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LSDefine

Simple English definitions for legal terms

banking

Read a random definition: Doctor of Jurisprudence

A quick definition of banking:

Banking is when people use banks to keep their money safe and do things like depositing money, withdrawing money, and writing checks. Banks are regulated by laws made by the government to make sure they are fair and safe. The government also makes sure that people can get their money back if the bank fails. Banks used to have rules about how much interest they could pay on savings accounts and checking accounts, but those rules have changed. The government also has rules about how checks work and how long it takes for people to get their money after depositing a check. If someone puts their money in a bank, the government will insure it up to a certain amount so that people don't lose their money if the bank fails.

A more thorough explanation:

Banking refers to the industry and practice of managing financial transactions, such as deposits, loans, and investments. Banks and other financial institutions are regulated by both state and federal laws.

For example, the Depository Institutions Deregulation Act of 1980 eliminated interest rate controls on savings accounts, while the Garn-St Germain Depository Institutions Act of 1982 lifted restrictions on checking and money market accounts nationwide. The Uniform Commercial Code (UCC) governs the operation of checking accounts and defines rights between parties with respect to bank deposits and collections.

The 1930s banking crisis led to the development of federal insurance for deposits, administered by the Federal Deposit Insurance Corporation (FDIC). The FDIC guarantees a standard insurance amount of $250,000 per depositor, per insured bank.

Examples of banking services include:

  • Opening a checking or savings account
  • Applying for a loan or credit card
  • Investing in stocks or mutual funds
  • Using online banking to manage accounts and pay bills

These examples illustrate how banking involves a wide range of financial services that individuals and businesses use to manage their money and achieve their financial goals.

bank | bankruptcy

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General

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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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