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«Section A – Paper Items Original Publication 2002 st 1 Update March 2003 nd 2 Update May 2003 rd 3 Update April 2005 th 4 Update December 2005 th 5 ...»

-- [ Page 1 ] --

2002 (Revised 2013)

Jamaica Clearing Bankers Association

Automated Clearing House (ACH)  Rules

Section A – Paper Items

Original Publication 2002

st

1 Update March 2003

nd

2 Update May 2003

rd

3 Update April 2005

th

4 Update December 2005

th

5 Update May 2013

 Jamaica Clearing Bankers Association

2002 (Revised March 2003, May 2003, April 2005, December 2005 and May 2013)

Automated Clearing House (ACH)  Rules Jamaica Clearing Bankers Association Section A – Paper Items Table of Contents A.1 Glossary of Terms 2 A.2 General Rules 7 A.2.1 Items Acceptable for Clearing

A.2.1.1 Introduction 7 A.2.1.2 Criteria for Clearing Items 7 A.2.1.3 ACH Threshold* 7 A.2.1.4 Approved Classes of Clearing Items 7 A.2.1.5 Items Eligible for Clearing 7 A.2.2 Disqualifying Conditions

A.2.2.1 Items in Dispute 8 A.2.2.2 Post-Dated Items 8 A.2.2.3 Month-Dated Items 8 A.2.2.4 Conditional Statements 8 A.2.2.5 Protest or Notice of Dishonour 8 A.2.3 Procedures For Jamaican Dollar Paper Items Acceptable For Clearing

A.2.3.1 Introduction 8 A.2.3.2 MICR Encoding 8 A.2.3.3 Responsibility for Encoding and Encoding Errors 8 A.2.3.4 Correction of Encoding Errors 8 A.2.3.5 Segregation into Streams 9 A.2.3.6 Exchange of Items 9 A.2.4 Microfilming

A.2.5 Unqualified Items*

A.2.6 Payment of Penalties*

A.3 Endorsement of Paper Items 10 A.3.1 Introduction

“Requirement to Endorse”

A.3.2 “Guarantee of Endorsement”

A.3.3 A.3.4 Paper Pre-Authorized Debits

A.3.5 Forms of Endorsement*

A.3.6 Reader/Sorter

A.3.7 Placement of Endorsements

A.4 Returned and Redirected Items 11 A.4.1 Introduction

A.4.2 Scope

A.4.3 Reason for Return

A.4.4 Difference in Words and Figures

A.4.5 Certification before Clearing

A.4.6 Recall of Item Previously Returned

–  –  –

Automated Clearing House (ACH)  Rules Jamaica Clearing Bankers Association Section A – Paper Items Table of Contents A.4.7 Time Limitation for Return

A.4.8 Return for Forged Endorsement

A.4.9 Duplicate Items

A.4.10 Redirected Items

A.4.11 Re-Cleared Items

A.4.12 Rights of Drawee Institution

A.4.13 Claims against Drawee

A.4.14 Methods of Return

A.4.15 Errors in Envelopes

A.4.16 Routing of a Returned Item

A.4.17 Item Requiring Enfacement

A.4.18 Items Requiring "Payment Stopped" Enfacement

A.4.19 Item Returned without Enfacement

A.4.20 Items with Incomplete/Missing Endorsements

A.4.21 Misdirected Items

A.4.22 Items Cleared in the Wrong Currency

A.4.23 Item Incorrectly Amount Encoded

A.4.24 Stale Dated Items

A.4.25 Appendices

A.5 Items in Dispute 16 A.5.1 Introduction

A.5.2 Notice

A.5.3 Item in Dispute

A.5.4 Acknowledgement

A.5.5 Failure to Resolve

A.5.6 Arbitration

A.5.7 Interest

A.6 Arbitration 17 A.6.1 Definitions

A.6.2 Introduction

A.6.3 Indemnification of Arbitration Panel

A.6.4 Procedure

A.6.5 Arbitration Panel

A.6.6 Conflicting Information and Assistance

A.6.7 Award

A.6.8 Order to Pay

A.6.9 Costs of Arbitration

A.6.10 Time of Award

A.6.11 Severability

–  –  –

Automated Clearing House (ACH)  Rules Jamaica Clearing Bankers Association

Section A – Paper Items Table of Contents

A.6.12 Award Forming Precedent

A.6.13 Appeal

A.6.14 Effect on Other Obligations

A.7 Inter-Member Interest Claims 21 A.7.1 Introduction

A.7.2 Interest Calculations*

A.7.3 Period

A.7.4 Amount of Claim

A.7.5 Notice of Claim

A.8 Clearing of Foreign Items * 22 A.8.1 Eligible Items*

A.8.2 Exchange of Items

A.8.3 Settlement of Net Claims of Foreign Currency*

A.8.4 Identification of Negotiating Bank*

A.8.5 Responsibility for the Accuracy of Item Lists

A.8.6 Free Items

A.8.7 Reasons for Return

A.8.8 Direct Presentation*

A.8.9 Endorsement of Items

A.8.10 Indemnities of the Collecting Bank

A.8.11 Reporting to the Central Bank

A.9 Extension of Recourse 24 A.9.1 Introduction

A.9.2 Request for Extension of Recourse*

A.10 Extended Processing Hours 25 A.10.1 Introduction

A.10.2 Schedule for Extended Processing Hours

A.10.3 Extension Period

A.11 Amendments to the Rules 26 A.11.1 Composition of The Rules Committee

A.11.2 Responsibility of The Rules Committee

A.11.3 Procedures for Amendment of The Rules

A.11.4 Temporary Adoption, Suspension of Implementation Date

A.12 EXCHANGE OF CLEARING ITEMS 27 A.12.1 Right of Participation

A.12.2 Responsibilities of the Superintendent

A.12.3 Exchange of Items

A.12.4 Representatives

–  –  –

Automated Clearing House (ACH)  Rules Jamaica Clearing Bankers Association

Section A – Paper Items Table of Contents

A.12.5 Notification of Non-Attendance

A.12.6 Late Notification

A.12.7 Late Arrival and Fees





A.12.8 Non-Attendance

A.12.9 Bank Identification

A.12.10 Summary of Items Presented

A.12.11 Receipt of Instruments

A.12.12 Settlement of Balances

A.12.13 Confirmation of Items Received

A.12.14 Free Items

A.12.15 Confirmation of the Clearing Settlements

A.12.16 Lost or Destroyed Items

A.12.17 Returns

A.12.18 Direct Presentation

A.12.19 Branches Notification

A.12.20 Endorsements

A.12.21 MICR Encoding

Appendix A.1 Design for Manual Endorsement Stamp I Appendix A.2 Placement of Endorsements and Locator Numbers on Clearing Items III

Appendix A.2.1 Introduction III

Appendix A.2.2 Endorsement Zones III Appendix A.2.3 Negotiating Branch/Customer III Appendix A.2.4 MICR Reader/Sorters IV Appendix A.2.5 Proof Machines IV Appendix A.2.6 Ink Colour IV Appendix A.3 Procedures and Guidelines for Returned Item Carrier Envelopes V

Appendix A.3.1 Introduction V

Appendix A.3.2 References V

Appendix A.3.3 Scope V Appendix A.3.4 Preamble V Appendix A.3.5 Characteristics V Appendix A.3.6 Construction VII Appendix A.4 Declaration Form – Declaration that the Endorsement of a Payment Item is a Forgery VIII Appendix A.5 Notice of Reference to Arbitration IX Appendix A.6 Response to Notice of Reference to Arbitration X

–  –  –

The Jamaica Clearing Bankers Association (JCBA) acknowledges the National Automated Clearing House Association ACH Rules as a source and guiding document for the JCBA Automated Clearing House Rules.

–  –  –

The Automated Clearing House (ACH) has been established to facilitate the electronic clearing of payment items among banks operating in Jamaica on behalf of their customers. Settlement continues to take place on the books of the Bank of Jamaica.

The ACH currently processes cheques, direct debits and direct deposits. New instruments and new clearing processes such as cheque truncation which can eliminate physical presentation and speed up clearing and settlement, digital imaging, using cheques as the source of information to create an electronic payment at point of sale or point of deposit and electronic payment products will be added later.

Initially, the hold period for all banks was reduced and synchronized with a three-day recourse period. As a result, bank customers now receive ‘good’ funds within three (3) business days of a cheque deposit instead of the previous five (5) to seven (7) days.

The utilisation of the ACH in no way impinges upon, nor alters, the relationship between the bank and its customer.

RULES AND STANDARDS

These Rules are the product of the deliberations of the ACH Rules Committee, which comprises representatives from all the clearing banks, that is the commercial banks and the Bank of Jamaica. The Rules are divided into two main sections. Sections A and E govern paper items and electronic entries respectively. The Rules apply to all items, entries and entry data transmitted through the ACH and shall be construed in accordance with, and governed by, the laws of Jamaica. The clearing banks are required and are expected to understand and comply fully with these Rules.

It is envisaged that these Rules will be reviewed at least annually and revised where necessary. Members of the Jamaica Clearing Bankers Association (JCBA), which comprises the clearing banks and the ACH operator may also initiate amendments in accordance with the Procedures for Amending the Rules as prescribed herein.

In these Rules the singular includes the plural and vice versa, masculine includes feminine and vice versa. Headings and sub-headings are guides to reading but not aids to construction.

The cardinal rule of construction of documents applies. Accordingly these Rules should be construed so as to make them meaningful and not produce an absurdity.

–  –  –

“Returned Item Carrier "Returned Item Carrier Envelope" means a transparent window envelope Envelope” in which a Returned Item is enclosed for processing through the Clearing.

–  –  –

A.2 General Rules A.2.1 Items Acceptable for Clearing A.2.1.1 Introduction This Rule outlines the general requirements with respect to Items acceptable for Clearing.

A.2.1.2 Criteria for Clearing Items Only Payment Items specified in the Rules may be exchanged through the Clearing. Payment Items exchanged through the Clearing shall be payable on demand or otherwise conform to the Rules as to value date, be drawn on or payable through a Member and be endorsed or guaranteed as specified in the Rules.

A.2.1.3 ACH Threshold* A value threshold may be imposed from time to time on items exchanged through the Clearing. Items above the threshold may be subject to charges.

–  –  –

Automated Clearing House (ACH)  Rules Jamaica Clearing Bankers Association Section A – Paper Items Rule A2 – General Rules A.2.2 Disqualifying Conditions A.2.2.1 Items in Dispute No Item in Dispute (as described in Rule A5) shall be re-introduced into the Clearing.

A.2.2.2 Post-Dated Items No Item that is post-dated shall be introduced into the Clearing.

A.2.2.3 Month-Dated Items An Item not bearing the day of the month shall not be introduced into the Clearing prior to the first business day of the month indicated on the Item.

A.2.2.4 Conditional Statements Where an Item bears a conditional statement, on its face or on the reverse, such condition shall not be binding on the Negotiating Bank.

For the purpose of this subsection, conditional statements include:

I. "Void if over X$" "Item expires on [a certain date]” II.

III. "Not valid after [a certain date]" "Not valid if presented for payment after X days following date of issuance” IV.

A.2.2.5 Protest or Notice of Dishonour No Item which bears a direction requiring protest or notice of dishonour shall be introduced into the Clearing.

A.2.3 Procedures For Jamaican Dollar Paper Items Acceptable For Clearing A.2.3.1 Introduction Each Member shall exercise reasonable effort to reduce to a minimum the number of Unqualified Items in the Clearing. For purposes of direct presentation, banks are required to formally advise the Members of the Jamaica Clearing Bankers Association (JCBA) of their principal office and of changes to the location of these offices.

A.2.3.2 MICR Encoding All machine-processable Items shall be MICR encoded as to amount prior to exchange.

Where outgoing clearing Items are all-field rejected (exclusive of the amount field) by automated processing equipment, delivering Direct Clearers may repair the Item.

A.2.3.3 Responsibility for Encoding and Encoding Errors (a) Each presenting Bank shall, prior to presentation, enter in magnetic ink on the face of an Item the amount for which it is drawn, so that this information may be read by a computer.

(b) In the event of an error in the making of this entry, the Bank making the erroneous entry shall indemnify and hold harmless the Bank on which it is drawn to the extent of the difference between the encoded amount entered on the face of the Item and the actual value of the Item, plus any interest income foregone or interest expense charged as a consequence of the error, from the date the instrument was debited to the drawer’s account to the date of the settlement of the claim in accordance with the provisions of Rule A7. Any such Item should be settled by direct claim on the Bank making the erroneous entry and the claim must be made within twelve (12) months of the date of the erroneous entry. If the Negotiating Bank encodes a lesser amount than the actual value the issue of compensation does not arise.

A.2.3.4 Correction of Encoding Errors All MICR errors identified during processing shall be corrected before the Item is exchanged.

An incorrect bundle listing shall be adjusted in such a way that the corrected Item and the adjustment are clearly identified prior to delivery.

–  –  –

A.3 Endorsement of Paper Items A.3.1 Introduction This Rule outlines procedures for the Endorsement of paper Payment Items acceptable for Clearing.

A.3.2 “Requirement to Endorse” Each Member which is party to the Clearing of an Item, beginning with the Negotiating Bank and ending with the Drawee, shall endorse or otherwise place an identifying mark on the Item to facilitate tracing.

A payee's Endorsement is not a "necessary Endorsement" where a cheque is deposited to the credit of a person's account and that person is the same person as the named and intended payee on the cheque.

Items made payable to cash must be endorsed by the drawer.



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