By Dina Lathifa. 3-minute read. Lidberg had more than 25 years of international banking experience, most recently as Vice President at U. PDF document can be generated and automatically send the. Through its issuance, the exporter is assured that the issuing bank will make a payment to the exporter for the international trade conducted between both the parties. The SLOC is used as a payment of last resort. While it might sound a tad technical, allow us to explain a bit more about the payment processor Toast and. , where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Sight Credit and Usance Credit L/c PQR bank submits these documents to the advisory bank XUV. LC International Ltd is a gambling operator based in Gibraltar, part of Entain Group (formerly GVC Holdings). 12 of 2008 and subsequent amendments (the. Ada banyak sekali fungsi dari letter of credit, terutama meminimalkan risiko perdagangan lintas negara. A. Fees and Charges. Confirmed Letter Of Credit: A confirmed letter of credit is a second guarantee, in addition to a letter of credit, that commits to payment of the letter of credit. Types are given as a list Acceptance Credit/ Time Credit. Once the documents presented are in order, we will negotiate and convert receivables to cash immediately. 2000/- subject to maximum Rs. 075 1. 18] IAS 30. A letter of credit ( LC ), also known as a documentary credit or bankers commercial credit, or letter of undertaking ( LoU ), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. And because we don’t have any brick-and. HK$60 per cheque. In essence, an LC is a commitment from a bank or other financial institution to pay the seller a certain amount of money upon the fulfillment of certain conditions specified in the LC. 12 of 2008 and subsequent amendments (the. The. payment/default on the issuing bank. Compared with the previous year, the company reported a Total-Assets increase of 40. Shinhan Bank [2013] EWHC 2498. A BAC payment on your bank statement means you’ve used an electronic system to make a payment directly from one account to another. 17 August 2022. ASC X9 committee. [UPDATED 2023] A Standby Letter of Credit (SBLC / SLOC) is seen as a guarantee that is provided to a potential buyer or contractor. Bank conveniently and securely with the fastest onboarding journey, quickest log in, and a variety of products made available for you Branch Timings Welcome to the new era of banking, Discover the future of banking, explore our user-friendly tool to effortlessly locate nearby branches or ATMs, and gain insights into their opening hours. A letter of credit is a document from a bank that guarantees payment. Letter of Credit. Through its issuance, the exporter is assured that the issuing bank will make. In March 2018, Ladbrokes Coral was purchased by GVC Holdings for £4 billion. Be True to what You Say You Are. Synthetic Letter Of Credit: A letter of credit that has been pre-funded by the bank on the closing date, instead of when the funds are drawn as needed. You may see transactions with the name LC International or LC International Limited since this is the gambling commission name for all gambling sites within the umbrella of Ladbrokes Coral, this being a part of the larger Entain group of companies. A "TST" charge in your credit card activity is partly processed by a company called Toast. Restricted L/C. 2017 Annual Dodd-Frank Act Stress Test Disclosure. A typical reimbursing bank charge will be £50. Banks in India mostly open letter of. Effective 28 February 2022, a monthly administration fee of AED 300 will be applicable towards customers who are not registered for digital channels. Restricted L/C adalah letter of credit yang membatasi hak eksportir penerima L/C untuk menegosiasi dokumen pengapalan pada bank tertentu yang disebutkan oleh Opening Bank di dalam L/C tersebut, dan biasanya terbatas pada Advising Bank saja. You can choose to receive your bank statements as hard copies or electronically, but you. united arab bank will not accept or handle any transactions. Buyer agrees to indemnify Bank and gives pledge over documents. Minimum of 2 months but not less than. It is issued by a bank and ensures timely and full payment to the seller. Lending Club is America’s largest lending marketplace, connecting borrowers with investors since 2007. A typical British bank statement header (from a fictitious bank), showing the location of the account's IBAN. 590. When it comes to smooth facilitation of international trade, the Letter of Credit acts as an important payment instrument. 23 include guidelines for the limited circumstances in which income and expense items or asset and liability items are offset. For the seller of goods, a letter of credit functions as a bank’s irrevocable promise to pay when certain documents are presented. Lidberg had more than 25 years of international banking experience, most recently as Vice President at U. Q. If you’ve stumbled upon a mysterious transaction tagged as LC International on your bank. A Import Bills under LC (i) Retirement of bill under LC 0. The statement submitted must be of the person specifically asked for. Press” View statement. An application letter for bank statement is a formal request letter that a bank customer sends to their bank, requesting a statement of their financial transactions. Importantly, the process involves an impartial third party in the transaction. A substantial fee is typically charged by a bank issuing an LC. A letter of credit or LC is a written document issued by the importer’s bank (opening bank) on importer’s behalf. e. 3. Bill of lading is not an exception. (GSSP). RTGS - Outward. Statement date: The date the statement was generated. On a bank statement, the WW Int’l-DIGITAL 800-221-2112 charge may appear in various ways, depending on the bank’s format and the level of detail provided. We add country-year fixed effects ((alpha _{ct})),. You can also just read an overview if you prefer a text-only explanation without the visuals. MT 700. Their parent company is Entain Plc, which is one of the largest gambling companies in the world. To learn more about Online Banking, view our demos. Rahat Ibn Hatem Chief Editor & Consultant – Kaiser Hamid Follow us at: 1 MD RAHAT- 01672938427 f Export, Import and L/C session Overview and Outcome of Training: The. mobile phone, water, gas, electric (issued in the last 3 months). The buyer will nominate their bank of. Chris Lidberg was an independent consultant in the area of international banking and Letters of Credit. 0. If the buyer fails to pay the amount to the seller, the bank must pay the. Fig:16 (Vendor payment accounting based on the bank statement received on next day of payment processing to Recipient bank) Letter of Credit (Sales Process) Fig:17. Keeping track of income and expenses; Spotting irregularities or discrepancies; Securing a business loan ; Consulting your business bank statements can help you keep track of your company’s financial health. In a circular dated December 27, the central bank invited the attention of the banks to Circular letter No. A letter of credit is issued against a pledge of securities. Effective August 29, 2021 we have upgraded our Republic Online platform, should you encounter any challenges, please contact internetbanking@rfhl. Select Original Language. Usance Letter of Credit or Deferred Payment LC. The funds accessible through a synthetic. It acts as a payment guarantee offered by Bank/NBFCs to exporters. We strive to know our customers at a personal level so we can easily fit the best products and services for your everyday needs. ATM Cash Withdrawal Fees International 1. Despite superseding three MOT regulations issued in 2015 that previously regulated the same main provisions, this Reg. Through Online Channel – Nil. Bank Statement: A bank statement is a record, typically sent to the account holder every month, summarizing all the transactions in an account throughout the time from the previous statement [email protected] L/C must be accompanied by statements allowing the bank to proceed with L/C confirmation; The bank will confirm on the full amount of the L/C, not a partial amount; The bank’s confirmation will be terminated if the beneficiary fails to comply with all the terms and conditions specified in the L/C, or the documents are found to be in. Can take up to three working days to clear. Key Takeaways. A tool for minimizing risk in international trade. Financial Statements. LC Issuing Bank can accept shipping documents under LC’s (INR/FCY) received through correspondent banks only. LC Confirmation Charges iv. If you have, it’s likely to be a cross-border transaction you made with your debit card, at a card terminal outside of the Republic of Ireland. It is increasingly common to have a ‘credit escalation clause’ in a documentary letter of credit (“LC”) relating to the sale and purchase of crude oil and petroleum products. Bank/Savings account Statement (issued in the last 3 months) Issue letter from a credit/debit or pre-paid card (issued in the last 3 months) Utility bill – i. 044 (Ladbrokes Sportsbook LP) Brands Ace Kingdom Ladbrokes Casino Ladbrokes LottosA letter of credit is an important financial tool in trade transactions. Last statement dated 17 February 2023. An importer will open a letter of credit with a local bank that will then confirm that the importer's credit is good with the exporter's. Key differences between. Vote. The deposit of cash or a cheque in a bank branch. Standby Letter of Credit. If a payment appears on your bank statement from LC International (Gibraltar) Ltd, it means it is likely from a bingo or casino site that Entain Plc owns. Revolving Letter of Credit. LendingClub Bank is the leading digital marketplace bank in the U. HK$100 per instruction. Full Form of LC. 1. ET Spotlight. According to LC INTERNATIONAL LTD latest financial report submitted on 2021-08-31, the company has a Total-Assets of £597,027. c. Section III cites the relevant paragraphs of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) and indicates where provisions fall short of guidance for a consistent recording, across both institutional sectorsEconomy of Italy and Its International Trade at a Glance: Gross domestic product of Italy is $2,19 trillion US dollars in year 2012. This confirmation means that the U. Handling charges: the most vague of all L/C charges, these are often deducted by non-UK banks (usually the London based. Red Clause LC. Finally, under documentary collection (DC), the transaction is facilitated by the exporter’s bank and the importer’s bank. Bank Giro Credit. A bank statement is a monthly or quarterly document that summarizes your banking activity. An e-statement is a fast and easy way to access your bank and credit card statements through the Internet Banking service. S. This will be where a ‘stronger’ bank confirms the letter of credit. The global rule sets which govern standby letters of credit (SBLC) - both the Uniform Customs and Practices current revision 600 (UCP 600) and International Standby Practices current revision (ISP98) - define a SBLC as an “undertaking”. mobile phone, water, gas, electric (issued in the last 3 months) Council Tax bill (issued in the current tax year) HMRC tax notification (issued in the last 12 months) A Letter of Credit (LC) is a document that guarantees the buyer’s payment to the sellers. The L/C must be accompanied by statements. We would like to show you a description here but the site won’t allow us. Importer lodges L/C application with issuing bank 3. Confirmed Letter of Credit is a special type of L/c in which another bank apart from the issuing bank has added its guarantee. According to current letter of credit rules; confirmation means a definite undertaking of the confirming bank, in addition to that of the issuing bank, to honour or negotiate a. Presentation of LC with Advising bank. A Letter of Credit as an instrument of international trade is one of the most secure methods for a seller to be paid. a. Form 8-K - Monday, June 5, 2017. Complementing the Gala Spins experience, it provides Live Casino and Table Games that the sister site doesn’t. If the buyer is unable to make such a payment, the bank covers the full or the remaining amount on behalf of the buyer. Universities and Visa offices. To Access Your Account Statements in Online Banking: From the Accounts Summary page, select Statements/Documents located at the top right side of the screen. According to eFinance Management, Standby LC costs more to issue than a standard LC. 75 percent, but notes that in underdeveloped countries, it can range from 1. A usance or deferred letter of credit is a type of letter of credit used often in trade finance whereby the issuing bank must make payment by a preset date. Second, we investigate the common modus operandi undertaken by fraudsters. Last statement dated 8 August 2023You may have seen LC International Limited appear on your bank statement and here is why. 2-4) of US Federal Deposit Insurance Corporation (FDIC) Call Reports. 95. Irrevocable: This type of LC cannot be modified or canceled without the agreement of all parties involved. 75 per transaction. As noted, the drafters of LoCs generally refrain from including governing law and jurisdiction clauses. 8. Nature of business (SIC)The main difference between correspondent banks and intermediary banks has to do with the number of currencies that are in use in a transaction. If a letter of credit is not confirmed, it is “advised” through a U. It was originally developed by banks in Europe to simplify. Basically, it’s a promise to pay the holder if they fulfill specific requirements, which are spelled out in the LC. Therefore, with letters of credit (L/C) transshipment becomes an important issue especially if transshipment is prohibited by the L/C. Meanwhile, letters of credit are essential in international trade, as it allows two parties to transact without worrying. 2,000/-f. Beneficiary) upon submission of complying documents. The company was founded in 2004 by the joint venture of Ladbrokes and Coral Group, two of the UK’s largest bookmakers. LC International’s online venture, Gala Casino, is a sibling platform to Gala Spins. 35 Editable Bank Statement Templates [FREE] One of the most common types of financial documents we come in contact with is a bank statement template. Accessibility statement Developers Link opens in new tab Built by. The LBK or LC bank charge is a financial transaction recorded on your bank statement, and it stands for Ladbrokes Coral, the renowned betting and gambling company. Eliminate credit and country risks associated with your Letter of Credit (LC). Gala Spins was launched in 2018 as a spin-off from one of the UK’s leading bingo brands, Gala Bingo, offering slot games and. In the last year, there have been several English court judgments1 about the role and. A Letter of Credit is one of the most secure methods of payment between the seller and the buyer. In international commerce, letters of credit (LCs) are among the most secure instruments accessible. You can get letters of credit from most major banks and credit unions. Generally issued by an importer’s bank, the letter of credit guarantees the beneficiary will be paid once the conditions of the letter of credit have been met. About the Author: Chris Lidberg Ms. Moreover, our DLC Process is very easy and simple. Irrevocable Letter of Credit (ILOC) which is a type of LC helps. A Letter of Credit (LC) is a bank document that acts as a contractual commitment by a foreign buyer’s bank to the exporter that the buyer will transfer the agreed payment amount once the goods are shipped. Letter of Credit. Lucia Development Bank have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and under the historical cost convention. The complying presentation means is that the presentation with zero discrepancies. Account details: Information like your account number, name, and account type. The Advising Bank will then contact the Issuing Bank to call (or redeem) the financial LC; they, in turn, will credit funds to the Advising Bank by way of some international payment network (such as SWIFT), who in turn will deposit cash into its client (the seller’s) account. However, if you need to set up an LC facility, it will take anywhere from 15 days to a few months as the process involves a comprehensive credit appraisal of your company’s financials, promoters, and collaterals. Confirmation statement. Bank makes payment to the vendor on the Due Date. If, the issuing bank or the confirming finds at least one discrepancy, then the presentation becomes discrepant. Global Trade Services – Mail Code: IL1-0236 131 South Dearborn, 5th floor Chicago, Illinois 60603-5506 Swift: chasus33 Availability: L/C must be available (by payment, acceptance or negotiation as applicable) at the counters of JPMorgan Chase,2. It could also be a transaction you made online, either as a once-off. Entain is one of the largest gambling companies in the world (Formerly known as GVC Holdings) and is responsible for popular gambling brands such as Ladbrokes, Coral, Foxy Bingo, and Gala Bingo. Confirmation statement. Nepali banks said they would follow the central bank's “verbal directive” to "discourage" traders from opening Letters of Credit (LC) to import non-essential goods in an effort to stem the outflow of the country's rapidly depleting foreign exchange reserves. A letter of guarantee is different from a commercial letter of. The exporters prepares and ships the goods in accordance with the relevant L/C clauses after having been advised of the L/C; 3. BGC. To learn more about Online Banking, view our demos. Anohar John. It’s important to learn all you can about banks statements, how to use them, when to use them. Documentary credit (or letter of credit) is a method of payment that facilitates and secures international transactions. TST is an abbreviation for the company and is included in the transaction description because the label helps define the record of the transaction. Subsequently, PQR bank issues a letter of credit (LC) for an amount of $10000 in favor of ABC Ltd. uk, and ladbrokes. First Quarter 2017 Pillar 3 Disclosures. LC. It is a form of documentary credit where the bank becomes a guarantor to the seller for the payment. LC International Ltd is a gambling operator based in Gibraltar, part of Entain Group (formerly GVC Holdings). 16. Seller protection: If a buyer fails to pay a seller, the bank that issued a letter of credit must pay the seller as long as the. • Give you peace of mind in the event of payment default by Issuing Bank. Browse topic tree. As a business owner, you may request a letter of credit from a customer to guarantee payment for products or services you’re providing. Through its issuance, the exporter is assured that the issuing bank will make a payment to the exporter for the international trade conducted between both the parties. A POS charge can also be an additional fee that your bank charges when you use your debit card. November 1, 2023. Once the buyer fulfills all the conditions and the bank deems them fit for receiving the credit, the bank issues them an SBLC and charges 1% to 10%. LendingClub Bank is the leading digital marketplace bank in the U. It is issued by a bank and ensures timely and full payment to the seller. Intimation to issuing bank. Definition. Verification of “EE” Statement Rs. Copy link to contribution. Seller protection: If a buyer fails to pay a seller, the bank that issued a letter of credit must pay the seller as long as the. The LC amounts outstanding for US Banks derive from Schedule RC-L Derivatives and Off-Balance Sheet Items (Line Nos. non legalized commercial invoice and certificate of. The costs involved in these transactions are usually lower than with other international financing options. A nominated bank which has not confirmed or otherwise committed to pay in some form has no obligation to do so. Step 1 : Analyzing the Letter of Credit: All documents must be issued according to the conditions of the letter of credit. The bank statements should be a scanned copy duly signed and stamped by the respective bank. b, 3. This makes Italian economy 8th largest economy in the world after USA, China, Japan, Germany, France, Brazil and UK. A Letter of Credit is a secure international trade payment guarantee, written on behalf of a Buyer (Importer) to pay the Supplier (Exporter) within the specified time of a payment agreement. Better Everyday. The issuing bank transmits the LC to the nominated bank, which forwards it to the exporter. LC INTERNATIONAL LTD Company Profile | SEVENOAKS, United Kingdom | Competitors, Financials & Contacts - Dun & Bradstreet Find company research, competitor information, contact details & financial data for !company_name! of !company_city_state!. LC International Ltd is a gambling operator based in Gibraltar, part of Entain. Bank statements allow you to check for errors, watch for suspicious activity, and track. A letter of L/C confirmation will be issued to the beneficiary after the bank approves the confirmation. Benzinga readers love CrossCountry Mortgage and New American Funding as the best bank statement mortgage lenders. An example would be a situation where the transit time of a shipment is very short, for instance, 15 days. I have a bachelor's degree in business administration and master's degree in international trade and finance; awarded with CDCS (Certified Documentary Credit Specialist) two times between (2010-2013) and. Reporting entity The Saint Lucia Development Bank (the “Bank”) was established and is governed by the Saint Lucia Development Bank Act No. Advertising Disclosure. LC International is fully licensed and regulated by the UKGC (UK. Features include: Enrollment available via your mobile device (no PC required) and consistent user experience across all devices. A letter of credit is a commitment by a bank on behalf of the importer (foreign buyer) that payment will be made to the beneficiary (exporter), provided the terms and conditions stated in the letter of credit have been met, as evidenced by the presentation of specified documents. S/O – Standing Order. Letters of credit put banks on the hook for paying either the full or remaining amount for a given purchase. 00 while the Total-Liabilities is £209,368. My name is Ozgur Eker. The exporter presents the documents. These are calculated with an algorithm and used to validate the correctness of the IBAN. 00 – £100. Accounting entries/process for Letter of Credit (Acounts Payable/Receivable) My client is currently doing LC process in the following manner. L/C advised to exporter 5. 15:50 13 April in Blog by Capstone. LC INTERNATIONAL LTD - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity Bank Statement: A bank statement is a record, typically sent to the account holder every month, summarizing all the transactions in an account throughout the time from the previous statement to. Businesses widely use this assured form of payment in trade transactions. Remittance of Proceeds of Dishonored Bills. 00. BAC – Bankers’ Automated Clearing. An example would be a situation where the transit time of a shipment is very short, for instance, 15 days. The seller submits documents as per terms and conditions of the sight LC. These transfers are used most commonly in. applicant. Revocable: This type of LC can be modified or canceled by the issuing bank without notice to the exporter. LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. The LC may revolve by amount, or by a factor of time (on a cumulative or non-cumulative basis). kalakoti sivareddy (accounts manager) (23. identification 2. 4. If an LC allowed for the default maximum presentation period of 21 days (Article 14 ( c ) of UCP 600), and the seller indeed takes 21 days to present the documents to the nominated bank, the goods will have arrived at the destination much earlier than the documents, likely leading to. Bank information: Your bank’s contact information, including the address and phone number. Website. a. Imports by the. In a LC transmitted by SWIFT message, MT700 Field Tag 43T specifies whether or not Transhipment is allowed under the documentary credit. In short, it stands for Ladbrokes Coral International Ltd and if you found a transaction on your bank account statement from this company, chances are it’s from one of the following UK-licensed bingo, casino and sports betting sites from the same parent company, Entain Plc. Pembayaran letter of credit oleh bank hanya terjadi apabila pihak pembeli dan penjual sama-sama telah mencapai. Do you have a transaction on your bank account statement from LC International Limited? Chances are you might be confused about this payment and where it is from. com, cheekybingo. A letter of credit is essentially a financial contract between a bank, a bank's customer and a beneficiary. Ms. 11 of July 5, 2022, wherein banks were. com. Entain Group will pay £14 million for failures at its online business LC International Limited which runs 13 websites including ladbrokes. L/C ini tidak membutuhkan penyerahan dokumen pengapalan seperti jenis sebelumnya. The documents the importer requires in the credit usually include, at least, a commercial invoice and clean bill of lading, but may. A LC is usually more. Bank statements are a record of all your account transactions in a specific period of time—usually covering monthly account activity. Lc International Investment Corp. 012 Betting RGL No. Restricted L/C adalah letter of credit yang membatasi hak eksportir penerima L/C untuk menegosiasi dokumen pengapalan pada bank tertentu yang disebutkan oleh Opening Bank di dalam L/C tersebut, dan biasanya terbatas pada. Let’s say you started with $400 in the bank, deposited $500, and had a safety deposit fee of $50. 125% of bill amount minimum Rs. A bank statement is a document that summarizes your account activity. 30): Amount received at ATM = US $10 US ATM provider fee = US $2 Amount after conversion = US $12 x 1. Green Clause LC. 012 Betting RGL No. L/C helps in avoiding risk by having intermediate buyer and seller bank that ensure proper payment. A Letter of Credit (LC) is an acceptable mode of payment used for the importation of visible goods. co. There are several types of letters of credit, and they can provide security when buying and selling products or services. By asking for your documents that can prove your financial capability, they want to know that first, you can fund your trip; Second, you will not overstay/work illegally in their country, and lastly, what you’re saying in your visa application. 2. 2/2023 Sr No. Here’s why many successful business owners stay on top of their business bank. In this case, LC issuing bank confirms all the original documents and provide acceptance to the confirming bank. 1. ABC Ltd. A confirmed letter of credit is. Faculty Member. 3. Upon verification, the advising bank immediately releases the due payment to the supplier. Then hands over the LC to its negotiating bank EFG. Transferable Letter of Credit. It is a written document issued by the bank on behalf of a buyer (importer) to the bank of a seller (exporter). For the purpose of the discussion, it might be useful to provide some simple examples. LC International Limited Public Statement - Gambling Commission 17/08/2022, 08:46. uk, and ladbrokes. • Letters of credit open doors to international trade by providing a secure mechanism for payment upon fulfilment of contractual obligations. LC International Ltd is a gambling operator based in Gibraltar, part of Entain Group (formerly GVC Holdings). Next statement date 8 August 2024 due by 22 August 2024. A letter of credit or LC is a written document issued by the importer’s bank (opening bank) on importer’s behalf. 2. A tool for minimizing risk in international trade. There are typically seven steps that occur in order to get paid using a letter of credit: The importer arranges for the issuing bank to open an LC in favor of the exporter. b/c/d/f & 5 of the Schedule of Export Transactions Related Service Charges. 010 Gaming RGL No. 4 Annual Report – year ended 31 December 2021 The Directors present herewith their report together with the audited consolidated financial statements of Dell Bank International d. Lc International (Bermuda) Limited. In a letter of credit, the issuing bank affirms that a purchaser (in this case, a. When obtaining reliable credit information on a foreign buyer is demanding. Risk Mitigation: Confirmation of your letter of credit by PNC provides an additional layer of security. Importer’s bank issues L/C to exporter’s bank 4. The bank has over 9 lakh customers and 238 points of representation located in various urban, semi urban part and rural parts of the country, with 198 branches, 14 extension counters, 22 Branchless Banking Units and 177 ATM locations. The L/C must be accompanied by statements allowing the bank to proceed with L/C confirmation; The bank will confirm on the full amount of the L/C, not a partial amount; The bank’s confirmation will be terminated if the beneficiary fails to comply with all the terms and conditions specified in the L/C, or the documents are found to be in. This. Limited Company - LC: A limited company (LC) is a form of incorporation that limits the amount of liability undertaken by the company's shareholders. You can see this link at the top of the statement. Lc International BV. We also make sure the process is easy to implement. The confirming bank, often a 3 rd party bank but sometimes also called advising bank typically confirms the LC. What is LC meaning in Finance? 8 meanings of LC abbreviation related to Finance: Vote. If a university asks for the evidence of support of a parent/ guardian or spouse, then the statement should be of the person’s savings account. 10.