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UCC4A definitions: Receiving bank

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Question: 
Under Article 4A, which bank is the receiving bank?
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.

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Learn more about Rayleen Pirnie’s webinar Merging ACH and UCC4A

First published on 07/05/2020

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