Main bank first to raise charge in recession (4)
I believe the answer is:
reef
'main bank' is the definition.
(I've seen this before)
'first to raise charge in recession' is the wordplay.
'first to' says to take the initial letters.
'charge' becomes 'fee' (fee is a kind of charge).
'in recession' shows that the letters should be reversed in order (letters recede or go back).
The first letter of 'raise' is 'r'.
'fee' in reverse letter order is 'eef'.
'r'+'eef'='REEF'
(Other definitions for reef that I've seen before include "sailors consider dangerous" , "Main bank" , "Kind of knot (avoided by sailors?)" , "Ridge of coral near the sea surface" , "Take in (part of sail)" .)