A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalised a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords.
An automated clearing house (ACH) is a computer-based electronic network for processing transactions, usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits. The ACH system is designed to process batches of payments containing numerous transactions and charges fees low enough to encourage its use for low value payments. (Full article...)
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Participation banking is a name given to Islamic banks mainly in Turkey, as well as in the broader MENA region. While participation banks reached only 2% of net assets in the year 2000, in 2010 the rate increased up to 4.3%. In the third quarter of 2013, the rate increased up to 6.1% with 90.7 billion TL in assets. Regarding the profit margins of the participation banks, Malaysia, Indonesia and Gulf countries have more than 50% of the market share, it is stated that Turkey has more potential in growth. Also, Turkey, Pakistan, Bangladesh, and Indonesia stand as the leading countries among the participation banks. Saudi Arabia, the UAE and Malaysia are the three largest participation banking markets, in terms of assets. Iran has 36% of the worldwide assets of the participation banks, Malaysia has 17%, Saudi Arabia has 14% and Turkey has 3.1% of the market share. According to Ernst & Young, the assets of global participation banking reached US $930 billion in 2015, with growth rates declining across all regions compared to previous years. (Full article...)
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium), and a few gemstone-encrusted metal cards.
A regular credit card is different from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle. In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. A credit card differs from a charge card also in that a credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date. (Full article...)
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The Rhode Island banking crisis took place in the early 1990s, when approximately a third of the US state of Rhode Island's population lost access to funds in their bank accounts. The events were triggered by the failure of a Providence bank, Heritage Loan & Investment, due to long-term embezzlement by its president. News of its problems led to a bank run in which customers tried to withdraw money from the bank which did not have enough money available. In normal circumstances, depositors would be protected by the bank's insurance, but the state's private insurer had a long history of problems and was unable to fulfill its commitments. When the insurer collapsed, Governor Bruce Sundlun announced the closure of 45 credit unions and banks just hours after his inauguration.
In the first banking emergency in the state since the Great Depression, 300,000 depositors lost access to their money. Though some of the institutions reopened relatively quickly after obtaining federal insurance, many did not qualify and remained closed for an extended period of time. The state government set up an agency to manage the crisis, selling $697 million in bonds to repay people while filing about 300 lawsuits against the closed institutions and other companies that played a role in the crisis. (Full article...)
Otherwise known as bank–client confidentiality or banker–client privilege, the practice was started by Italian merchants during the 1600s near Northern Italy (a region that would become the Italian-speaking region of Switzerland). Geneva bankers established secrecy socially and through civil law in the French-speaking region during the 1700s. Swiss banking secrecy was first codified with the Banking Act of 1934, thus making it a crime to disclose client information to third parties without a client's consent. The law, coupled with a stable Swiss currency and international neutrality, prompted large capital flight to private Swiss accounts. During the 1940s, numbered bank accounts were introduced creating an enduring principle of bank secrecy that continues to be considered one of the main aspects of private banking globally. Advances in financial cryptography (via public-key cryptography) could make it possible to use anonymous electronic money and anonymous digital bearer certificates for financial privacy and anonymous Internet banking, given enabling institutions and secure computer systems. (Full article...)
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Money creation, or money issuance, is the process by which the money supply of a country, or of an economic or monetary region, is increased. In most modern economies, money creation is controlled by the central banks. Money issued by central banks is termed base money. Central banks can increase the quantity of base money directly, by engaging in open market operations. However, the majority of the money supply is created by the commercial banking system in the form of bank deposits. Bank loans issued by commercial banks that practice fractional reserve banking expands the quantity of broad money to more than the original amount of base money issued by the central bank.
Central banks monitor the amount of money in the economy by measuring monetary aggregates (termed broad money), consisting of cash and bank deposits. Money creation occurs when the quantity of monetary aggregates increase. Governmental authorities, including central banks and other bank regulators, can use policies such as reserve requirements and capital adequacy ratios to influence the amount of broad money created by commercial banks. (Full article...)
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MAC (Money Access Card) ATM Card
An ATM card is a payment card or dedicated payment card issued by a financial institution (i.e. a bank) which enables a customer to access their financial accounts via its and others' automated teller machines (ATMs) and to make approved point of purchase retail transactions (i.e. gas stations, grocery, hardware, department stores, etc.) ATM cards are not credit cards or debit cards. ATM cards are payment card size and style plastic cards with a magnetic stripe and/or a plastic smart card with a chip that contains a unique card number and some security information such as an expiration date or CVVC (CVV). ATM cards are known by a variety of names such as bank card, MAC (money access card), client card, key card or cash card, among others. Other payment cards, such as debit cards and credit cards can also function as ATM cards. Charge and proprietary cards cannot be used as ATM cards. The use of a credit card to withdraw cash at an ATM is treated differently to a point of sale transaction, usually attracting interest charges from the date of the cash withdrawal. Interbank networks allow the use of ATM cards at ATMs of private operators and financial institutions other than those of the institution that issued the cards.
ATM cards can also be used on improvised ATMs such as "mini ATMs", merchants' card terminals that deliver ATM features without any cash drawer. These terminals can also be used as cashless scrip ATMs by cashing the receipts they issue at the merchant's point of sale. (Full article...)
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An NCR Personas 75-Series interior, multi-function ATM in the United States
ATMs are known by a variety of names, including automatic teller machine (ATM) in the United States (sometimes redundantly as "ATM machine"). In Canada, the term automated banking machine (ABM) is also used, although ATM is also very commonly used in Canada, with many Canadian organizations using ATM over ABM. In British English, the terms cashpoint, cash machine and hole in the wall are most widely used. Other terms include any time money, cashline, tyme machine, cash dispenser, cash corner, bankomat, or bancomat. ATMs that are not operated by a financial institution are known as "white-label" ATMs. (Full article...)
an ordinary private bank which operates nationally (as opposed to regionally or locally or even internationally)
in the United States, an ordinary private bank operating within a specific regulatory structure, which may or may not operate nationally, under the supervision of the Office of the Comptroller of the Currency.
Wall Street was originally known in Dutch as "de Waalstraat" when it was part of New Amsterdam in the 17th century, though the origins of the name vary. An actual wall existed on the street from 1685 to 1699. During the 17th century, Wall Street was a slave trading marketplace and a securities trading site, as well as the location of Federal Hall, New York's first city hall. In the early 19th century, both residences and businesses occupied the area, but increasingly business predominated, and New York City's financial industry became centered on Wall Street. In the 20th century, several early skyscrapers were built on Wall Street, including 40 Wall Street, once the world's tallest building. (Full article...)
Its former constituent parts were the Commonwealth Trading Bank of Australia, the Commonwealth Savings Bank of Australia, and the Commonwealth Development Bank. (Full article...)
Established in 1908, the Bank of Communications claims a long history in China and is one of the banks to have issued banknotes in modern Chinese history. It was listed on the Stock Exchange of Hong Kong in June 2005 and the Shanghai Stock Exchange in May 2007. The Bank was ranked No.151 among Fortune Global 500 in terms of operating income by the Fortune and No.11 among the global top 1,000 banks in terms of Tier 1 Capital rated by the London-based magazine The Banker. (Full article...)
HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. As of 2020, it was the world's sixth largest bank by total assets and market capitalization. HSBC was the world's 40th-largest public company, according to a composite measure by Forbes magazine. (Full article...)
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Sumitomo Mitsui Banking Corporation Group (SMBC Group; 株式会社三井住友銀行, Kabushikigaisha mitsui sumitomo ginkō) is a Japanese multinational banking and financial services institution headquartered in Yurakucho, Chiyoda, Tokyo, Japan. The group operates in retail, corporate, and investment banking segment worldwide. It provides financial products and services to a wide range of clients, including individuals, small and medium-sized enterprises, large corporations, financial institutions and public sector entities. Since 2011, it has been included into the Financial Stability Board's list of global systemically important banks.
SMBC group operates in over 40 countries and maintains a presence in all International Financial Centres as the 12th biggest bank in the world by total assets. It is one of the largest global financial institutions in project finance space by total loan value. As of May 2020, SMBC group is listed as 80th largest public company in the world according to Forbes ranking. (Full article...)
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The Laurentian Bank of Canada (LBC) (French: Banque Laurentienne du Canada) is a Schedule 1 bank that operates primarily in the province of Quebec, with commercial and business banking offices located in Ontario, Alberta, British Columbia, and Nova Scotia. LBC's Institution Number (or routing number) is 039.
The institution was established as the Montreal City and District Savings Bank in 1846. Shares for the bank were publicly listed on the Montreal Stock Exchange in 1965 and the Toronto Stock Exchange in 1983. In 1987, the institution was renamed the Laurentian Bank of Canada. (Full article...)
Before the 2008 collapse and the general financial crisis, the Group was very briefly the largest bank in the world, and for a period was the second-largest bank in the UK and Europe and the fifth-largest in the world by market capitalisation. Subsequently, with a slumping share price and major loss of confidence, the bank fell sharply in the rankings, although in 2009 it was briefly the world's largest company by both assets (£1.9 trillion) and liabilities (£1.8 trillion). It had to be bailed out by the UK government through the 2008 United Kingdom bank rescue package. (Full article...)
Many subsidiaries, such as Abbey National, have been rebranded under the Santander name. The company is a component of the Euro Stoxx 50stock market index. In May 2016, Santander was ranked as 37th in the Forbes Global 2000 list of the world's biggest public companies. Santander is Spain's largest bank. (Full article...)
... that after Haier bought the Greenwich Savings Bank Building, it turned the large banking hall into a showroom for refrigerators and air conditioners?
Image 33Branch of Nepal Bank in Pokhara, Western Nepal. (from Bank)
Image 34A NatWest mobile banking van in the town of Berkeley, Gloucestershire, England. The van visits Berkeley for two hours each Thursday following the closure of the town's NatWest branch in 2015. (from Bank)
The Central Bank of Russia orders all banks not to take any commission for the withdrawal of foreign-denominated cash from bank accounts of natural persons. Additionally, all remittances from abroad can only be withdrawn after they are converted to rubles. (Meduza)
The Central Bank of Russia limits withdrawals of US dollars, euros, British pounds and Japanese yen for Russian firms to the equivalent of $5,000, with the withdrawal of larger sums only possible with the Central Bank's permission. The withdrawn funds may only be used for covering overseas work trips. (Reuters)
President Putin signs a decree authorising settlement of sovereign and corporate debts whose creditors come from "unfriendly countries" (whose list is to be determined within two days' time) to be made in rubles instead of foreign currencies, according to the exchange rate set by the Central Bank of Russia (CBR). (Bloomberg)(TASS)
The Central Bank of Russia (CBR) raises the interest rate from 9.5% to 20%, the highest rate since 2003. The Russian ruble also loses more than a quarter of its value at the beginning of trading, with ranges of 100–120 rubles to the US dollar. (The Guardian)(Reuters)
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