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TeachMeFinance.com bank note -- a promissory note issued by an authorized bank that is payable on demand to a bearer and can be used as cash. Under law, such notes are redeemable as money and are considered full legal tender. Bank notes are also called bank bills or bank currency. another definition... Bank Note -- A promissory note having the appearance of currency, issued by a bank or banker authorized to do so, payable to bearer on demand, and intended to circulate as money. historic definition... Bank note -- A promissory note payable to bearer on demand issued by a bank under authority of law as a circulating medium. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.