Bank Meaning: Definition, Examples, and Translations
๐ฆ
bank
[bรฆลk ]
Definitions
financial
A financial institution that accepts deposits from the public and creates credit. Banks can provide a variety of services, including loans, mortgages, and investment opportunities.
Synonyms
credit union, financial institution, lender.
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| bank |
The side of a river or stream.
|
| financial institution |
A broad term that includes entities involved in financial services, including banks, credit unions, investment companies, and insurance firms.
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| credit union |
A member-owned financial cooperative that provides banking services at competitive rates, primarily to its members.
|
| lender |
An entity or individual that loans money to borrowers, usually with the expectation of being repaid with interest. Often used in the context of loans and mortgages.
|
Examples of usage
- I need to go to the bank to deposit my paycheck.
- She applied for a loan at the bank.
- The bank offers competitive interest rates on savings accounts.
river
The land along the edge of a body of water, especially a river or stream. It can also refer to the slope of a river or stream.
Synonyms
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| bank |
The side of a river or stream.
|
| shore |
The land along the edge of a sea, lake, or other large body of water.
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| riverbank |
The ground along the edge of a river, often used for natural settings.
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| embankment |
A built-up area of earth or stone used to stop water or support a road or railway.
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Examples of usage
- The fishermen set up their tents by the bank of the river.
- The boat gently glided along the bank of the stream.
to tilt or incline
To tilt or incline to one side. It can also mean to rely on or trust in something or someone.
Synonyms
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| bank |
The side of a river or stream, usually higher than the water level.
|
| tilt |
To move or cause something to move into a slant or angular position, often used for objects or in mechanical contexts.
|
| incline |
A slope or surface that is slanted upward or downward.
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| lean |
To rest or move the body against something for support, often used in casual or informal settings.
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Examples of usage
- The boat started to bank as it turned the corner.
- She decided to bank on her best friend for support.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
Historical Origins
- The first known banks date back to ancient Mesopotamia around 2000 BC, where temples stored grain and other goods.
- Ancient Greeks and Romans also developed banking systems, offering loans and currency exchange.
- In 17th century Europe, the establishment of banks facilitated trade and economic growth during the Age of Enlightenment.
Economics
- Banks act as financial intermediaries, helping to channel funds from savers to borrowers, crucial for economic development.
- They create money through lending more than they hold in deposits, which impacts inflation and cash flow in the economy.
- Central banks, like the Federal Reserve or the European Central Bank, manage monetary policy to stabilize a countryโs economy.
Pop Culture
- Movies often depict banks as places of heists, exemplified by films like 'Ocean's Eleven' and 'Inside Man'.
- Banks are featured in many video games, where players can rob them or manage in-game economies.
- Popular songs sometimes reference banks in terms of love and relationships, reflecting the emotional weight of money.
Modern Technology
- Online banking has revolutionized how people manage their finances with mobile apps providing 24/7 access.
- Cryptocurrencies are challenging traditional banking, creating new forms of digital currency exchanges.
- Fintech companies are emerging, offering innovative banking solutions with lower fees and faster services.
Origin of 'bank'
Main points about word origin
- The word 'bank' comes from the Italian 'banca', which means 'bench' โ referring to the benches moneylenders used.
- In the Middle Ages, bankers dealt with money transactions while sitting on benches in public places.
- The term evolved to encompass all types of financial institutions we see today.
The word 'bank' originated from the Italian word 'banco' which means a bench or counter. This term was used in medieval Italy where moneylenders and financial transactions were conducted on benches. The concept of banking evolved over time to include various financial services and institutions we know today.