Wisconsin Code § 404.213

(1)
With respect to settlement by a bank, the medium and time of settlement may be prescribed by federal reserve regulations or circulars, clearinghouse rules and the like, or agreement. In the absence of such prescription, all of the following apply:
(a) The medium of settlement is cash or credit to an account
in a federal reserve bank of or specified by the person to receive
settlement.
(b) The time of settlement is:
1. With respect to tender of settlement by cash, a cashier’s
check, or teller’s check, when the cash or check is sent or
delivered.
2. With respect to tender of settlement by credit in an account in a federal reserve bank, when the credit is made.
3. With respect to tender of settlement by a credit or debit to
an account in a bank, when the credit or debit is made or, in the
case of tender of settlement by authority to charge an account,
when the authority is sent or delivered.
4. With respect to tender of settlement by a funds transfer,
when payment is made pursuant to s. 410.406 (1) to the person
receiving settlement.
(2) If the tender of settlement is not by a medium authorized
by sub. (1) or the time of settlement is not fixed by sub. (1), no
settlement occurs until the tender of settlement is accepted by the
person receiving settlement.
(3) If settlement for an item is made by cashier’s check or
teller’s check and the person receiving settlement, before its midnight deadline does any of the following:
(a) Presents or forwards the check for collection, settlement is
final when the check is finally paid.
(b) Fails to present or forward the check for collection, settlement is final at the midnight deadline of the person receiving
settlement.
(4) If settlement for an item is made by giving authority to
charge the account of the bank giving settlement in the bank receiving settlement, settlement is final when the charge is made by
the bank receiving settlement if there are funds available in the
account for the amount of the item.

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