Topic: Article 4A – Uniform Commercial Code
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What is considered acceptable notification that a bank must provide to a customer who receives a wire transfer?
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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…
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Are we required to provide customers with a copy of the wire confirmation receipt that we receive after an outgoing wire is sent through Fedwire?
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We are not aware of any law or rule that would require you to provide a copy of the actual wire confirmation. You should, of course, check your account agreements, which may require you to provide the receipt or some other notification for outgoing wires. Regulation J, which governs funds transfers through FedWire, does not impose…