Bank
Bank is an organization where people and businesses can invest or borrow money, change it to foreign money, etc. [Cambridge Dictionary].
As a financial intermediary, a bank accepts deposits and makes loans. It derives a profit from the difference between the costs (including interest payments) of attracting and servicing deposits and the income it receives through interest charged to borrowers or earned through securities. Many banks provide related services such as financial management and products such as mutual funds and credit cards. Some bank liabilities also serve as money—that is, as generally accepted means of payment and exchange.
The central practice of banking consists of borrowing and lending. As in other businesses, operations must be based on capital, but banks employ comparatively little of their capital in relation to the total volume of their transactions. Instead, banks use the funds obtained through deposits and, as a precaution, maintain capital and reserve accounts to protect against losses on their loans and investments and to provide for unanticipated cash withdrawals. Genuine banks are distinguished from other kinds of financial intermediaries by the readily transferable or “spendable” nature of at least some of their liabilities (also known as IOUs), which allows those liabilities to serve as means of exchange—that is, as money [Encyclopædia Britannica].
Bank. Cambridge Dictionary. Retrieved from: https://dictionary.cambridge.org/dictionary/english/bank
Bank. Encyclopædia Britannica. Retrieved from: https://www.britannica.com/topic/bank