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The Federal District Court for the Southern District of New York provided guidance to banks regarding payment notices in the case of
In re Citibank August 11, 2020 Wire Transfers after Citibank erroneously transferred over $900 million to lenders. After concluding that Citibank was not entitled to return of the funds, the Court offered several suggestions to banks. Specifically, the Court recommended that banks create clear standards regarding payment notices. If a payment notice always comes before an actual payment by a certain period of time (and there are security mechanisms to ensure happens), then failure to have such notice would raise a flag with lenders that an overpayment was in error. Notices should “unambiguously and explicitly” describe the size and nature of the payment. The Court suggested language like the following: “You will shortly receive a wire payment of $X. This payment is for intere ....

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