What is a Bank ?

Defination:

It is a" financial institution that accepts deposits and channels the money into lending activities."

"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."

"A business establishment in which money is kept for saving or commercial purposes or is invested, supplied for loans, or exchanged."


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