The Uniform Commercial Code (UCC) requires your bank to accept or reject incoming wire transfers by “the next funds transfer business day of the bank following the payment date of the order.” After that time, the wire transfer is deemed accepted, and your bank will be responsible for paying your customer the wired funds — unless your bank can show that the wire transfer was unauthorized or contained certain mistakes.

Also, Regulation CC treats wire transfers as electronic payments, which are subject to next-day availability — the wired funds must be available for withdrawal no later than the business day after the banking day on which your bank receives payment on the wire. (Wire transfers are ineligible for the Regulation CC exceptions that permit case-by-case holds for check deposits.)

Please note that this guidance necessarily is generic due to the generic nature of your question. There are a number of scenarios in which a different set of rules would apply. For example, NACHA rules would apply to wire transfers executed by ACH transfer, and alternative sets of rules would apply to wire transfers executed by Fedwire or CHIPS. Additionally, the UCC does permit parties to vary its terms by contractual agreements.

For resources related to our guidance, please see:

• Regulation CC, 12 CFR 229.2(p) (“Electronic payment means a wire transfer or an ACH credit transfer.”)

• Regulation CC, 12 CFR 229.10(b)(1) (“A bank shall make funds received for deposit in an account by an electronic payment available for withdrawal not later than the business day after the banking day on which the bank received the electronic payment.”)

• Regulation CC, 12 CFR 229.2(p) (“Business day means a calendar day other than a Saturday or a Sunday, January 1, the third Monday in January, the third Monday in February, the last Monday in May, July 4, the first Monday in September, the second Monday in October, November 11, the fourth Thursday in November, or December 25. If January 1, July 4, November 11, or December 25 fall on a Sunday, the next Monday is not a business day.”)

• Regulation CC, 12 CFR 229.2(p) (“Banking day means that part of any business day on which an office of a bank is open to the public for carrying on substantially all of its banking functions.”)

• Regulation CC, 12 CFR 229.10(b)(2) (“When an electronic payment is received. An electronic payment is received when the bank receiving the payment has received both (i) Payment in actually and finally collected funds; and (ii) Information on the account and amount to be credited. A bank receives an electronic payment only to the extent that the bank has received payment in actually and finally collected funds.”)

• Regulation CC, Official Interpretations, Paragraph 10(b), Comment 2 (“The EFA Act requires that funds received by wire transfer be available for withdrawal not later than the business day following the day a wire transfer is received. . . . For the purposes of this paragraph, a bank receives an electronic payment when the bank receives both payment in finally collected funds and the payment instructions indicating the customer accounts to be credited and the amount to be credited to each account. For example, in the case of Fedwire, the bank receives finally collected funds at the time the payment is made. (See 12 CFR 210.31.) . . .”)

• Regulation CC, 12 CFR 229.13 (“(b) Large deposits. Sections 229.10(c) and 229.12 do not apply to the aggregate amount of deposits by one or more checks . . . . (e) Reasonable cause to doubt collectability. (1) Sections 229.10(c) and 229.12 do not apply to a check deposited in an account . . . .”)

• UCC, 810 ILCS 5/4A-209 (A wire payment order is accepted at the earliest of: (“ . . . (3) the opening of the next funds transfer business day of the bank following the payment date of the order if, at that time, the amount of the sender’s order is fully covered by a withdrawable credit balance in an authorized account of the sender or the bank has otherwise received full payment from the sender, unless the order was rejected before that time or is rejected within (i) one hour after that time, or (ii) one hour after the opening of the next business day of the sender following the payment date if that time is later. . . .”)

• UCC, 810 ILCS 5/4A-211(c) (“After a payment order has been accepted, cancellation or amendment of the order is not effective unless the receiving bank agrees or a funds transfer system rule allows cancellation or amendment without agreement of the bank. . . .”)

• UCC, 810 ILCS 5/4A-211(c)(2) (“With respect to a payment order accepted by the beneficiary’s bank, cancellation or amendment is not effective unless the order was issued in execution of an unauthorized payment order, or because of a mistake by a sender in the funds transfer . . . .”)

• UCC, 810 ILCS 5/4A-404(a) (“Subject to Sections 4A-211(e), 4A-405(d), and 4A-405(e), if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but if acceptance occurs on the payment date after the close of the funds transfer business day of the bank, payment is due on the next funds transfer business day. If the bank refuses to pay after demand by the beneficiary and receipt of notice of particular circumstances that will give rise to consequential damages as a result of nonpayment, the beneficiary may recover damages resulting from the refusal to pay to the extent the bank had notice of the damages, unless the bank proves that it did not pay because of a reasonable doubt concerning the right of the beneficiary to payment.”)

• UCC Official Comments, Article 4A, Prefatory Note (“ Some aspects of wire transfers are governed by rules of the principal transfer systems. Transfers made by Fedwire are governed by Federal Reserve Regulation J and transfers over CHIPS are governed by the CHIPS rules. Transfers made by means of automated clearing houses are governed by uniform rules adopted by various associations of banks in various parts of the nation or by Federal Reserve rules or operating circulars. But the various funds transfer system rules apply to only limited aspects of wire transfer transactions.”)

• Regulation E, Official Interpretations, Paragraph 3(c)(3), Comment 1 (“If a financial institution makes a fund transfer to a consumer’s account after receiving funds through Fedwire or a similar network, the transfer by ACH is covered by the regulation even though the Fedwire or network transfer is exempt.”)

• UCC, 810 ILCS 5/4A-501 (Variation by agreement and effect of funds transfer system rule.)