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New York Automated Clearing House Operating Rules Disclosure Number: IPCOM000242125D
Original Publication Date: 1975-Jan-01
Included in the Prior Art Database: 2015-Jun-19
Document File: 22 page(s) / 10M

Publishing Venue



Operating rules for the New York Automated Clearing House

This text was extracted from a PDF file.
This is the abbreviated version, containing approximately 9% of the total text.

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As used in these rules -

A. "Authorization" means either a One-Time Authori- zation or a Standing Authorization as each is hereinafter defined.

B. "Automated Clearing House" (hereinafter referred to as the "NYACH") means the New York Automated Clearing House operated by and as a facility of the New York Clearing House Association.

C. "Banking day" means, in the case of a Participating Bank, any day on which such Bank is open to the public during any part of such day for carrying
on substantially all of its banking functions
and, in the case of the NYACH, any day on which
the NYACH is being operated as provided in
Section V(A). The New York Clearing House Association rules set forth in Appendix A governing the cutoff hours for the handling
of Entries, returned Entries and adjustment memoranda, on a Banking Day, shall also govern
the cutoff hours of the NYACH.

D. "Company" means a Person which initiates or arranges to initiate Entries drawn on or payable to the bank accounts of the Company's Customers.

E. "Customer" (sometimes referred to as "Depositor") means a Person who authorizes a Company to initiate Entries to an account of the Customer with a Receiving Bank or a Receiving Correspondent
Bank and authorizes such Receiving Bank or Receiving Correspondent Bank to debit or credit such Entries to such account.

F. "Entry" means a request on the media and in the format set forth in Appendix B for the deposit (credit) or payment (debit) of money. Each Entry (credit or debit) shall be deemed an "item" within the meaning of Article 4 of the New York Uniform

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Commercial Code and said Article shall apply
to such Entries except where such application is inconsistent with these Rules, in which case these Rules shall control.

G. "Exchange and Processing Schedule" means the schedule of processing and settlement deadlines set forth in Appendix A.

H. "File" refers to a group of Entries on the media and in the format set forth in Appendix B, asso- ciated with a given transmittal register and the control totals set forth therein.

I. "Midnight of a Banking Day" means midnight of the calendar day on which such Banking Day falls.

J. "National Association" means the National Automated Clearing House Association.

K. "Net Settlement" means the net net position of
a Participating Bank with all other Participating Banks.

L. "One-Time Authorization" means an authorization in the format set forth in Appendix B for a Company
to initiate a single Entry to a Customer's account through the Company's Originating Bank or Originating Correspondent Bank in accordance with these Rules
in an amount specified on the authorization by such Customer.

M. "Originating Automated Clearing House" means an Automated Clearing House which is an Originating Automated Clearing House with respect to Entries it receives from an Originating Bank.

N. "Originating Bank" means a Participating Bank which has des...