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The FindLaw Legal Dictionary -- free access to over 8260 definitions of legal terms. Search for a definition or browse our legal glossaries.



bank n

: an organization for the custody, loan, or exchange of money, for the extension of credit, and for facilitating the transmission of funds

branch bank
: a banking facility that is a separate but dependent part of a chartered bank
: a facility that performs some banking functions and is separate from a main office

bridge bank
: a national bank that is chartered for a limited time to operate an insolvent bank until it is sold

central bank
: a national bank that establishes monetary and fiscal policy and controls the money supply and interest rate

collecting bank
: a bank other than the payor bank that is handling for collection a negotiable instrument or a promise or order to pay money

commercial bank
: a bank organized chiefly to handle the everyday financial transactions of businesses (as through deposit accounts and commercial loans)

cooperative bank
: an association (as a credit union) owned by and offering banking services for its members
: savings and loan association

depositary bank
: the first bank to take a negotiable instrument or promise or order to pay money unless the instrument, promise, or order is presented for immediate payment over the counter

federal land bank
: a land bank that is under federal charter and regulated by the Farm Credit Administration

Federal Re·serve bank
: one of 12 central banks set up under the Federal Reserve Act to hold reserves for and extend credit to affiliated banks in their respective districts

intermediary bank
: a bank other than the depositary or payor bank to which a negotiable instrument or promise or order to pay is transferred in the course of collection

land bank
1 : a bank that provides financing for land development and farm mortgages esp. by issuing stock see also federal land bank in this entry
2 : a trust that holds land for purposes of preservation or conservation

national bank
: a bank operating under federal charter and supervision

nonbank bank
: a financial organization (as a branch of an out-of-state bank) that either accepts demand deposits or makes commercial loans

payor bank
: a bank that is the drawee of a draft

presenting bank
: a bank other than a payor bank that presents a negotiable instrument or promise or order to pay money

sav·ings bank
: a bank organized to hold depositors' funds in interest-bearing accounts and to make long-term investments (as in home mortgage loans)

state bank
: a bank operating under state charter and law
bank·er [ba-kər]

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.

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