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Reasonable Promptness — Clients must exercise reasonable promptness <br />in examining statements or items to determine if any payment was not <br />authorized and to notify the bank. The UCC allows for certain terms to be <br />modified by agreement and most banks, through their account terms, <br />require clients to review their statements within 30 or 6o days and to <br />report any errors. <br />2. Under what circumstances will the Bank assume liability for wire failure, any <br />subsequent nonpayment to the City's bondholders or unauthorized wire <br />transfers? <br />In general, J.P. Morgan accepts a wire transfer by executing the order. <br />J.P. Morgan is authorized to execute payment instructions that it has received <br />and accepted prior to the cutoff times. In the unlikely event that we cannot <br />complete the execution of a transaction released to us in time, and confirmed to <br />you as accepted, our service staff will notify you of the circumstances and discuss <br />with you alternative courses of action. In the event that there are problems with a <br />wire transfer, legal liability will be determined based on applicable law and the <br />particular facts at issue. <br />3. Under what circumstances will the Bank assume liability for damages to City <br />employees in the event that Direct Deposit failed? <br />ACCESS Online is a web -based platform, therefore, authorized users may view <br />the transaction status, at any stage of the payment, up until the point it is <br />successfully released and a client confirmation number is received (or rejected) <br />from J.P. Morgan. <br />Rejected items will appear on ACCESS Online, allowing the City to make any <br />adjustments required. Additionally, J.P. Morgan offers eServe, an online inquiry <br />tool that allows ACH clients to reverse incorrectly encoded entries and transmit <br />correcting entries. <br />Your Relationship Team can request additional research for any items that fail <br />that the City is not notified of via ACCESS Online or eServe. We will work with <br />the City to find a resolution for each failed payment. <br />4. What assurances will the Bank make that no unapproved debits are made to <br />the City account(s)? If an unauthorized debit occurred, what procedure does <br />the Bank have for reversing it? <br />J.P. Morgan will continue to provide ACH Debit Block and Transaction Review to <br />the City to assist with preventing unauthorized debits. <br />The City should reach out to their dedicated CSP, Marilyn Hardney, to dispute <br />any unauthorized debit that should hit their accounts. <br />Page 84 JYMorgal <br />