What is WPC full form in Banking?
The WPC full form in banking is the wrong payee credited. The Depository bank requests a debit entry for an item that was mistakenly processed, credited, and paid to the wrong payee. A properly submitted WPC request will result in a credit to the Presentment bank. If any customers discover a WPC, they have to file an adjustment request with the banking authorities.
Certification required for sending the WPC adjustment request:
When we submit a Wrong Payee Credited (WPC) adjustment request, we attest that we credited the incorrect payee and that the item has not been changed or returned to us. By requesting this adjustment, we certify that you promptly debited (charged) any incorrectly credited customers and that we are asking a credit to the financial institution to which the Federal Reserve handed the check/image. You further undertake to indemnify the Reserve Bank for any liabilities, losses, or costs incurred as a result of our failure to comply with the conditions stated.
Reporting Time Frame:
If the reporting time is within six months of the cash letter date, the reserve bank will take action on the same day of entry. And if the reporting time frame is after six months of the calendar year and within one year of the cash letter date, the bank offers same day acknowledgment, provided all the requirements are met.
