Marketing & Products

Question 1

Payrolls, Social Security, Annuities or Pensions payments. Credit, Debit or Both?

Answer 1

Credit

Question 2

Insurance or Utility Payments. Credit, Debit or Both?

Answer 2

Debit

Question 3

Point of Sale (POS)

Answer 3

Debit (credit only for reversal)

Question 4

Dividends or Interest Payments

Answer 4

Credit

Question 5

Customer Initiated Transactions

Answer 5

Credit (Can only credit receiver via transfer)

Question 6

Point of Purchase

Answer 6

Debit

Question 7

Charitable Donations

Answer 7

Debit (direct debit from account, like electronic check, originated by the company receiving payment)

Question 8

Government Vendor Pmts

Answer 8

Credit (Vendor providing services to the Federal government are required to receive payment by EFT)

Question 9

Cash Concentration

Answer 9

Debit (used by companies with remote locations, consolidates all available funds into single acct)
Disbursement = Credit
Concentration = Debit

OG167

Question 10

Tax Payments

Answer 10

Both

Question 11

Re-Deposit Check Entry

Answer 11

Debit

Question 12

Internet-Initiated/Mobile Entries (WEB)

Answer 12

Both

Question 13

Telephone Initiated Entries

Answer 13

Debit

Question 14

Expense Reimbursement

Answer 14

Credit

Question 15

Cash Disbursement

Answer 15

Credit (used by companies with remote locations, consolidates all available funds into single acct)
Disbursement = Credit
Concentration = Debit

Question 16

ANSI ASC X12 VS X9

Answer 16

X12: Format requirements for financial EDI’s from corporate originators to their F.I.’s
X9: F.I. format standards established and maintained. (ex. checks, data security, PIN requirements)