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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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JumpySubsequentDolphin
17:17
I’ve barely gotten through chromakopia I can’t deal with another album drop rn
JumpySubsequentDolphin
17:17
this is so stressful
wait but actually is there no wave today
i dont really like chromakopia that much i also havent gotten thru it
JumpySubsequentDolphin
17:18
idk splitty :(
if there's no gtown today that would be so cruel
surely gtown 12 minutes from now
I'm a chromokopia fan, but I don't like Tyler outside of that album
theres the spirit!!
JumpySubsequentDolphin
17:18
@SplitterusClitterus: did you like cmiygl? that’s one of my all time fave albums
Kind of a controversial take. I like experimental albums a lot
babycat
17:19
liking chromakopia and not Tyler's other stuff is crazy to me
JumpySubsequentDolphin
17:19
perhaps im biased bc i saw him live when he performed cmiygl for the first time
i think it is a controverisal take and i usually do too, i also think im giving an opinion too early cuz i habvent finished it at all
yeah seeing him live prob makes it a million times better
Thought I was dead is great raps
2024 such a great year for rap
JumpySubsequentDolphin
17:21
i like noid
even outside the beef. Noid is great too
JumpySubsequentDolphin
17:22
boogies album was the worst ever
JumpySubsequentDolphin
17:22
and i LOVE boogie
JumpySubsequentDolphin
17:23
like i would do anything for one chance w that man but better off alone and me vs myself were both not good
He's never really been my style tbh
shaquilleoatmeal
17:43
went to eat - did anyone guess the bowl lmao
shaquilleoatmeal
17:43
ooo yall were too busy with that kendrick shit
shaquilleoatmeal
17:45
put me on - whats the first song on the album thats heat
babycat
17:45
I don’t know sweetgreen like that because I’m not part of the PMC. your legs looked super tan though
hey now is my favorite
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