In most cases, the required notification and method of notification will depend on your account agreement. The general rule under the Illinois Uniform Commercial Code (UCC) is that when you receive a wire transfer that instructs you to credit a customer’s account, you must notify the customer “before midnight of the next funds transfer business day following the payment date.” 810 ILCS 5/4A-404(b). “Funds transfer business day” means the next day on which you are open for the receipt, processing, transmittal, cancellation, and amendment of wire transfers and other payment orders. 810 ILCS 5/4A-105(a)(4). The “payment date” is the date on which your institution received the wire transfer, unless otherwise stated in the payment order. 810 ILCS 5/4A-401. Notice may be provided by first class mail or “any other means reasonable in the circumstances.” 810 ILCS 5/4A-404(b).

However, the notification requirements may be varied by agreement with the customer or by a funds transfer system rule (such as the ACH operating rules). 810 ILCS 5/4A-404(c). “Notice . . . is not required if the person entitled to the notice agrees or a funds transfer rule provides that notice is not required and the beneficiary is given notice of the rule.” UCC Official Commentary, §4A-404, cmt. 4.