Bank

A bank is a financial institution that accepts deposits and channels money into lending activities. Many individuals choose to use a bank to protect their savings, or to gain interest with savings. There are a wide variety of accounts a bank will offer, and these offers change depending on the individual who wishes to open one.

In the United States the most common types of accounts are checking and savings. Another popular type of account is a money market account. This is an interests bearing deposit account where the main purpose is commonly to save up for a future investment.http://www.fdic.gov/consumers/consumer/information/fdiciorn.html

A checking account is widely used service that is offered by banks. The primary use for most people is writing checks or using debit cards against the funds they have deposited. An interest rate can be apart of a checking account; this is commonly called a negotiable order of withdrawal account. The percentage rate of interest will vary, usually based on the holders balance.http://www.tcfbank.com/PersonalBanking/pb_checking_home.jsp

A savings account is aimed to help people who can make regular deposits into the account each month. The account will usually pay high annual interest rates by giving savers an annual bonus payable as interest, on top of what they have already gained. Each bank will have a number of payments that have to be made into these accounts in a certain time frame. Failing to pay into a savings account in the time frame allotted can cause loss of interest or closure.

The first financial institution that resembled modern banks was located in Venice around 1300 AD. This building was called the Chamber of Loans and its purpose was to ensure that money borrowed to other countries during wartime was payed back in the amount and time specified. These debts did have interest attached to them, though this institution was not started for profit the way banks of today are.

Based on their asset size as of March 31, 2010:

1. Bank of America Corporation: $2,340,667,014
2. J.P. Morgan Chase & Co.: $2,135,796,000
3. Citigroup Inc. in New York: $2,002,213,000
4. Wells Fargo & Company: $1,223,630,000
5. Goldman Sachs Group, Inc.: $880,677,000
6. Morgan Stanley: $819,719,000
7. Metlife, Inc.: $565,566,452
8. Barclays Group US Inc.: $427,837,000
9. Taunus Corporation: $364,079,000
10. HSBC North America Holdings Inc.: $345,382,871http://www.ffiec.gov/nicpubweb/nicweb/top50form.aspx