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LSDefine

Simple English definitions for legal terms

funds transfer

Read a random definition: clearly erroneous

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.

fundo annexa | fundus

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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