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An institution which takes deposits from individuals, companies, organisations etc. and provides them with various financial services; pays interest on deposits, which may be fixed or variable, but which usually vary according to the amount of money deposited and the amount of time it stays in the account; and makes loans and charges interest on them
Banks operating in the UK, formerly regulated by the Bank of England, are now authorised and supervised by the Financial Services Authority. In the US, banks are regulated under the Federal Reserve System.
Submitted by: admin
Added: Sun May 14 2006
