluation of the pledged property hamper stable activity of the country's banking system.
No one recognized the Shariah based banking system till the 1970s.
The BSI is a measure of intrinsic banking system quality or strength, derived from Fitch's long-standing Individual Ratings for banks, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
In addition to the Banking System Outlook, which focuses on performance measures and forward-looking rating drivers for the Egyptian banking system, Moody's has also published a 'Banking System Profile' report for Egypt.
The new Windows-based banking systems will cost around half as much to introduce and operate as mainframe systems and about 30% less than banking systems based on Unix servers.
If in the future the holding company becomes a less clear window into the banking system, the Board believes that the Congress would need to change the supervisory structure if the central bank is to carry out the responsibilities I have discussed today.
So, with the weaknesses in the banking system and the continuing deterioration of their assets, Japanese banks will continue to liquidate some of their hidden reserves.
The president of Russia, Vladimir Putin, has suggested that the cleaning up of the banking system, which is happening now, should be undertaken carefully.
Whether or not a central bank could be effective in fighting deflation with other than an interest rate instrument--especially when the banking system problems impeded the credit channel of monetary transmission--was the most substantive as well as the most practical dispute among monetary economists in response to Japan's deflation.