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Managing. The risk of Payment System - Turner P.

Turner P. Managing. The risk of Payment System - John Wiley & Sons, 2003. - 253 p.
ISBN 0-471-32848-0
Download (direct link): managingtherisksofpayment2003.pdf
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56. ACH Rule 3.3.1.
57. ACH Rule 3.3.2.
58. ACH Rule 3.3.3.
59. ACH Rule 3.3.4. The parallel rule in Regulation E is § 205.10(b), which requires the person who obtains the consumer’s authorization to provide a copy to the consumer.
60. ACH Rule 4.1.1.
61. Id. The Rule does not apply to SHR or MTE when the ODFI and the RDFI are parties to an agreement for the provision of services relating to the entries.
62. ACH Rule 4.1.2.
63. ACH Rule 4.1.3. The Rule obligates the RDFI to accept other entries as well, but subject to its right to return or reject entries. The RDFI has a broad right to return entries under Rule 5.1.
64. ACH Rule 4.1.4. See Chapter 5 for the similar rule relating to beneficiaries’ names and numbers under Article 4A.
65. ACH Rule 4.2.
66. ACH Rule 4.4.1.
67. An entry is “received” on the banking day that it is made available to the RDFI. The entry is made “available” to the RDFI or its receiving point when it has been processed by the RDFI’s ACH Operator and is ready for distribution. ACH Rule 4.3.
68. ACH Rule 4.4.1.
69. ACH Rule 4.4.7.
70. ACH Rule 4.4.2.
71. ACH Rule 13.1.41. The date on which the Originator expects payment to occur is the “effective entry date.” The ACH Operator establishes the settlement date by reading the effective entry date. The settlement date is either the
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Endnotes
effective entry date or the next available business date. See “effective entry date” in the Glossary to the ACH Rules.
72. ACH Rule 4.4.3.
73. ACH Rule 4.6.
74. ACH Rule 4.5.
75. ACH Rule 4.4.5.
76. U.C.C. § 4-401 (a). See Geva, The Law of Electronic Funds Transfers, Appendix G, for a list of Article 4A provisions that might apply to ACH debit transfers. An RCK entry is treated as an Article 4 item only for purposes of the Article 4 presentment and notice of dishonor rules.
77. U.C.C. § 3-406.
78. See Chapter 3.
79. ACH Rule 4.4.4. The Rule does not apply to machine terminal (MTE), point-of-sale (POS), preauthorized payments and deposits (PPD), or shared network (SHR) entries.
80. ACH Rule 1.3. Of course, the rule that an action to be taken on a day that is not a banking day is excused until the next banking day, under ACH Rule 1.4, would also apply.
81. ACH Rule 5.2.1.
82. Id.
83. ACH Rule 5.2.2.
84. Id.
85. ACH Rule 5.2.3.
86. ACH Rule 5.3.2.
87. ACH Rule 5.5. “Second banking day” refers to the second banking day of the RDFI’s ACH Operator.
88. The Circular’s appendixes provide a description of the security procedures (Appendix A), an agreement relating to the security procedures (Appendix A-1), a time schedule for ACH items (Appendix B), a prefunding agreement for an institution in financial difficulties (Appendix C), forms by which a sending institution (Appendix C-1) or a sending institution and its correspondent (Appendix C-2) consent to the Agreement in Appendix C, and a statement
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Risks of Automated Clearing House Payments
describing the Reserve Bank’s handling of federal government ACH items (Appendix D).
89. Operating Circular No. 4, § 1.0.
90. Operating Circular No. 4, § 1.3. The version adopted is the
version contained in Appendix B of Regulation J, including provisions of Article 1 referred to in Article 4A, as may
be approved from time to time by the U.C.C. sponsors, the
National Conference of Commissioners on Uniform State Laws, and the American Law Institute. Operating Circular No. 4, § 1.0.
91. Operating Circular No. 4, § 2.1(e).
92. 894 F. Supp. 1470 (1995).
93. Under U.C.C. 4-301, a payor bank may return an item before it has made final payment and before its midnight deadline.
94. ACH Rule 5.1.2.
95. Operating Circular No. 4, § 4.1.
96. Id.
97. Operating Circular No. 4, Appendix A, § 2.
98. Operating Circular No. 4, § 14.2.
99. Operating Circular No. 4, § 2.1(c).
100. Operating Circular No. 4, § 9.1.
101. Operating Circular No. 4, § 9.2.
102. “Settlement date” is defined in § 2.1(t) of the Circular as the date for settlement of an item as provided in the
Circular.
103. Operating Circular No. 4, § 10.2
104. Operating Circular No. 4, § 16.1
105. Operating Circular No. 4, § 16.2
106. Operating Circular No. 4, § 16.3
107. ACH Rule 1.1.
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Commerce and Payments in Cyberspace
Electronics and the Internet have created great changes in how commerce is conducted and payments are made in the United States. This chapter considers how communications can legally bind the parties despite the absence of a signed, written agreement. It discusses “digital signatures”; “electronic checks,” bill payment and presentment; procurement; “smart cards,” including purchasing cards and stored value cards; home banking; money laundering; and the privacy rights of bank customers.
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