Legal Dictionary
Main Entry:
bankPronunciation:
'ba[ng]kFunction:
noun : 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;
especially : 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;
specifically : 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[ng]-k&r/ noun
[bangk] 
