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Rules on Rt Image/Rt IRD and Payor Return Check

Answered by: 
John Burnett

Question: 
Can a large item notification ($2500.00 and over) for a return check being returned by a payor bank be legally considered as a substitution for an actual Rt check, Rt image or Rt IRD? Rt check delayed five days due to system problems that was realized for several days.
Answer: 

Yes, provided that the notice includes the information required by section 229.33(b) of Regulation CC, and provided that it's sent by your midnight deadline. For authority, see 12 CFR 229.30(f) and UCC 4-214(a).

First published on BankersOnline.com 1/16/12

First published on 01/16/2012

Filed under: 
Operations
Filed under operations as: 
IRD
UCC

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