Answer:
This term is often misunderstood. Under UCC4A, the receiving bank is the bank to which the sender’s instruction is addressed. In many cases, it is the first bank involved in a transfer subject to UCC4A, and is often the ODFI when a transfer will be sent via ACH.
-----------------------------
Learn more about Rayleen Pirnie’s webinar Merging ACH and UCC4A
print
share