This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, agreements, or similar provisions. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or as specified by the person receiving settlement. The time of settlement varies depending on the method of tender, such as cash, credit in a Federal Reserve bank account, credit or debit to a bank account, or funds transfer.

This legal document governs the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. According to the document, an item is considered finally paid by a payor bank when it has paid the item in cash, settled for the item without the right to revoke the settlement, or made a provisional settlement for the item and failed to revoke it within the permitted time.

This legal document governs the procedures and requirements for payor banks regarding the settlement, revocation, and recovery of payment for demand items. It specifies that if a payor bank settles for a demand item before midnight of the banking day of receipt, it may revoke the settlement and recover the payment under certain conditions. The payor bank can return the item, return an image of the item if agreed upon, or send a notice of dishonor or nonpayment if the item is unavailable for return.

This legal document, part of the Oklahoma Statutes Uniform Commercial Code, specifically addresses the actions and responsibilities of payor banks regarding items subject to notice, stop-payment orders, legal process, or setoff. It states that any knowledge, notice, stop-payment order, or legal process received by the payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if certain conditions are met.

This legal document governs the relationship between a payor bank and its customer regarding the charging of the customer’s account. According to the document, a bank may charge against the customer’s account for an item that is properly payable, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and in accordance with any agreement between the customer and the bank. The customer is not liable for the amount of an overdraft if they neither signed the item nor benefited from its proceeds.

This legal document, part of the Oklahoma Statutes Uniform Commercial Code, specifically addresses the customer’s right to stop payment on any item drawn on their account or close the account. The customer or any person authorized to draw on the account can issue a stop-payment order to the bank, describing the item or account with reasonable certainty. The order must be received by the bank in a timely manner to allow the bank to act on it before taking any action on the item.

According to the Oklahoma Statutes, a bank is not obligated to pay a check presented more than six months after its date, except for certified checks. However, the bank may charge the customer’s account for a payment made in good faith after the six-month period. It is important to note that payment of a stale check over a stop payment order does not violate the bank’s duty of good faith. Dishonoring a stale check is also not considered wrongful dishonor.

This legal document governs the duty of bank customers to discover and report unauthorized signatures or alterations. It applies to customers of banks. The document states that when a bank sends or makes available a statement of account showing payment of items, the customer must either return or make available the paid items or provide sufficient information in the statement to allow the customer to identify the items paid. If the items are not returned, the person retaining them must either retain them or maintain the capacity to furnish legible copies for seven years.

This legal document governs the ability of lenders to contract for and receive convenience fees from borrowers who make their payments through electronic means such as debit card, electronic funds transfer, electronic check, or other electronic methods. The purpose of these convenience fees is to offset the costs incurred by the lender for accepting and processing electronic payments. The convenience fee imposed by the lender should not exceed the actual cost or four percent (4%) of the electronic payment transaction, whichever is less.

Any person who knowingly or intentionally uses a money services business, as defined by the Oklahoma Financial Transaction Reporting Act, or an electronic funds transfer network for any purpose in violation of the Oklahoma Antiterrorism Act, or with intent to facilitate any violation of the Oklahoma Antiterrorism Act shall, upon conviction, be guilty of a felony punishable by imprisonment in the custody of the Department of Corrections for a term of not less than two (2) years nor more than ten (10) years, or by a fine of not more than Fifty Thousand Dollars ($50,000.