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bank
(redirected from Correspondent bank)

    Also found in: Medical, Legal, Financial, Wikipedia, Hutchinson 0.09 sec.

bank

Institution that deals in money and its substitutes and provides other financial services. Banks accept deposits and make loans and derive a profit from the difference in the interest paid to lenders (depositors) and charged to borrowers, respectively. They also profit from fees charged for services. The three major classes of banks are commercial banks, investment banks, and central banks. Banking depends entirely on public confidence in the system's soundness; no bank could pay all its depositors should they simultaneously demand cash, as may happen in a panic. See also credit union; Federal Reserve System; savings and loan association; savings bank.

An arrangement of identical hardware components.
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With the exit of the Reserve Banks, depository institution customers of the noncash collection service could instead use a private-sector service provider, such as the Depository Trust Company or a correspondent bank, to collect their definitive municipal bonds and coupons or could present these items for payment directly to the paying agent.
Proposal to discontinue services for definitive municipal securities by Federal Reserve Bulletin
dollars to Y, a bank located in Germany, and both X and Y hold accounts at the same correspondent bank in New York, X may order (typically electronically) the New York correspondent bank to transfer funds from its account to that of Y.
A primer on the settlement of payments in the United States by Young, Florence M. / Federal Reserve Bulletin
We are pleased to be able to offer an HSA solution to our correspondent banks that can compete with solutions offered by larger banks," said Dennis Triplett, president of UMB Healthcare Services.
UMB and ConnectYourCare Offer Correspondent Banks Next Generation HSA ... by Business Wire
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