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LSDefine

Simple English definitions for legal terms

collecting bank

Read a random definition: patent-exhaustion doctrine

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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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.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
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