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What is a Bank or Building Society?
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What is a Bank?
It may seem like a silly question, but the definition of what a bank is can vary quite dramatically. The common definition in this instance is:
"[A] business establishment in which money is kept for saving or commercial purposes or is invested, supplied for loans, or exchanged, or the offices or building in which such an establishment is located." dictionary.com
or:
"a financial institution that accepts deposits and channels the money into lending activities." (Wordnet® 1.6, © 1997 Princeton University)
Banks are distinct from Building Societies in that they are commercial organisations whose primary purpose is to make money through the business of providing financial services, where as a Building Society is chiefly a Savings and Loans association.
What is a Building Society?
Building Societies are similar to banks in that they provide a wide range of financial services, including personal banking, credit cards, loans and so on. However government legislation states that 75% of a building society’s total business must be devoted to residential mortgage loans and related products, such as home equity loans, whereas a bank is under no restrictions as to the mix of its financial business.
For more information about building societies, please see our Building Societies guide.
Comments & Discussion
rhahnny @Sat, 04 Sep 2010 23:52:40
RT @FreeWalter: Tonight's the night! Come see me in 'What of the Night?' It's going to be a great show & its free. 8PM HB Studio 120 Bank St
ElleLuvsDDubxx @Sat, 04 Sep 2010 23:32:55
@CrystalDDG4EVA qusestion ok labour day we dont have here in uk only bank holidays is that what it is lol
LDTbaby @Sat, 04 Sep 2010 23:14:44
Gave you my time, my bank card, my obedience, my freedom, my pride. What more do you want from me?
ChuckCash @Sat, 04 Sep 2010 23:08:19
@mrs_eddieizzard you mean I can even wank bank Marisa Tomei? What about dead people? Could I wank bank Maureen O'Hara? THIS IS HUGE!!
secondfront @Sat, 04 Sep 2010 23:05:51
What's the deal with Regions bank and the bicycles? Maybe if they worried more about being a bank their stock would go back up.
soo_pretty @Sat, 04 Sep 2010 22:52:34
Ohh what! Am I gona hve 2 bbysit more peeps? LOL RT @mocoFACEjess: @DjVandal scumbags rollin up to the bank tonight!!!
MsNikkiBaby @Sat, 04 Sep 2010 22:44:21
I love it when I check my bank acct and I hv more than what I thought..lol *heads to mall*
ComedyTeddy @Sat, 04 Sep 2010 22:36:03
@bannedaccount U can tell scummy crowd to shut the fuck up and they'll respect it. Difficult to kno what to say to bank managers. Pipe down?
gwaddie @Sat, 04 Sep 2010 22:32:30
I totally have no idea what project to donate to on #donorschoose.org (I do a small monthly bank transfer, then let it add up a few months)
reggie001 @Sat, 04 Sep 2010 22:32:10
but what u put in is what u get out and im sorry but the books are really bad. i hope they dont bank on fans being loyal for a whack season4
Dawni2 @Sat, 04 Sep 2010 22:23:23
What a pleasure negotiating with my Australian salesman! : ) Took care of me,did not waste my time & nice deal! Never pay a bank fee! Its bs
Leighbra @Sat, 04 Sep 2010 22:14:07
@ResourcefulMom What the heck? Firefox's spell checker has "Playboy" in it's word bank (capitalized the B, for shame) but not "quesadilla"
KatDray @Sat, 04 Sep 2010 22:10:25
@CarlPlage Yes, me! We're on Spring Bank West. Just wondering what it could be. Sounds LOUD but a long way away.KowaaBungaaTime @Sat, 04 Sep 2010 22:08:48
Long Nails For What , Gucci Purse Ain't Enough , Money In The Bank , A some times I just say fuck the material stuff
niamarsella @Sat, 04 Sep 2010 22:06:57
What.......wooyoung is idea bank? Lmao.