Banks are financial institutions that provide financial services to individuals, businesses, and governments. They are an integral part of the modern economy and play a crucial role in facilitating economic growth and development. In this article, we will explore the definition and meaning of banks, their origin, associations, synonyms, antonyms, and examples of their usage in sentences.
Definitions
A bank is defined as an institution that accepts deposits, makes loans, and provides other financial services to its customers. Banks are also responsible for managing the money supply, providing credit, and facilitating international trade. They are regulated by government agencies to ensure their safety and soundness.
Origin
The origins of banks can be traced back to ancient civilizations such as Babylon, Greece, and Rome. These early banks provided loans to merchants and traders and helped to finance public works projects. In the Middle Ages, banks began to emerge in Italy and other parts of Europe, providing a range of financial services to individuals and businesses.
Meaning in different dictionaries
According to the Oxford English Dictionary, a bank is “a financial establishment that conducts business in money, securities, and credit.” Merriam-Webster defines a bank as “an establishment for the custody, loan, exchange, or issue of money, for the extension of credit, and for facilitating the transmission of funds.”
Associations
Banks are often associated with financial stability, economic growth, and wealth creation. They are also associated with risk, as they are exposed to a variety of economic and financial shocks that can affect their profitability and solvency.
Synonyms
Some synonyms of banks include financial institution, credit union, savings and loan association, and investment bank.
Antonyms
Antonyms of banks include borrower, debtor, and loan recipient.
The same root words
The same root words as banks include bankrupt, banking, and banker.
Example Sentences
- I need to deposit this check at the bank before it expires.
- The bank approved my loan application, and I can now buy a new car.
- The government is working to regulate the banking sector to ensure financial stability.
- The bank’s profits have been declining due to low interest rates and increased competition.
- I lost my debit card and had to go to the bank to get a new one.
- The bank’s CEO announced a new strategy to expand the bank’s operations in Asia.
- The bank’s customers were concerned about the security of their personal information after a data breach.
- The central bank lowered interest rates to stimulate the economy and encourage borrowing.