SEC Codes and Entry Types Flashcards

Which SEC code covers ACH debit entries to consumer accounts where authorization is obtained at the point of sale via a debit card transaction?

Answer: POS (Point-of-Sale)

POS (Point-of-Sale) is the SEC code for consumer debit transactions initiated at the point of sale using a debit card or similar access device.

The SHR (Shared Network Entry) SEC code is used for:

Answer: Point-of-sale debit transactions processed through a shared electronic network

SHR is used for point-of-sale debit transactions initiated through a shared electronic network (such as Interlink or STAR) processed via ACH.

For a company initiating a one-time ACH debit authorized by a consumer on the company's website, which SEC code is correct?

Answer: WEB

WEB is the correct SEC code for any ACH debit to a consumer account where authorization was obtained via the internet, whether for a one-time or recurring payment.

The DNE (Death Notification Entry) is used by:

Answer: Federal government agencies to notify RDFIs of a recipient's death and stop future credits

DNE is a zero-dollar notification entry used exclusively by federal government agencies to inform RDFIs that a benefit recipient has died so future credits can be stopped.

The ENR SEC code is used for:

Answer: Automated enrollment of consumers in federal government benefit programs

ENR (Automated Enrollment) is used by federal government agencies to enroll or update consumer direct deposit information for government benefit programs.

Which addenda record type is required for IAT entries?

Answer: Multiple mandatory addenda records including remittance, foreign correspondent bank, and beneficiary information

IAT entries require multiple mandatory addenda records that carry detailed information about the foreign financial institution, originator, receiver, and remittance data.