Define: Banking Business

How is Banking Business defined in a legal contract?

• Banking Business means the practice of receiving deposits which may be withdrawn or repaid on demand, within a fixed period, or following a notice. Such deposits may be employed, either partially or fully, through lending or other methods for the risk/benefit of the deposit acceptor. Seen in 25 SEC Filings
• Banking Business means the activity of receiving deposits of money, which can be either withdrawn or repaid on demand or after a fixed period of time. These deposits are then employed, either entirely or in parts. Seen in 14 SEC Filings
• Banking Business means it involves receiving money in a current or deposit account, paying and collecting cheques drawn by or paid in by customers, making advances to customers, and includes other business related dealings as prescribed. Seen in 14 SEC Filings
• Banking Business means the management and/or operation of consumer financial products and/or services including but not limited to secured and/or unsecured consumer lending, consumer mortgage products, consumer card products, and retail banking products and/or services. Seen in 13 SEC Filings
• Banking Business means conducting any type of banking activities such as factoring, consumer credit, mortgages, issuance of banking guarantees and letters of credit and related transactions such as trading securities, fund management, and professional securities market participation. Seen in 13 SEC Filings

Please note that the some definitions have been omitted based on the instructions provided, which require exclusions of references to organisation names, locations, values, clauses, appendixes and schedules.

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of banking business' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

• Banking Business means accepting deposits, which are repayable and can be used through lending methods for the benefit of the deposit receiver.

Relevant Contract Types

• Bank Service Agreement
• Loan Agreement
• Deposit Agreement

Relevant Circumstances

• Establishing a new bank branch.
• Offering new banking services or financial products.
• Forming partnerships or alliances with other financial institutions.

Relevant Sectors

• Banking
• Financial Services

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Genie Definition 2

• Banking Business means offering and managing financial products like consumer credits, mortgage and card products, and conducting related operations.

Relevant Contract Types

• Financial Service Agreement
• Credit Card Agreement
• Mortgage Agreement

Relevant Circumstances

• Launching a new credit, mortgage, or card product.
• Expanding into new markets or regions.
• Forming partnerships or alliances with other institutions to offer combined services.

Relevant Sectors

• Banking
• Credit Card Companies
• Mortgage Lenders

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