From the Italian banca meaning 'bench', the table at which a dealer in money worked. A bank is now a financial institution which offers savings and cheque accounts, makes loans and provides other financial services, making profits mainly from the difference between interest paid on deposits and charged for loans, plus fees for accepting bills and other services. In Australia, banks are financial institutions authorised under the Banking Act or under state legislation. Other relevant legislation includes the Banks (Shareholdings) Act and the Reserve Bank Act. The Reserve Bank Act gives the Reserve Bank of Australia (the central bank) a wide range of powers over the banking sector.
