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LSDefine

Simple English definitions for legal terms

banking

Read a random definition: lethal injection

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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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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