Answer:
Not always. For example, an ACH transfer to or from a consumer deposit account that meets the Regulation E definition of an electronic fund transfer (EFT) will be regulated by Regulation E and not by UCC4. But Regulation E excludes from its coverage a transfer initiated by a telephone conversation between an individual and an employee of a financial institution if it’s not under a prearranged plan for telephonically-initiated transfers, so that “one-off” phone transfer will be covered by UCC4A.
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Learn more about Rayleen Pirnie’s webinar Merging ACH and UCC4A