Decree No. 62 / 2004 Coll.
Order laying down the way in which payments are made between banks, settlement of accounts with banks and the technical procedures of banks in settlement
Valid
Effective from 01.03.2004
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62
DECLARATION
of 2 February 2004
laying down the arrangements for making payments between banks, clearing accounts with banks, and the technical procedures for banks to correct settlement
The Czech National Bank provides for the Act No. 6 / 1993 Coll., on the Czech National Bank, as amended by Act No. 442 / 2000 Coll. and Act No. 127 / 2002 Coll., and pursuant to § 20c (4) of Act No. 21 / 1992 Coll., on Banks, as amended by Act No. 126 / 2002 Coll.:
SUBJECT MATTER OF THE ADJUSTMENT
This decree regulates
(a) the manner in which payment transactions between banks1) and branches of foreign bank1) (hereinafter referred to as "the bank") and settlement on accounts with banks in the Czech Republic in Czech currency (hereinafter referred to as "domestic payment transactions"),
(b) the technical procedures of the banks in the settlement process.
TERM PAYMENT STYLE
Basic provisions
(1) Banks make domestic payments to their clients
(a) by way of reimbursement;
(b) the collection form of payment.
(2) Reimbursement means an operation carried out on the basis of an order given by the authorising officer to his bank for the purpose of transferring funds to the payer.2)
(3) Recovery form of payment means an operation carried out on the basis of an order given by the authorising officer to the beneficiary's bank to transfer funds from the payer's account to the payee's account.
(4) Payment and recovery forms may be made by debiting and crediting the payer's account (hereinafter referred to as "cash-free payment"). The payment may also be made by deposit of cash by the payer for the benefit of the payee or by debiting money from the payer's account for payment of the cash to the payee.
(5) For the purposes of this decree:
(a) by the authorising officer, the person who instructs the bank to make a payment or a recovery form of payment and who is entitled to dispose of funds in the payer's account in the event of a reimbursement and in the case of a recovery form of payment with funds in the payee's account;
(b) by the payer, the person whose account the bank debits the funds or makes up the cash;
(c) the beneficiary of the person for whose benefit the bank transfers funds and who is the final recipient of funds.
Settlement orders and their formalities
(1) The banks use reimbursement orders (§ 2 (2)) and recovery orders (§ 2 (3)) in domestic non-cash payment transactions in relation to clients, which may be transmitted to the bank on forms, electronic data or other agreed means (hereinafter referred to as "settlement orders").
(2) The settlement order must always contain the following elements:
(a) an indication of whether this is a recovery order or a recovery order;
(b) the payer's banking connection;
(c) the bank connection of the beneficiary;
(d) the amount in Czech currency;
(e) signature, electronic signature (3) or other code ensuring the identification of the authorising officer.
(3) The settlement order shall also contain a constant symbol that expresses the nature of the payment if:
(a) provide for specific legislation, 4)
(b) the payment is the income of the State budget or the expenditure of the State budget; These constant symbols are specified by the Ministry of Finance and published in the Financial Rapporteur.
(4) The Bank will allow the authorising officer to indicate on the settlement orders the following elements:
(a) the due date which is the date on which the funds are to be debited from the payer's account;
(b) variable symbol,
(c) a specific symbol,
(d) a text message,
(e) the date of issue of the settlement order.
(5) Variable symbol, specific symbol and text message are intended for payment identification.
(6) If the client states on the settlement order referred to in paragraphs 3 or 4 (b) to (d), the bank shall process those particulars and enter them on the statement of account.
(7) The constant symbol, the variable symbol and the specific symbol are figures and contain no more than 10 characters each. The text message may contain any text and contain the number of characters agreed between the client and the bank, but not more than 140 characters.
(8) The authorising officer shall always transmit the settlement instructions to the bank that holds the account in which the authorising officer is entitled to dispose of the funds. The Bank shall negotiate with the client to transmit settlement instructions to the originator in accordance with paragraph 2. Settlement orders which do not contain the elements referred to in paragraph 2 or do not comply with the bank's trading conditions need not be executed by the bank and may be returned to the originator as impracticable.
Bank connections in domestic payment transactions
(1) The bank connection in domestic payment transactions clearly identifies the client's account and consists of the account number of the client (hereinafter referred to as "account number") and the bank identification code. The account number and the bank identification code shall always be clearly separated in writing.
(2) The account number of the interbank payment operation shall be determined by the bank in such a way that:
(a) contain a maximum of 16 numerical characters and has been broken down into:
1. a prefix containing a maximum of 6 digits, whereby the prefix does not need to be included in the account number,
2. a basic part of an account number containing at least 2 and a maximum of 10 numerical characters, with at least two of them not being zero,
(b) the prefix and the basic part of the account number are:
1. clearly separated in writing,
2. separately provided by a check whose algorithm is listed in Annex 1 to this Decree.
The opening zeros of the presets and the basic parts of the account number are meaningless.
(3) The bank identification code contains 4 digits. The Bank Identification Codes are set out by the Czech National Bank in the AP0001 Bank Identification Code Code and are reported to the banks and the public in a way that allows remote access.
(4) The Bank is required to familiarise its clients with the correct shape of the banking links referred to in paragraphs 1 and 2 and with the AP0001 Bank Identification Code Number upon request.
Principles for implementing the recovery form
(1) In particular, the Bank may, in its commercial conditions, provide for the obligation of the authorising officer to transmit to it a recovery order before its effective date (paragraph 6), the time limit for its transmission and the operational period within which recovery orders may be transmitted.
(2) The bank which took over the recovery order does not, when receiving the recovery order, examine the validity of the use of the recovery form. This bank shall process the data specified in the feasible recovery order and transmit it through the payment system5) to another bank as a request for the debiting of funds from the payer's account and transfer them to the benefit of the payee (the non-accounting request).
(3) The non-accounting application shall not be transmitted by the Bank to the payment system5) earlier than 30 days before the due date if the due date is indicated on the recovery order.
(4) The payer's bank that holds the account from which the funds are to be debited on the basis of a recovery order must ensure that the funds are debited from the payer's account to the payee's account only on the basis of the prior consent of the payer to the bank in accordance with the account contract.
(5) The payer's bank, upon receipt of a non-accounting request, or as soon as the due date has come [Paragraph 3 (4) (a)], if the due date is stated in the non-accounting request, in addition to the prior consent of the payer in accordance with paragraph 4, shall examine whether:
(a) the payer's account covers the amount specified in the recovery order;
(b) has received the documents necessary for the execution of the recovery order.
(6) The date on which the bank's trading conditions referred to in paragraph 1 and the conditions set out in paragraphs 4 and 5 are met shall be the date of effect of the recovery order.
(7) In the absence of an effective date for the recovery order due to non-compliance with the conditions set out in paragraphs 4 and 5, the payer's bank may refuse or register a non-accounting application until the effective date, but no later than five bank works6) from the due date, if the due date is stated in the non-accounting request, or from the date of receipt of the non-accounting request. At the end of that period, the payer's bank shall reject the non-accounting request and inform the payee's bank via the payment system at the latest on the following bank working day. 5) In order to justify the rejection of a non-accounting application, it shall use the text in accordance with Annex 2 to this Decree.
(8) If the non-accounting application contains a non-existent account number, the payer's bank shall reject it no later than the following bank working day after the date on which the non-accounting application was received. In order to justify the rejection of a non-accounting application, he shall use under:
(a) the relevant bank constant symbol (§ 7 (1));
(b) the text in accordance with Annex 2 to this Decree.
(9) If the effective date referred to in paragraph 6 is set, the payer's bank,
(a) where interbank payment is made, it shall ensure that the amount specified in the recovery order is credited to the beneficiary's bank account and that the supporting documents necessary for crediting the beneficiary are transmitted no later than the following bank working day after the effective date of the recovery order, unless a shorter period has been agreed;
(b) if payments are made within the same bank, the amount indicated in the recovery order shall be credited to the beneficiary on the date on which the recovery order became effective or on the following bank working day, unless the effective date is the bank working day.
(10) The bank of the payee shall credit the amount specified in the recovery order in favour of the payee's account no later than the following bank working day after the date on which the amount of the recovery order was credited to the payee's bank account and when that bank received the supporting documents needed to provide the amount of the recovery order, unless a shorter period was agreed.
(11) Paragraphs 1 and 4 to 8 shall apply mutatis mutandis to the implementation of the recovery form within the same bank.
(12) Operations resulting from the use of a payment card shall not be considered as a recovery form of payment. The Bank shall negotiate the terms and conditions for the processing of these operations in a contract with the client.
Forms of account statement
(1) The bank shall subsequently inform its client of the execution of the payment or recovery form in a clear and comprehensible manner in accordance with the bill contract (7) or with special law (8) of the account statement.
(2) The account extract may be transmitted on a form or by electronic data form and shall always contain the following particulars:
(a) data enabling the client to identify the payment which is:
1. the bank connection of the payer,
2. the bank connection of the beneficiary,
3. a constant symbol, if indicated on the settlement order,
4. variable symbol, if indicated on the settlement order,
5. a specific symbol, if indicated on the settlement order,
6. a text message, if indicated on the settlement order,
7. the name of the payer's account, if transmitted by the payer's bank,
(b) the amount indicated on the settlement order;
(c) the date on which the amount was debited from the payer's account, where the payer's extract is addressed, or the date on which the amount was credited to the payee's account, if the extract is addressed to the payee;
(d) the initial and final balance of the funds in the account.
(3) The bank also submits to its client the additional information referred to in Section 7 (3) of the Payment Act.
Some principles for identifying payments in bank payments
(1) The banks use, in a reciprocal relationship, interbank payment and payment transactions within the same bank, constant symbols that express the identification of the initial payment initiative (hereinafter referred to as the "bank constant symbol"). Bank constant symbols are set by the Czech National Bank; these constant symbols and their changes are published in the Czech National Bank Bulletin. Bank constant symbols are intended only for banks and banks ensure that clients do not list them on settlement orders.
(2) In the case of payment by cheque, the bank shall enter the check number in the specific symbol [§ 3 (4) (c)].
Handling of complaints
The bank that holds the client's account shall accept and examine its claim concerning domestic payment and, if necessary, request cooperation from another bank. The banks are interacting in the handling of complaints, in the recovery of payments pursuant to § 9 and in the correct settlement pursuant to § 10 et seq. The bank is not entitled to charge the client any compensation for the examination of the complaint unless it is an unjustified complaint.
Non-payment
(1) If the beneficiary's non-existing banking connection has been indicated in the domestic payment service, the beneficiary's bank shall reimburse the payer's bank no later than the following bank business day after the date on which the payment was received.
(2) If the payment could not be processed for any other reason, the beneficiary bank shall repay the payment to the payer's bank without undue delay.
(3) The Bank shall indicate the item referred to in paragraph 1 or 2:
(a) the relevant bank constant symbol (§ 7 (1));
(b) by text in accordance with Annex 2 to this Decree.
Technical procedures of banks in settlement
(1) If the bank has not executed the settlement in accordance with the client's order and thereby caused an error in the settlement of the amount or the banking link, it shall correct it in accordance with the law (9) by correcting the settlement in order to bring the settlement into line with the client's order. The bank may not make a corrective settlement if the error in the settlement of the amount or the bank connection has been caused by correct settlement of the misissued client order.
(2) For the purposes of this decree, the concept of settlement shall be:
(a) the performance of the remuneration;
(b) the implementation of the recovery form.
(3) An error in the settlement of a bank connection means:
(a) an error in clearing the bank connection of the beneficiary;
(b) an error in clearing the payer's bank connection.
(4) An error in the settlement of an amount also means the double or multiple processing of the same client order.
(1) The bank that caused the error in clearing the bank connection of the beneficiary shall immediately transfer the funds to the beneficiary's account at the correct amount and interest for the period in which it was unable to dispose of them ("interest foregone"). If the beneficiary's account is held in another bank, the interest rate agreed in the contract between the beneficiary beneficiary and the bank that holds the account shall be used in the calculation of the interest foregone. The interest rate shall be applied to the bank that caused the settlement error by the bank that holds the beneficiary's account; the bank shall immediately communicate to it the amount of interest rate or the amount of interest lost already calculated. In determining the number of days for the calculation of interest foregone, the beneficiary entitled could dispose of the funds on the second bank working day following the date of debiting the amount wrongly cleared from the payer's account. A bank that has caused an error in the settlement of the payer's bank connection or a write-off of an amount higher than that indicated on the client's settlement order shall immediately return to the payer's account miswritten funds and interest foregone. If the payer is not its client, the banks shall proceed in the calculation of the interest foregone as in the case of the beneficiary. The interest paid shall not be transferred unless the amount of CZK 10 is exceeded, unless the beneficiary has expressly requested the refund. 10)
(2) A bank which holds the account of an unauthorised beneficiary of an incorrectly cleared payment (hereinafter referred to as the "unauthorised beneficiary") is entitled, within 3 months of the date of the occurrence of the settlement error without its consent, to write off an amount equal to the amount of the correct settlement from its account and to recalculate and write off interest on the funds so that the account is recorded as if it had not received the incorrectly cleared payment. The settlement error date shall be the date on which the amount was wrongly debited from the payer's account.
(3) Where the account of an unauthorised beneficiary is held in another bank, the bank that caused the settlement error shall be entitled to give the bank an incentive to write off and issue the amount of its account within the time limit set out in paragraph 2.
(4) Where a settlement error was caused by another bank, the bank that holds the account of an unauthorised beneficiary shall write off the funds equivalent to the correct settlement from its account at the initiative of that bank and issue them to that bank on the same or subsequent bank working day after having received the initiative to write off the amount of the unauthorised beneficiary's account. It shall also write off the amount of the corrective settlement even if, in other cases, the payment is not made by the customer's account at the initiative of another bank or if the amount is blocked in the account on the basis of a court order ordering enforcement by ordering a claim from the account (11) or a decision of the administrative authority ordering enforcement by ordering a claim from the account (12) or a court order ordering execution (13). 14) However, if that bank has reasonable doubts that it has incurred a legal obligation against the bank that caused the settlement error, the time limit set to write off funds from the unauthorised beneficiary's account shall be extended for the purpose of discussing the settlement adjustment procedures between the two banks. However, the bank which holds the account of an unauthorised beneficiary shall inform the other bank in writing within that period of the reasons for the extension of the deadline.
(5) If the bank has caused an error in the settlement of the amount without causing an error in the settlement of the bank connection, the recipient of the wrongly settled funds for the purposes of this decree shall be considered to be an unjustified beneficiary for the purposes of the technical adjustment procedures. In this case, the banks shall proceed in a recalculated settlement in a similar manner as if there had been an error in clearing the bank connection of the beneficiary.
(6) If the bank has caused an error in clearing the payer's bank connection but the payee has received the correct payment in favour of the correct bank connection, paragraph 5 shall not apply. The bank that caused the settlement error shall carry out the corrective settlement in accordance with this decree only on the payer's accounts.
(1) If the bank initiates the write-off of an amount from an unauthorized payee's account, it shall indicate the adjustment item
(a) identification of the original error payment;
(b) the relevant bank constant symbol (§ 7 (1)),
(c) by text in accordance with Annex 2 to this Decree.
(2) As an account to which the amount is to be directed, the bank may specify its internal account.
(1) In the absence of sufficient funds to write off the amount wrongly cleared on the account of the unauthorised beneficiary, the bank that holds the account shall inform the bank that holds it on the same or subsequent bank business day after the date on which the complaint was received, the bank that caused the settlement error in writing without clearing. It is the same if the account is cancelled. The complaint to write off an amount from an existing account of an unauthorised beneficiary shall be registered and shall block any cash received until the date on which the cash reaches that account at the amount of the correct settlement, but not more than 3 months from the date on which the settlement error occurred. On the date on which the funds equal to the amount of the correct settlement is incurred on the account of the unauthorised beneficiary, or on the following bank working day, unless that date is a bank working day, the relevant amount shall be debited from his account (Section 11 (4)).
(2) If, on the last day of the period laid down in paragraph 1, there is no cash in the account of an unauthorised payee equal to the amount of the correct settlement, that bank shall also write off the amount of the lower amount of the funds available in its account at the end of that period. This bank shall cease to register the following bank business day the impetus to write-off the amount wrongly cleared and shall immediately notify it in writing without clearing the bank that caused the settlement error.
(1) If, at the initiative of the bank that caused the settlement error, the amount of the account of the unauthorised beneficiary has been written off and the unauthorised beneficiary has itself repaid the payment at the same time, the bank that caused the settlement error shall, on the basis of its notification and after checking the accuracy of that notification, immediately repay the payment to its account.
(2) Where a bank which has written off an amount from an unauthorised beneficiary's account has reasonable doubts that the initiative of another bank to correct settlement was in accordance with the law (9) and with Paragraph 10, it shall request that bank to provide documents to assess the legitimacy and correctness of its complaint. For this purpose, the bank that initiated the rectification shall provide the relevant documents without delay to the bank that debited the amount from the unauthorised beneficiary's account.
(3) If a bank which has written off an amount from an unauthorized beneficiary's account finds from the documents referred to in paragraph 2 that the initiative of another bank was not in accordance with the law (9) and § 10, it shall immediately repay the amount unduly written off from its account to its client. At the same time, it shall inform the bank which initiated the correct settlement.
(4) A bank which has initiated a settlement procedure which was not in accordance with the law (9) and Paragraph 10 shall return to the beneficiary's bank the amount unduly debited from its client's account on the same day, no later than the following bank working day following the receipt of the information referred to in paragraph 3, and shall at the same time compensate it for the proven damage.
(1) The clients concerned by the corrective settlement must be informed immediately of its execution. The bank that caused the settlement error shall inform the payer in whose account both the payer and the payer from whose account the funds were subsequently debited in accordance with the client's order. This bank shall also inform both the unauthorised beneficiary and the authorised beneficiary of the correct settlement and the authorised beneficiary of the refund of interest foregone (Section 11 (1)). If the client's account is held in another bank, the bank that caused the settlement error shall notify it via that bank. The banks that keep the accounts of the clients affected by the corrective settlement shall transmit the information from the bank that caused the settlement error to their clients on an account statement, or by any other appropriate means. If the bank has caused an error in the settlement of the payer's bank connection (Paragraph 11 (6)), it shall inform the payee of the execution of the corrective settlement on the payer's account in addition, in writing without settlement.
(2) In settlement, the information between banks and in relation to the client shall be made by indicating:
(a) identification of the original error payment;
(b) the relevant bank constant symbol (§ 7 (1));
(c) the text in accordance with Annex 2 to this Decree.
(3) The bank's constant symbol of the designated bank shall indicate exclusively the impetus to write off the amount of the adjustment (Paragraph 12) and the notification referred to in paragraph 2; other use is a breach of the principles of interbank payment and cooperation of banks.
(1) However, if a three-month period has elapsed since the settlement error occurred, the bank that caused the settlement error is not entitled to proceed in accordance with Article 11 (3), but may request the bank that holds the account of the unauthorised beneficiary to facilitate the repayment of the amount wrongly cleared at the initiative of the client. This bank shall make every effort to ensure that its client, who is an unauthorized beneficiary, returns the amount wrongly cleared and that the damage is not increased. A similar procedure shall be applied to the correct settlement within the same bank.
(2) A bank that holds an unauthorized beneficiary's account may, in addition to the repayment of the amount wrongly cleared, require the interest due to the missettlement of the amount.
(3) Corrective settlement to the State Budget accounts, with the exception of tax administrators' accounts (15), must be carried out in accordance with a special law. 16) If the bank carries out an corrective settlement to the State budget accounts in the calendar year following the occurrence of the settlement error, it shall not proceed in accordance with Article 11 (3). It may, however, ask the bank which holds the account of the unauthorised beneficiary to facilitate the repayment of the amount wrongly cleared at the initiative of the client.
FINAL PROVISIONS
Specific provisions for a bank which is a building savings bank
The Bank, which is a building savings bank, 17) need not process the data referred to in § 3 (4) (d) nor do it need to state this in the account statement referred to in § 6 (2) (a) (6).
Repeal
Decree No. 51 / 1992 Coll., on Payment and Settlement between Banks is hereby repealed.
Efficacy
This Decree shall take effect on 1 March 2004, with the exception of the provisions of Sections 4 (2) (b) (1), 5, 6 (2) (a) (7), 7 (1), 9 (3) (a), 12 (1) (b), 15 (2) (b) and 3, which shall take effect on 1 September 2004.
Governor:
Doc. Ing. Tůma, CSc.
Příloha č. 1
Annex No 1 to Decree No 62 / 2004 Coll.
Control algorithm for the purpose of securing individual parts of the account number in the bank connection in domestic payment transactions
In domestic payment transactions, the first part of the account number and the basic part of the account number shall be separately secured by modulo 11 with the weights specified in the following table:
| Algoritmus kontroly čísla ABCDEFGHIJ na modulo 11 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Číslice | A | B | C | D | E | F | G | H | I | J |
| Váhy | 6 | 3 | 7 | 9 | 10 | 5 | 8 | 4 | 2 | 1 |
| n | 10 | 9 | 8 | 7 | 6 | 5 | 4 | 3 | 2 | 1 |
where n is the position of the digit in the account number (calculated from the right)
The weights are obtained as the difference between the nth power of 2 and the nearest lower multiple of 11.
The weightings are assigned to the digits in each position of the account number from the right. The ABCDEFGHIJ number is provided by modulo 11 if the sum of S is fully divisible by 11;
S = J * 1 + I * 2 + H * 4 + G * 8 + F * 5 + E * 10 + D * 9 + C * 7 + B * 3 + A * 6.
Příloha č. 2
Annex No 2 to Decree No 62 / 2004 Coll.
Model texts for identifying items in bank payments
1. Text for the purposes of the recovery form of payment (Articles 5 (7) and 5 (8) of the Decree)
In order to justify the rejection of a non-accounting request, the Bank shall enter the following text under the heading:
(a) "Not authorized"
The text referred to in point (a) shall be used in the event of refusal of a non-accounting request on the basis of the absence of the prior consent of the payer to use the recovery form, or where the amount specified in the recovery order is not covered by the payer's account.
(b) "Non-existing account - account number..."
The text referred to in point (b) shall be used in the event of refusal of a non-accounting request due to the absence of an account.
2. Text for refund purposes (to Article 9 (3) of the Decree)
To indicate the returned item due to the absence of an account or for any other reason, the bank shall enter the following text under the heading:
"Non-existing account - account number..."
3. Text for the purpose of rectification (Articles 12 (1) and 15 (2) of the Decree)
The Bank shall, depending on the nature of the notification, enter the following text to indicate the settlement adjustment item:
(a) "Cancellation of the amount of CZK... of... under item No... from account No..."
(b) "Partial cancellation of the original amount of CZK... of... under item No... from account No..."
The text referred to in points (a) and (b) shall be used to notify the unauthorised payee and the payer in whose account the incorrect settlement (and corrective) has been made, except in the case of an error in the settlement of the payer's bank connection.
(c) "Corrective settlement - transfer of the amount of CZK... from the payer's account No...."
The text referred to in point (c) shall be used to notify the authorised beneficiary if it transfers to its account an amount equal to the correct amount from its internal account.
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Regulation Information
| Citation | Decree No 62 / 2004 Coll., laying down the arrangements for the payment of payments between banks, settlement of accounts with banks and the technical procedures of banks for settlement |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 13.02.2004 |
|---|---|
| Effective from | 01.03.2004 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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