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Banks are financial institutions that accept deposits and channels the money into lending activities. The act of people or firms delaing with Banks is called Banking. Fro example, "he cashed a check at the bank"; "that bank holds the mortgage on my home", "This bank charges high interest rates", "I have some deposits in this bank". Banks have to live by the regulations set by local governing laws. Banks accepts deposits from indivuduals and firms ate certain interet rates, and lend the same money to other businesses. Individuals can open savings account in banks and firms can open a checking account.
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