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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 ?
Rise in funding and supportive initiatives for ART has driven growth of the sperm bank market.
On average it takes around 18 months to complete the full donor process, which meant that the sperm bank was unable to generate income for its second year.
Sperm banks or cryobanks enable greater control to the access and timing of pregnancies, since they check and screen potential donors, and provide formerly infertile couples or single women the chance to have babies.
About five months into Cramblett's pregnancy, she phoned the sperm bank to reserve more of the same sperm she had used for her own pregnancy, so that if Zinkon decided to have a baby as well, their children would be biological siblings.
Because she's suing the sperm bank for its life-changing, avoidable error, Cramblett is now known as that terrible racist lesbian who's so distressed by her mixed-race child that she's resorted to legal action.
Zheng began his medical study at Wuhan University in 2010 and became a frequent donor to the sperm bank in 2011.
"Liverpool used to have one of the biggest sperm banks. Since 2006 when the law changed there was a quick decline.
sperm bank failed to tell them that their donor had a family history of
Hardin also alleges that the sperm bank and an affiliated fertility clinic had an "utter lack of safeguards and protections," according to his lawyer.
The world's biggest sperm bank is rejecting donations from red-haired and blond men because its stores are full and demand for red or fair-haired children is so low.
"Here in Leeds we have not had access to a local sperm bank for some time, meaning couples have to rely on donors in other areas, who can be in short supply.
She took on the job of sperm bank co-ordinator four years ago.