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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 ?
UAE banking system resilient to global and regional challenges
To ensure the continued resilience of the financial sector, CBUAE continues to further enhance the regulatory and supervisory framework of the banking system.'
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The enhanced QC provides detailed information on performance and Financial Soundness of MFBs, in addition to coverage of Banking System, IBs and DFIs.
No one recognized the Shariah based banking system till the 1970s.
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Rixu analyzes the financing structure, governance structure, incentive and restraint mechanisms, and structural changes of China's banking system during a chaotic period when traditional China was encountering the West.
The Malaysian Islamic banking system's impaired loan ratio remained stable at 1.2% in 2015 (conventional banking system: 1.7%), while the segment's provision coverage (impairment reserves as a proportion of gross loans) remained lower than that for conventional banks.
This he said on Friday in a meeting with National Bank of Pakistan Islamic division Ittemad general manager Saima Raheem and Shari advisor Mufti Ihsan Waqar Ahmad here at KPCCI office Peshawar, Faud Ishaq said that Islamic banking system not only satisfied for the Muslims but now non-muslims were also taking advantages of Islamic Banking.
To strengthen the banking system, the SBP had set certain milestones for enhancing banks' capital base, which are being achieved satisfactorily.