banking

What is a bank?

 

What is a bank?

The Bankrate.com financial term of the day is: "Bank."

A bank is a money intermediary, taking it in as deposits and sending it back out in the form of loans. Outgoing withdrawals, incoming loan payments, and interest charged and paid out are all part of the equation, too. A bank must be officially chartered by a government agency and meet various regulations.

What is a bank? An institution that safeguards money for people who have it and lends money out to people who need it.

To find the perfect bank account, visit the Checking & Savings section at Bankrate.com.

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