Define: Bank

UK Accounting Glossary

Definition: Bank


Quick Summary of Bank


A bank is a financial institution that accepts deposits from the public and creates credit.



What is the dictionary definition of Bank?

Dictionary Definition


  1. An institution where one can place and borrow money and take care of financial affairs.
  2. A branch office of such an institution.
  3. An underwriter or controller of a card game; also banque.
  4. A fund from deposits or contributions, to be used in transacting business; a joint-stock or capital.
  5. The sum of money etc. which the dealer or banker has as a fund from which to draw stakes and pay losses.
  6. In certain games, such as dominos, a fund of pieces from which the players are allowed to draw.
  7. A safe and guaranteed place of storage for and retrieval of important items or goods.
  8. A device used to store coins or currency.
  9. To deal with a bank or financial institution.
  10. To put into a bank.

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Full Definition of Bank


A bank is a financial institution that accepts deposits and makes loans.

The bank has a unique, characteristic balance sheet showing long-term assets (loans) offset by short-term liabilities (deposits). Any other company would be insolvent with the balance sheet of a bank. Resolving this mismatch of borrowers’ and savers’ time horizons is the function of a bank. Bank oversight (i.e. FDIC) tries to reduce bank failures from the inherent risk. The US bank thus faces vigorous competition, compelling it to offer a wide range of convenient services such as taking deposits, issuing checking and savings accounts, lending money, cashing checks, providing wire transfers, issuing cashiers checks, debit cards and credit cards, providing safe deposit boxes plus a network of ATMs, and offering online banking.


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Examples of Bank in a sentence


He banked with Barclays.
If you want to buy a bicycle, you need to put the money in your piggy bank.
I’m going to bank the money.



Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/bank/
Modern Language Association (MLA):
Bank. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. February 26, 2020 https://payrollheaven.com/define/bank/.
Chicago Manual of Style (CMS):
Bank. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/bank/ (accessed: February 26, 2020).
American Psychological Association (APA):
Bank. PayrollHeaven.com. Retrieved February 26, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/bank/

Definition Sources


Definitions for Bank are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 4th February 2020.