A financial business chartered by state or federal government that takes in deposits from individuals and businesses. Banks then lend the money to other individuals and businesses that need cash. Banks also offer a variety of financial and investment products, such as checking and savings accounts, certificates of deposit, loans, and mortgages. In recent years, banks have added online bill payment services and online banking. Accounts at banks are insured by the Federal Deposit Insurance Corp. (FDIC) for up to $100,000 per account.