bank

Definition

An organization, usually a corporation, chartered by a state or federal government, which does most or all of the following: receives demand deposits and time deposits, honors instruments drawn on them, and pays interest on them; discounts notes, makes loans, and invests in securities; collects checks, drafts, and notes; certifies depositor's checks; and issues drafts and cashier's checks.

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Related Terms

account, member bank, check, money order, certified check, brokered CD, credit, commercial credit, cashier's check, central bank, commercial bank, commercial paper, depository, Glass-Steagall Act, institution, savings and loan, credit union, brokerage, investment bank, LIBOR, money center bank, mortgage banking, National Bank, passbook, PIN, regional bank, state bank, World Bank, mutual savings bank

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