bank

Definition from Nolo’s Plain-English Law Dictionary

An officially chartered institution empowered to receive deposits, make loans, and provide checking and savings account services. In the United States, banks are organized under federal or state regulations. Banks receive funds for loans from the Federal Reserve System provided they meet established requirements. Most banks are "commercial" banks with broad powers. Savings and loan associations perform some banking services but are not full-service commercial banks and lack strict regulation. Compare: credit union

Definition provided by Nolo’s Plain-English Law Dictionary.