Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

remitting bank

Read a random definition: accompany

A quick definition of remitting bank:

A remitting bank is a type of bank that helps people send money to someone else. It's like a messenger that takes the money from one person's bank account and delivers it to another person's bank account. The remitting bank can be the bank of the person sending the money or a bank in the middle that helps transfer the money. It's important to use a remitting bank when sending money to make sure it gets to the right place.

A more thorough explanation:

A remitting bank is a bank that pays or transfers an item, such as a check or money order. It can be a payor bank, which is the bank that is asked to pay the amount of a negotiable instrument, or an intermediary bank, which is a bank to which an item is transferred in the course of collection.

For example, if you write a check to your friend and your friend deposits it in their bank, their bank becomes the depositary bank. The check is then transferred to the remitting bank, which is your bank, to pay the amount of the check to your friend's bank. In this case, your bank is the remitting bank.

Another example is when a company sends a wire transfer to a supplier in another country. The company's bank is the remitting bank, which transfers the funds to an intermediary bank in the supplier's country, and then to the supplier's bank, which is the payor bank.

Overall, a remitting bank is responsible for paying or transferring funds to another bank or financial institution, either directly or through intermediaries, to complete a transaction.

remitter | remittit damna

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
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
LSD+ is ad-free, with DMs, discounts, case briefs & more.