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LSDefine

Simple English definitions for legal terms

collecting bank

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A quick definition of collecting bank:

A collecting bank is a type of bank that handles the process of collecting money from a check. It is not the bank where the check was deposited or the bank that will pay the check, but rather the bank that helps move the money from one bank to another. Think of it like a middleman that helps make sure the money gets to the right place.

A more thorough explanation:

A collecting bank is a financial institution that handles the collection of a check or other negotiable instrument on behalf of the payee. It is any bank that is not the payor bank or the depository bank. In the check-collection process, the collecting bank is responsible for presenting the check to the payor bank and collecting the funds.

For example, if you receive a check from someone, you can deposit it into your bank account. Your bank becomes the collecting bank and will present the check to the payor bank for payment. Once the funds are collected, your bank will credit your account.

Another example is when a business receives payments from customers through checks. The business will deposit the checks into their bank account, and the bank becomes the collecting bank. The bank will present the checks to the payor banks and collect the funds on behalf of the business.

collectability | collection

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General

General chat about the legal profession.
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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
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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