Check Acronyms
ACH - Automated
Clearing House - a national electronic network that transfers and clears
funds between banking institutions on behalf of merchants and their customers.
ARC - account receivable debit conversion
of a mailed or drop box delivered consumer check
BOFD - a bank that accepts a check
for deposit from a customer
CAR / LAR - Casual Amount Recognition
/ Legal Amount Recognition
CCD - a debit or credit by an organization
of it's own or another organization's bank account
EFT - Electronic Funds Transfer -
transfer by electrical, magnetic, wireless or similar means
FI - a financial institution - DFI
is a depository financial institution (a bank)
IVR - Individual Voice Response -
for PayCard balance questions
IRD - Image Replacement Document -
a legal representation of the originally presented check
MICR - number that is printed in magnetic
ink near the bottom of the front of the check
NACHA - National Automated Clearing
House Association - self-regulating body of the electronic payments industry
NSF - Non-Sufficient Funds - not enough
money in the bank to cover the check or other debit
NTR - Negotiated Transaction Rate
- the fee for an ACH EFT transaction
OCR - Optical Character Recognition
- allows decoding and propagation ( via special software) of printed and
handwritten characters and descriptors
ODFI - Originating Depository Financial
Institution - the FI (bank) of the Originator
POP - a debit of a consumer account
based on information from a check at a point-of-purchase
PPD - a debit or credit of a consumer's
account entry pursuant to an authorization
RCK - a re-presented check entry of
a deposited check returned as NSF
RDC - a service for users to scan
checks, capture images, MICR and transmit a digital deposit
RDFI - Receiving Depository FI - the
FI (bank) receiving debits or credits for it's Receivers
RTN - Routing Number - the 9 digit
number assigned to a bank
TEL - a debit of a consumer account
pursuant to an oral authorization via telephone
UA - Unavailable Funds - funds are
in the bank but not credited to the account
WEB - a debit of a consumer account
pursuant to an authorization via the Internet |
Glossary
of Terms
ACH-based Electronic Check - a payment
that begins a source do
Consumer Account - a bank account
of a natural person for personal not commercial purposes
Effective Date - the date an exchange
of funds takes place
Originator - a person that has been
authorized to send debit or credit entries to Receivers
Person - a natural person or an organization
Receiver - a person who authorized
an Originator to send debit or credit entries to its accounts
Return - the return of a debit item
by an RDFI when there is NSF or UA (the transaction bounced)
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