Electronic Check Applications Flashcards
POP checks must be __?__ and returned to the customer, under __?__ amount and the MICR must be __?__ captured by the merchant.
Voided Check, under $25k, electronically
POP receipts issued at checkout must include:
Terminal City & State
Entry description
Merchant info, including phone #
Date
Amount
Check Serial #
RDFI may return POP for up to 60 days for what reason? May not be returned as?
Receiver Advises Unauthorized, May not return as Authorization Revoked
The application used by merchants/billers to collect funds on a check returned NSF or Uncollected Funds is __?__. The Company Entry Description on RCK entries is always __?__ for less than __?__. Originator must retain a copy of items relating to RCK for __?__.
Represented Check Entry; REDEPCHECK; $2,500; 7 years
Prior to to receipt of check, merchants/billers wishing to use RCK application must provide __?__ to the consumer. An additional collection fee __?__ be added to the face amount of the check. Consumer statement must include __?__ for RCK transactions.
Notification; Cannot; Check serial number
Originator of ARC/BOC entries must retain copies for __?__ from settlement date in a __?__ location until destruction. Information must be provided to RDFI during this time if requested within __?__.
2 years; Secure; 10 Banking Days
BOC allows Originators to convert the Receiver’s source document as long as it contains a __?__. They must verify the Receivers __?__ using commercially reasonable procedures. Originators must establish a working __?__ that is answered during normal business hours and notice must include this.
Pre-printed Check Serial Number; Identity; Phone Number
Terminal City and State is a ____ field for POP Entries.
A. Not a field used
B. Required
C. Optional
D. Mandatory
Terminal City and State is a Mandatory field for POP Entries.
