Federal Reserve Adjustments Flashcards
Federal Reserve adjustment type: Used to request information identifying where an item was presented or returned.
Timeframe?
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Disposition (DISP)
Timeframe: Within 1 y ear
Used to request a credit or debit adjustment entry be investigated and reversed because it appears to be a duplicate entry.
Timeframe?
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Duplicate Entry (DUP)
20 business days
Used to request a credit or debit entry for an item that was clearly encoded for an amount different than the legal (written) amount or the written amount and the encoded amount on the image are the same but differs from the amount stated in the X9.100-187 (X9.37) image cash/return letter.
Timeframe?
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Encoding Error (ENC)
Timeframe: Six calendar months
Used to request a credit or debit adjustment entry made in error be investigated and reversed.
Timeframe?
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Entry in Error (ERR)
20 business days
Used to request information generally related to an entry or correspondence initiated by the Federal Reserve Banks; as it is described in the comment field.
Timeframe?
Information Request (INFO)
20 business days
Used by the Depository institution to request a credit entry regarding their allegation that an item was returned to them late by the Drawee bank
What’s the dollar amount to file?
Timeframe?
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Late Return Claim (LC)
in the amount of $100.00 or greater
Within TWO CALENDAR months
Used by the Drawee bank to request a credit entry to dispute a Late Return Claim (LC) debit entry.
Timeframe?
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Late Return Disclaimer (LR)
Within 20 days
Used to request a credit entry for an item(s) that was listed and included in a paper cash/return letter total but the physical item(s) was not received.
Timeframe?
Listed Not Enclosed (LNE)
Within 20 business days
Used to request a credit entry for a paper cash/return letter or bundle, a PDF file or X9.100-187 (X9.37) image cash/return letter that was charged but not received.
Timeframe?
Missing Cash/Return Letter (MCL)
After the original processing date but within 20 business days
Used to request a credit entry for a non-valid item (zero-value) that was included in the cash/return letter total, an item was included that does not meet legal equivalence requirements for Check 21 or the image received in an X9.100-187 (X9.37) image cash/return letter is deemed to be non-conforming by the receiving institution.
Timeframe?
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Non-Cash Item (NCH)
Within 20 buiness days
Request to investigate a cash/return letter deposited with the Federal Reserve but for which credit was never received.
Timeframe?
Non-Receipt of Cash/Return Letter Credit (MCL) -
As soon as error is discovered, report within 20 business days
Used to request a credit entry for an item that was charged in a cash/return letter but the item does not bear the receiving institution’s routing number in the MICR line (for Forward Collection items) or endorsement area (for Return items) of the physical item or image or in the associated endorsement records for items received electronically.
Timeframe?
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Not Our Item (NOI)
Within 20 business days
Used by the receiving bank to request an original item or a sufficient copy of an item presented or returned in a X9.100-187 (X9.37) image cash/return letter or processed as a substitute check. OSCR is a request for information only.
Timeframe?
Original or Sufficient Copy Request (OSCR)
Within one calendar year
Used to request a credit entry for an item that is being refused either because it is the original check (or the legal equivalent, i.e. a substitute check, electronically created item or image received in an X9.100-187 (X9.37) cash/return letter) or a photocopy and the other item has already paid.
Timeframe?
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Paid Item (PAID)
Within SIX CALENDAR MONTHS
Used to request a credit entry and provide an indemnified photocopy or notice in lieu of return in response to a debit entry for a lost, destroyed or non-conforming item.
Timeframe?
Photo in Lieu (PIL)
Normal Federal Reserve Bank check collection deadlines.
Used to request a photocopy of an item, a copy of a cash/return letter recap or a copy of a detail listing processed (sent or received) by the Federal Reserve Banks. PREQ is a request for information only.
Timeframe?
Photocopy Request (PREQ)
Within one calendar year of the cash/return letter date.
Used by the Paper Deposit Bank to request a credit entry regarding their allegation they received an original paper check returned unpaid (via Paid Item (PAID) adjustment entry or a Return Letter) because the check was previously deposited using a remote deposit capture service. The RDC item must have been processed through the Federal Reserve Banks (FRBs) and the RDC Bank must have received settlement, through a FRB, for the item with no return of the item.
Timeframe?
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Remote Deposit Capture (RDC) Item
Within 90 calendar days
of the date of the PAID adjustment entry or return letter date.
Used to request information identifying how an item was received. The information provided includes the: routing number, cash/return letter date, cash/return letter total, bundle total, sequence number, item before and item after the item that is the subject of the request.
Timeframe?
Source of Receipt (SOR)
Within one calendar year
of the cash/return letter date.
Used by the Paying Bank to request a credit entry regarding their allegation an electronically created item was not authorized by the person on whose account the electronic item was created in the amount stated on the item or to the payee stated on the item. Only one of these conditions must be met.
Timeframe?
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Unauthorized Electronically Created Item (UECI)
Within 90 calendar days
of the cash letter date.
Used by the Paying Bank to request a credit entry in response to their allegation a remotely created check was not authorized in the amount stated on the check to the payee indicated on the check and does not bear a signature applied, or purported to be applied, by the person on whose account the check is drawn.
Timeframe?
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Unauthorized Remotely Created Check (URCC)
Within 90 calendar days
of the cash letter date of the original presentment of the item in dispute.
Used by the Depository institution to request a credit entry regarding their allegation of a breach of warranty and/or breach of indemnity involving a substitute check, electronically created item, remotely created check, or an item presented or returned in an X9.100-187 (X9.37) image cash/return letter.
Timeframe?
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Warranty/Indemnity Claim (WIC) Check 21 or Electronically Created Item (ECI)
Within one calendar year
of the cash/return letter date.
Used by the Depository bank to request a debit entry for an item incorrectly processed, credited and paid to the wrong payee. A properly submitted request for a WPC will credit the Presentment bank.
Timeframe?
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Wrong Payee Credited (WPC)
Within six Calander months
