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SEC Codes and Entry Types Flashcards

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Read the first 6 SEC Codes and Entry Types flashcards as text

  1. Which SEC code is used for prearranged payments and deposits between a company and consumer accounts?

    Answer: PPD (Prearranged Payment and Deposit)

    PPD is the Standard Entry Class code for ACH credits and debits to consumer accounts where a written authorization has been established in advance.

  2. The CCD SEC code is used for:

    Answer: Corporate credit or debit transactions between business accounts

    CCD (Corporate Credit or Debit) is used for business-to-business ACH transactions, such as vendor payments or concentration of funds.

  3. WEB entries are defined as:

    Answer: ACH debit entries to consumer accounts authorized via the internet

    WEB is the SEC code for one-time or recurring ACH debit entries to consumer accounts where authorization is obtained via the internet.

  4. The TEL SEC code applies to:

    Answer: ACH debit entries to consumer accounts authorized via telephone

    TEL is the SEC code for single-entry or recurring ACH debit entries to consumer accounts where authorization is obtained by telephone.

  5. Which SEC code is used for point-of-purchase check conversion transactions at a merchant location?

    Answer: POP (Point-of-Purchase)

    POP is used when a consumer's check is converted to an ACH debit entry at the point of purchase with the consumer present.

  6. ARC entries convert:

    Answer: Consumer checks received via U.S. mail or a dropbox to ACH debit entries

    ARC (Accounts Receivable Conversion) is used to convert consumer checks mailed or dropped off as payment into ACH debit entries processed in back-office operations.