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1.
Being of extremely high quality. Synonyms include cool, sweet, banging etc.

It is derived from the word money when used in the same way to describe something of a high standard. Example: Those shoes are money, you are going to get all the ladies.

Bank or Bankass is used when something is cooler than the word money can convey. This is because money in the bank has already been laundered and is earning interest.

Note:
"Bank" is the shortened version of "Bankass" and has the same meaning.
1.) A new necklace is money but a Gucci necklace is bankass.

2.) Hot Girl A: "Hey have you seen Zac, he looks cool"
Hot Gril B: "Yea that guy is so bankass, yum!"
by Zac Webb March 30, 2008
 
2.
The rear exit of a bank.
Jimmy: Hey did your homies go in the front door when they robbed that bank?

Denzel: Nah man, they went in the bankass!

by Zac Webb April 03, 2008