Transcription of Funds Transfer Law And Unauthorized Payment Liability
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Funds Transfer Law And Unauthorized Payment Liability
Funds Transfer Law And Unauthorized Payment LiabilityThomas FoxSchwartz & Ballen LLPMay 11, 20101 Types of Funds Transfers For Today s DiscussionzBusiness Initiated Transfers of FundszBusiness-to-Business TransferszBusiness-to-Consumer TransferszThese are credit transactionszFunds are pushed from the originating Sending Customer to the receiving beneficiary CustomerzSending Customer is instructing banks to make a credit Payment to beneficiary CustomerzCredit transfers generally not reversible or recallable once accepted by the beneficiary BankzResult in final settled Funds for the beneficiary Bank2 Overview of Funds Transfer : Process FlowBusiness CustomerSending BankDebits Funds fromAccount of Business CustomerFunds Transfer SystemBeneficiary BankCredits Funds to Account of BeneficiaryNoticeof ReceiptFunds Transfer InstructionBeneficiaryApplicable LawWhat laws govern rights of Business Customers and their Banks for Fund Transfers?
“security procedure”. Requirements: (1) Security procedure is “commercially reasonable method of providing security against unauthorized entries” and (2) Bank acted in “good faith” in compliance with security procedure. “Good faith” means honesty in fact and observance of reasonable commercial standards of fair dealing.
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