What is "bank of deposit"

Bank \Bank\, n. [F. banque, It. banca, orig. bench, table, counter, of German origin, and akin to E. bench; cf. G. bank bench, OHG. banch. See Bench, and cf. Banco, Beach.]

1. An establishment for the custody, loan, exchange, or issue, of money, and for facilitating the transmission of funds by drafts or bills of exchange; an institution incorporated for performing one or more of such functions, or the stockholders (or their representatives, the directors), acting in their corporate capacity.

2. The building or office used for banking purposes.

3. A fund to be used in transacting business, especially a joint stock or capital.

   Let it be no bank or common stock, but every man be master of his own money.
   --Bacon.

4. (Gaming) The sum of money or the checks which the dealer or banker has as a fund, from which to draw his stakes and pay his losses.

5. In certain games, as dominos, a fund of pieces from which the players are allowed to draw; in Monopoly, the fund of money used to pay bonuses due to the players, or to which they pay fines.

6. a place where something is stored and held available for future use; specifically, an organization that stores biological products for medical needs; as, a blood bank, an organ bank, a sperm bank.

   Bank credit, a credit by which a person who has given the required security to a bank has liberty to draw to a certain extent agreed upon.

   Bank of deposit, a bank which receives money for safe keeping.

   Bank of issue, a bank which issues its own notes payable to bearer.

Deposit \De*pos"it\, n. [L. depositum, fr. depositus, p. p. of deponere: cf. F. d['e]p[^o]t, OF. depost. See Deposit, v. t., and cf. Depot.]

1. That which is deposited, or laid or thrown down; as, a deposit in a flue; especially, matter precipitated from a solution (as the siliceous deposits of hot springs), or that which is mechanically deposited (as the mud, gravel, etc., deposits of a river).

   The deposit already formed affording to the succeeding portion of the charged fluid a basis.
   --Kirwan.

2. (Mining) A natural occurrence of a useful mineral under the conditions to invite exploitation.
   --Raymond.

3. That which is placed anywhere, or in any one's hands, for safe keeping; something intrusted to the care of another; esp., money lodged with a bank or banker, subject to order; anything given as pledge or security.

4. (Law)

   1. A bailment of money or goods to be kept gratuitously for the bailor.

   2. Money lodged with a party as earnest or security for the performance of a duty assumed by the person depositing.

5. A place of deposit; a depository. [R.]

   Bank of deposit. See under Bank.

   In deposit, or On deposit, in trust or safe keeping as a deposit; as, coins were received on deposit.