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Clearing House Electronic Check Clearing System ("CHECCS") Operating Rules

IP.com Disclosure Number: IPCOM000242141D
Original Publication Date: 2001-Jan-01
Included in the Prior Art Database: 2015-Jun-19

Publishing Venue

Undisclosed

Abstract

Operating rules for the Clearing House Electronic Check Clearing System.

This text was extracted from a PDF file.
This is the abbreviated version, containing approximately 8% of the total text.

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September 21, 2000

CLEARING HOUSE ELECTRONIC CHECK CLEARING SYSTEM ("CHECCS")

OPERATING RULES

     The CHECCS Operating Rules include all the provisions of The Electronic Check Clearing House Organization ("ECCHO") Operating Rules except as modified herein. Modifications of the ECCHO Operating Rules are shown below as italicized additions to existing ECCHO Rules, as rewritten provisions of the existing ECCHO Operating Rules, or as supplemental provisions, which are new sections added to the ECCHO Operating Rules. These modifications apply specifically to CHECCS and its participants and are not applicable to ECCHO and ECCHO members that are not CHECCS participants.

SECTION I. - Definitions.

The following provisions supplement the ECCHO Rules:

I(A-1) CHECCS Aggregate Balance or Aggregate Balance. The aggregate of a Settling Participant own Multilateral Balance and the Multilateral Balances of all Non-Settling Participants for which it has agreed to settle. If the total dollar amount of items, returned ite~s, and adjustments delivered to other CHECCS Participants by a Settling Participant and the Participants for which it settles exceeds the total dollar amount of items, returned items, and adjustments that they received from other CHECCS Participants, Settling Participant will have a credit Aggregate Balance. Conversely, if the total dollar amount of items, returned items, and adjustments delivered to other CHECCS

Copyright © 2001 The Small Value Payments Company L.L.C. All rights reserved.


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-2-

Participants by a Settling Participant and the Participants for which it settles is less than the total dollar amount of items, returned items, and adjustments that they received from other CHECCS Participants, Settling Participant will have a debit Aggregate Balance.

I(A-2) CHECCS Bilateral Balance or Bilateral Balance. On a given day, the total dollar amount of items, returned items, and adjustments delivered by a CHECCS Participant through CHECCS to another CHECCS Participant minus the total dollar amount of items, returned items, and adjustments received by a Participant through CHECCS from the other Participant as shown on a CHECCS Settlement Statement as determined or adjusted by the CHECCS Operating Rules. If the total dollar amount of items, returned items, and adjustments delivered by a CHECCS Participant to another CHECCS Participant exceeds the total dollar amount of items, returned items, and adjustments that it received from the other CHECCS Participant, Participant will have a credit Bilateral Balance. Conversely, if the total dollar amount of items, returned items, and adjustments delivered by a CHECCS Participant to another CHECCS Participant is less than the total dollar amount of items, returned items, and adjustments that it received from the other CHECCS Participant, Participant will have a debit Bilateral Balance.

I(A-3) CHECCS Clearing House Hub. A facility or location used by participants in CHECCS to transm...