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 ?
We report that hantavirus seroprevalence in the Netherlands is 1.7% for the years analyzed on the basis of a subset of samples from a large population-based serum bank. This seroprevalence was similar to estimates for neighboring countries (1.5% for Belgium and 1%-3% for Germany) (2,4).
We thank the CDC Migrant Serum Bank for provision of samples, John Painter for his epidemiologic assistance, and Kevin Liske for map creation.
An additional panel of 48 less-characterized samples was obtained from our clinical serum bank (samples also stored at -80 [degrees]C) for offsite vs onsite assay comparisons.
A total of 528 serum samples from a population-based serum bank of healthy persons from the Province of Utrecht in the Netherlands were analyzed.
The specimens were selected without conscious bias from a larger serum bank of 145 Down syndrome-affected pregnancies that had been identified with essentially complete pregnancy outcome ascertainment (12).
Frozen sera from 155 donors 51-90 years of age [78 (50%) women and 77 (50%) men] were obtained from the serum bank of an epidemiologic study that surveyed the incidence of monoclonal gammopathies in Olmsted County, MN.
Similar results were observed when testing human sera from the serum bank. Of randomly chosen sera collected in nine localities (Gabrovo from the North, [ILLEGIBLE TEXT] Dobrich from the Northeast, Sofia from the West, Blagoyevgrad from the South Stara Zagora, Pazardzhik, Haskovo, and Sliven from the South of Bulgaria), 87 [ILLEGIBLE TEXT] reacted positively with phase II C.