Bank without charges, deferring fine (4)
I believe the answer is:
reef
'bank' is the definition.
(I've seen this before)
'without charges deferring fine' is the wordplay.
I cannot quite see how this works, but
'fine' could be 'f' (abbreviation) and 'f' is located in the answer.
The remaining letters 'ree' is a valid word which might be clued in a way I don't understand.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for reef that I've seen before include "offshore bank" , "Underwater ridge or kind of knot" , "The sort of knot" , "Submerged ridge of rock or coral near the surface" , "Undersea ridge; reduce sail area" .)