Electronic Check Applications Flashcards
The Standard Entry Class Code for a Point-of-Purchase Entry
POP
The Point-of-Purchase Entry requires that the Receiver’s Check be _______ and returned to the consumer at the check out.
voided
Receipts issued at the check out for a Point-of-Purchase Entry must include a description of the Entry, information about the merchant including a phone number, date and amount of the transaction, the source document Check Serial Number and the __________________
Terminal City & State
The dollar limit for a Point-of-Purchase Entry:
$25,000 or less
For a Point of Purchase Entry the MICR information must be _____________ captured by the merchant.
electronically
An RDFI may return a Point-of-Purchase Entry for up to 60 days from the Settlement Date for the following reason:
Receiver advises Unauthorized
A Point-of-Purchase Entry may not be returned as ________________
Authorization Revoked
If the consumer places a stop payment on the check used for a Point-of-Purchase Entry, the RDFI must return the Entry as R08 Payment Stopped within _______________________
Two Banking Days
The application used by merchants/billers to collect funds on a Check returned NSF or Uncollected Funds
Represented Check Entry
The Company Entry Description on an RCK Entry
REDEPCHECK
The dollar limitation on RCK Entries
$ 2500
________________to the consumer prior to receipt of the Check is required by any merchant/biller wishing to use the RCK application
Notification
An additional collection fee _______________ be added to the face amount of the Check.
cannot
The Check Serial Number is required in the RCK transaction and on the _________________________
consumer statement
The Originator must retain a copy of the front and back of the item related to an RCK Entry for _____________
7 years