FREE ELECTRONIC LIBRARY - Abstract, dissertation, book

Pages:   || 2 | 3 | 4 | 5 |

«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


1 Update March 2003


2 Update May 2003


3 Update April 2005


4 Update December 2005


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.


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.

Pages:   || 2 | 3 | 4 | 5 |

Similar works:

«THE AMMAN PROJECTS Experiences from the community based approach to disability services Kent Ericsson Uppsala University THE AMMAN PROJECTS Experiences from the community based approach to disability services Kent Ericsson Uppsala University This documentation of The Amman Projects is commissioned by IM / SOIR, Lund, Sweden This book can be ordered from IM, Box 45, SE-221 00 Lund, Sweden The book is also available in Arabic and can be ordered from The Swedish Organisation for Individual Relief,...»

«i. o. 3 0 e a, ■E W NUI MAYNOOTH Ollscoil na hEireann M3 Nuad EARLY SCHOOL LEAVING IN IRELAND THE MATRIX OF INFLUENCES EXPLORED DERMOT STOKES Submitted in fulfilment of the Ph.D in Adult and Community Education The Department of Adult and Community Education NUI Maynooth Thesis supervisor: Dr. Ted Fleming November 2003 Acknowledgements I would like to thank my supervisor Ted Fleming for his patience and guidance during the visualisation, research and writing of this thesis. His thoughtful...»

«www.pwc.com/us/deals Roadmap for an IPO A guide to going public November 2011 Contents Introduction 1 01 The going-public decision 2 02 Preparing for a successful offering 10 03 Current regulatory and disclosures issues 22 04 The going-public process 34 05 Life as a public company 54 06 Other considerations 65 Conclusion 73 Appendices 79 Appendix A – The “kick-off” organizational meeting and planning process 80 Appendix B – Glossary 82 Roadmap for an IPO | A guide to going public...»

«Allgemeine Erklärung über Bioethik und Menschenrechte Allgemeine Am 19. Oktober 2005 wurde von der 33. Generalkonferenz der UNESCO in Paris einstimmig die „Allgemeine Erklärung über Bioethik und Menschenrechte“ angenommen. Dieser Band stellt die deutsche Übersetzung der Erklärung vor, Erklärung über die vom Sprachendienst des Auswärtigen Amtes angefertigt wurde. Außerdem erläutert er durch zwei Beiträge beteiligter Experten die Hintergründe, beschreibt die Entstehung der...»

«Free NUS Extra card with reed.co.uk Courses reed.co.uk has partnered with NUS to bring you the following exclusive discounts from some of your favourite high street and online brands. How do I claim my NUS Extra card? 7 days after your Simply head to the NUS As soon as your card enrolment, we will send site, upload your details arrives you’re ready to you your activation code and photo, and your start saving – which will enable you new card will be sent to to sign up to NUS Extra you in the...»

«PDF Compressor Pro Top Notch Fundamentals Video Scripts UNIT 1 Sitcom: Nice to meet you. VIDEO SCRIPT The staff of Top Notch Travel, a small travel agency, greets Mr. Rashid, a customer. Mr. Evans: Hi! Are you Mr. Rashid? Mr. Rashid: Yes, I am. Mr. Evans: It’s a pleasure to meet you. I’m James Evans, president of Top Notch Travel. Marie: Welcome to Top Notch. I’m Marie, the receptionist. Mr. Rashid: Nice to meet you. Paul: Hi. I’m Paul. I’m a tour guide. Mr. Rashid: Glad to meet you....»

«Plant and Cell Physiology Advance Access published January 16, 2013 Running title: A nitrate-inducible transcriptional repressor in rice Corresponding author: Shuichi Yanagisawa Biotechnology Research Center, The University of Tokyo, Yayoi 1-1-1, Bunkyo-ku, Tokyo 113-8657, Japan Tel: +81-3-5841-3066 Fax: +81-3-5841-8030 e-mail: asyanagi@mail.ecc.u-tokyo.ac.jp Subject Areas: (2) environmental and stress responses, (3) regulation of gene Downloaded from http://pcp.oxfordjournals.org/ by guest on...»

«Carnegie Mellon Electricity Industry Center CEIC Working Paper 02-02 www.cmu.edu/ceic Residual Risk and the Valuation of Leases under Uncertainty and Limited Information David C. Rode*†‡ Paul S. Fischbeck*+‡ Steve R. Dean† drode@daimc.com pf12@andrew.cmu.edu sdean@daimc.com * Carnegie Mellon Electricity Industry Center Carnegie Mellon University † DAI Management Consultants, Inc. 1370 Washington Pike Bridgeville, PA 15017 Voice (412) 220-8920 Fax (412) 220-8925 ‡ Department of...»

«MA in Christian Spirituality (Validated by The University of Winchester) MEDIEVAL SPIRITUALITY April 2012 Aims  To reflect on the broad sweep of Christian spirituality and religious experience in the Medieval period.  To explore the relationship between theology and Christian spirituality in this period.  To examine the impact of the Crusades on the spirituality and religious life of the Medieval period, and their significance for Islamic-Christian relations.  To reflect on the...»

«81 Mitteilungen der Gesellschaft für Urgeschichte — 14 (2005) Comments after four Decades of Research on the Middle to Upper Paleolithic Transition1 Anthony E. Marks Department of Anthropology Southern Methodist University Dallas Texas, USA amarks@mail.smu.edu Abstract: This paper discusses different models of the transition from the Middle to the Upper Paleolithic. While most of the current models for the movements of anatomically modern humans ‘Out of Africa’ are at least partially...»

«JAHRBUCH 2013 ANNUAL REPORT 2013 Aktivitäten des / Activities of the RESEARCH DEPARTMENT Interfacial Systems Chemistry INHALTSVERZEICHNIS INDEX OF CONTENTS Jahrbuch 2013 / Annual Report RD IFSC 2013 Das Jahr 2013 für das RD IFSC / The Year 2013 for the RD IFSC 1-3 Shared Laboratory 4-5 Verbundforschung / Collaborative Research 6-15 Poster / Posters 16-17 Nachwuchswissenschaftler 18-25 Highlights Dr. Bandarenka 26 Highlights Jun.-Prof. Dr. Bandow 27 Highlights Dr. Behler 28 Highlights...»

«Fergyanto E Gunawan / International Journal of Engineering and Technology (IJET) Empirical Assessment on Factors Affecting Travel Time of Bus Rapid Transit Fergyanto E Gunawan #1 # Binus Graduate Programs, Bina Nusantara University, Jl. Kebon Jeruk Raya No. 27, Jakarta 11530, Indonesia f.e.gunawan@gmail.com, fgunawan@binus.edu Abstract—Since the beginning of the century, many cities around the world adopt the bus rapid transit (BRT) system to fulfill their need of mass transportation system....»

<<  HOME   |    CONTACTS
2016 www.abstract.xlibx.info - Free e-library - Abstract, dissertation, book

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.