A bank is defined as a commercial institution that takes people‟s deposits and extends loans. Banks are concerned mainly with making and receiving payments on behalf of their customers, accepting deposits and making short term loans to private individuals, companies and organizations.1 A bank is also referred to as an organization, usually a corporation, chattered by a state or federal government, which does most or all of the following: Receives demand deposits and time deposits, honors instruments drawn on them, and pays interest on them; discounts notes, makes loans, and invests in securities; collects checks, drafts, and notes; certifies depositor‟s checks; and issues drafts and cashier‟s checks

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