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LSDefine

Simple English definitions for legal terms

intermediary bank

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A quick definition of intermediary bank:

An intermediary bank is a type of bank that helps move money from one bank to another. It's like a middleman that helps make sure the money gets to where it needs to go. For example, if you want to send money to someone in another country, your bank might use an intermediary bank to help transfer the money to the recipient's bank. The intermediary bank doesn't keep the money, it just helps it get to the right place.

A more thorough explanation:

An intermediary bank is a financial institution that acts as a middleman in the process of transferring funds between two other banks. It is not the depositary or payor bank, but rather a bank to which an item is transferred in the course of collection.

For example, if someone in the United States wants to send money to someone in Europe, their bank may use an intermediary bank to facilitate the transfer. The sender's bank would send the money to the intermediary bank, which would then send it to the recipient's bank in Europe.

Another example is when a business in one country wants to pay a supplier in another country. The business's bank may use an intermediary bank to transfer the funds to the supplier's bank.

Intermediary banks are important because they help facilitate international transactions and ensure that funds are transferred securely and efficiently.

intermediary | intermediate account

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General

General chat about the legal profession.
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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.
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
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