Wire Fraud Prevention Act mandates banks to refund unauthorized payments and outlines customer notification duties.

The Wire Fraud Prevention Act revises North Carolina's General Statutes to address unauthorized payment orders. It requires banks to refund payments received from customers for unauthorized orders and to pay interest on the refunded amount. Customers must notify banks of unauthorized orders within a reasonable time, or they may forfeit their right to interest. Banks must notify beneficiaries of received orders and are liable for damages if they fail to do so.

Wire Fraud Prevention Act mandates banks to refund unauthorized payments and outlines customer notification duties.

The Wire Fraud Prevention Act revises North Carolina's General Statutes to address unauthorized payment orders. It requires banks to refund payments received from customers for unauthorized orders and to pay interest on the refunded amount. Customers must notify banks of unauthorized orders within a reasonable time, or they may forfeit their right to interest. Banks must notify beneficiaries of received orders and are liable for damages if they fail to do so.