bank

1.

A bank is an institution, usually incorporated, whose business it is to receive money on deposit, cash checks or drafts, discount commercial paper, make loans, and issue promissory notes payable to bearer, known as bank notes. U.C.C. No. 1-201(4).

American commercial banks fall into two main categories: state chartered banks and federally chartered national banks.

See also banking

2.

A bench or seat; the bench of justice; the bench or tribunal occupied by the judges; the seat of judgment; a court. The full bench, or full court; the assembly of all the judges of a court.

See banc.

3.

An acclivity; an elevation or mound of earth, especially that which borders the sides of a water course. The land adjacent to a river.

That part of a stream which retains the water.

The elevation of land which confines the waters of a stream in their natural channel when they rise the highest and do not overflow the banks.

A water-washed and relatively permanent elevation or acclivity at the outer line of a river bed which separates the bed from the adjacent upland, and serves to confine the waters within the bed and to preserve the course of the river.

The land lying between the edge of the water of a stream at its ordinary low stage and the line which the edge of the water reaches in its ordinary high stage.

An elevation of land which confines the waters of a stream when they rise out of the bed. Neither the line of ordinary high-water mark, nor of ordinary low-water mark, nor of a middle stage of water can be assumed as the line dividing the bed from the banks. Banks are fast land, on which vegetation appropriate to such land in the particular locality grows wherever the bank is not too steep to permit such growth, and bed is soil of a different character, and having no vegetation, or only such as exists, when commonly submerged in water. On the borders of navigable streams, where there are levees established according to law, the levees form the "banks of the river."

@ advising bank

A bank which gives notification of the issuance of a [letter of] credit by another U.C.C. No. 5-103(e)

@ bank acceptance

Draft drawn on and accepted by bank.

@ bank account

A sum of money placed with a bank or banker, on deposit, by a customer, and subject to be drawn out on the latter's check. The statement or computation of the several sums deposited and those drawn out by the customer on checks, entered on the books of the bank and the depositor's passbook. Any account with a bank, including a checking, time, interest or savings account. U.C.C. No. 4-104(a).

See also joint bank account

@ bankbook

A book kept by a customer of a bank, showing the state of his account with it.

See passbook

@ bank call

Demand made on bank by state or federal supervisory personnel for examination of balance sheets

@ bank credit

A credit with a bank by which, on proper credit rating or proper security given to the bank, a person receives liberty to draw to a certain extent agreed upon

+

Money that bank owes or will lend individual or person.

@ bank debit

Total of checks and other commercial paper charged to deposit accounts

@ bank deposit

Cash, checks, or drafts placed with bank for credit to depositor's Placement of money in bank thereby creating contract between bank and depositor. U.C.C. No. 4-103.

@ demand deposit

Right to withdraw deposit at any time.

+ demand deposit

Bank deposit which may be withdrawn at any time by the depositor, without prior notice to

Compare time deposit

@

- time deposit

@ bank depositor

One who delivers to or leaves with a bank a sum of money subject to his order. Wharton v. Poughkeepsie Sav. Bank, 262 App.Div. 598, 31 N.Y.S.2d 311, 313

@ bank draft

A check, draft, or other order for payment of money, drawn by an authorized officer of a bank upon either his own bank or some other bank in which funds of his bank are deposited. Perry v. West, 110 N.H. 351, 266 A.2d 849, 852.

An order to pay that is similar to a check, except that it is not payable on demand. Instead, a bank draft is payable when the issuing firm accepts it

+ bank draft

One drawn by one bank on another.

@ bank note

A promissory note issued by a bank or banker authorized to do so, payable to bearer on demand, and intended to circulate as money.

See Federal Reserve notes

@ bank of circulation

One which issues bank notes payable to bearer.

See bank of issue

@ bank of deposit

A savings bank or any other bank which receives money on deposit

@ bank of discount

One which lends money on collateral or by means of discounts of commercial paper

@ bank of issue

Bank with authority to issue notes intended to circulate as currency

@ bank rate

Interest rate charged customers on loans.

See interest

- legal interest

@ bank statement

Financial statement showing financial condition of bank at a given time. Federal (national banks) and state laws require that such statements be published several times a year

@ bank stock

Shares in the capital of a bank; shares in the property of a bank.

@ bank teller

See teller

@

- branch banking (See branch bank)

@ Central banks

Federal Reserve Banks (Federal Reserve Banks)

@ collecting bank

Any bank handling the item for collection except the payor bank. U.C.C. No. 4-105(d).

+ collecting bank

In the check collection process, any bank handling the item for collection except the payor U.C.C. No. 4-105(d)

@ commercial bank

An institution authorized to receive both demand and time deposits, to make loans of various types, to engage in trust services and other fiduciary funds, to issue letters of credit, to accept and pay drafts, to rent safety deposit boxes, and to engage in many similar activities. Formerly, such banks were the only institutions authorized to receive demand deposits, though today many other types of financial institutions are legally permitted to offer checking accounts and other similar services. U.S. v. Philadelphia Nat. Bank, D.C.Pa., 201 F.Supp. 348, 360

@ confirming bank

A bank which engages either that it will itself honor a credit already issued by another bank or that such a credit will be honored by the issuer or a third bank. U.C.C. No. 5-103(f).

@ correspondent bank

Bank which acts as agent for another bank, or engages in an exchange of services with that bank, in a geographical area to which the other does not have direct access.

@ custodian bank

Any bank or trust company which is supervised and examined by state or federal authority having supervision over banks and which is acting as custodian for a clearing corporation. U.C.C. No. 8-102(4).

@ depository bank

The first bank to which an item is transferred for collection even though it is also the payor bank. U.C.C. No. 4-105(a).

@

- Export-Import Bank.

- Federal Land Banks.

@ Federal reserve bank

See Federal Reserve System.

@

- intermediary bank

- land bank.

- member bank.

- mutual savings bank.

- national bank

- World Bank

@ non-member bank

Bank that is not a member of the Federal Reserve Board and, as such, is only governed by laws of state where chartered.

@ payor bank

A bank by which an item is payable as drawn or accepted, U.C.C. No. 4-105(b), which includes the drawee of a check. Term includes drawee bank and also bank at which item is payable if item constitutes order on bank to pay. Phelan v. University Nat. Bank, 85 Ill.App.2d 56, 229 N.E.2d 374, 377

@ presenting bank

Any bank presenting an item except a payor bank. U.C.C. No. 4-105(e).

+ presenting bank

Any bank presenting an item except a payor bank, U.C.C. No. 4-105(e), i.e., a bank that demands of a drawee or other payor that she pay or accept a draft or other instrument

@ remitting bank

Any payor or intermediary bank remitting for an item. U.C.C. No. 4-105(f).

+ remitting bank

Any payor or intermediary bank remitting for an item. U.C.C. No. 4-105(f)

@ savings and loan bank

See mutual savings bank

@

- savings and loan association.

@ Savings Bank

Type of bank that receives deposits, and pays interest thereon, and makes certain types of loans (e.g. home financing loans), but does not provide checking services.

See mutual savings bank

- savings and loan association.

Compare commercial bank.

@