The meaning of a bank differ from country to country. Under English law, a bank is defined as a person who convey on the business of banking, which is specified as:

acccomplish current financial records for his customers

forfeit cheques drawn on him, and balance

collecting cheques for his customers.

A banker or bank is a financial institution that acts as a payment agent for customers, and borrows and loan money. In some countries such as Germany, banks are the primary owners of industrial corporations while in other countries such as the United States banks are forbidden from owning non-financial companies. In Japan, banks are usually the nexus of transverse share holding entity known as zaibatu.

Banks act as payment agents by behave checking or present accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques consign to customers' current accounts. Banks also allow customer payments via other payment technique such as telegraphic assign, EFTPOS, and ATM.

Banks borrow money by uncomplaining funds deposited on current account, accepting term deposits and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current account, by making instalment loans, and by investing in profitable debt securities and other forms of lending.

Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and leadership. Non-banks that provide payment assistance such as remittance companies are not normally considered an sufficient substitute for having a bank account.

Banks borrow most funds borrowed from households and non-financial businesses, and lend most funds lent to family and non-financial businesses, but non-bank lenders provide a significant and in many cases adequate substitute for bank loans, and money market funds, cash management trusts and other non-bank financial institutions in many cases provide an adequate substitute to banks for lending savings to.