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LSDefine

Simple English definitions for legal terms

funds transfer

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A quick definition of funds transfer:

Funds transfer is when one person or company sends money to another person or company. This is done through computerized banking systems, where the payment order is sent from the sender's bank to the receiver's bank. The process ends when the receiver's bank receives the final payment order. There are different rules for commercial or wholesale funds transfers and consumer funds transfers. Commercial funds transfers are governed by Article 4A of the UCC, while consumer funds transfers are regulated by the federal Electronic Funds Transfer Act.

A more thorough explanation:

Definition: Funds transfer refers to the process of transferring money from one person or entity to another. This can be done through a series of transactions between computerized banking systems, starting with the payment order from the sender and ending with the receipt of the payment by the recipient's bank.

For example, if you need to pay your rent, you can transfer the funds from your bank account to your landlord's bank account using a funds transfer. This can be done online or through a mobile app, and the money will be transferred electronically from your account to your landlord's account.

Another example is when a company needs to pay its suppliers for goods or services. The company can use a funds transfer to send the payment directly to the supplier's bank account, without the need for a physical check or cash.

These examples illustrate how funds transfer can be a convenient and efficient way to make payments, especially for businesses that need to make large or frequent payments to suppliers or employees.

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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
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.
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