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LSDefine

Simple English definitions for legal terms

banking

Read a random definition: out-of-court settlement

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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9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
9:42
My name is renard99 and I just sent @babycat feet pics
glovediedthisishismom
9:42
nobody is at the office today they should let little glovey go home and watch harry potter
Dkk
9:49
Lmfao, Gross
Dkk
9:49
@glovediedthisishismom: Watch it at the office!
Dkk
9:50
Proton vpn and https://en.solarmovie-official.lol/
let little glovey go home!
babycat
9:55
it’s true he sent me feet pics (unsolicited!)
babycat
9:56
poor little glovey
babycat
9:56
it’s illegal to make you work on a snow day
BulbasaurNoLikeCardio
9:57
Free feet pics sounds like you saved some money
snow
9:59
wish it was snowing in texas rn
Dkk
9:59
Man, hate this conversation cus it just reminds me of the gay guy that used to always ask me for them.
BulbasaurNoLikeCardio
9:59
That cold snap that hit texas is heaven though, opening windows in the house and using the fireplace
snow
10:00
it really is bulb. it was hot as hell for the longest time
BulbasaurNoLikeCardio
10:00
@Dkk: You could of made so much money
that sounds heavenly
babycat
10:00
Aw Dkk has trauma from the gay guy who wanted to fuck his arches
snow
10:00
lmaooooo
BulbasaurNoLikeCardio
10:00
@snow: winter is tattoo season and since that cold snap hit I got one done and have three sessions scheduled lol I love the cold
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