NC H264

Requires banks to verbally verify payment orders with customers, and if the bank is the beneficiary's bank, also verify with the beneficiary before processing wire transfers

Mandates banks refund 25% of unauthorized payment orders within 30 days of discovering the fraud, even when the bank followed proper security procedures

Delays large payments to new accounts: transfers over $100,000 to accounts opened within one year receive only 25% initially, with the remaining 75% released 10 business days later

Prohibits banks from waiving their refund obligations through customer agreements, strengthening consumer protections against wire fraud losses

Effective October 1, 2025, applying to all funds transfers initiated on or after that date