New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter IV - Miscellaneous Rules
Part 102 - Recurring Wages And Salary Payments Through Financial Institutions By The Automated Clearing-house Method
Section 102.4 - Originating depository financial institution
Universal Citation: 2 NY Comp Codes Rules and Regs ยง 102.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The originating depository financial institution, with whom the State has entered into a direct deposit agreement, shall receive payment instructions from the State and shall make available and pay amounts specified in these payment instructions to financial institutions through the Federal Reserve Bank, and shall otherwise carry out the procedures and conduct the operations contemplated under this Part.
(b) The State by its action of issuing and sending any payment instruction contained in the media specified in section 102.3(e) of this Part shall be deemed to authorize the originating depository financial institution:
(1) to pay the amount specified
in the payment instruction to the debit of the general account of the State on
the payment date; and
(2) to handle
and act upon such payment instruction by transmitting the same to the Federal
Reserve Bank for forwarding to the recipient's financial institution.
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