Test Your Knowledge of ACH Payment Transactions with the ACH Code Chart Quiz
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Questions and Answers

What is the purpose of the SEC Code Chart?

  • To identify different types of ACH entries for payment transactions (correct)
  • To enable entries to an account
  • To process entries in a shared network
  • To inform RDFIs of the death of a receiver

    • Which code is used for payment transactions involving a financial agency's office outside the territorial jurisdiction of the United States?

  • MTE
  • ENR
  • IAT (correct)
  • DNE

    • Which code is used for entries initiated by an organization based on a standing or single-entry authorization from a receiver to transfer funds to or from a consumer account?

  • POS
  • RCK
  • PPD (correct)
  • POP

    • Which code is used for single-entry debits initiated by an originator based on an eligible source document provided by the receiver at the point of purchase or a manned bill payment location?

    <p>POP</p> Signup and view all the answers

    Which code is used for debit entries initiated at an electronic terminal in a shared network where the ODFI and RDFI have an agreement to process such entries?

    <p>SHR</p> Signup and view all the answers

    Which code is used for debits initiated by an originator based on an oral authorization obtained over the telephone to transfer funds from a consumer account?

    <p>TEL</p> Signup and view all the answers

    Which code is used for debit entries initiated at an electronic terminal to transfer funds from a consumer account to pay an obligation incurred in a point-of-sale transaction or to effect a point-of-sale terminal cash withdrawal?

    <p>POS</p> Signup and view all the answers

    Which code is used for entries initiated at an electronic terminal, such as an ATM, to transfer funds to or from a consumer account?

    <p>MTE</p> Signup and view all the answers

    Which code is used for single-entry debits constituting a presentment notice of an item eligible under Article Two, Subsection 2.5.13.3?

    <p>RCK</p> Signup and view all the answers

    Which code is used for debit entries initiated pursuant to a check truncation program that permits the truncation of a single check or multiple checks drawn on the same paying bank?

    <p>TRC</p> Signup and view all the answers

    Which code is used by a participating DFI to enroll an account holder in a service that enables entries to their account?

    <p>ENR</p> Signup and view all the answers

    Which code is used by federal government agencies to inform an RDFI of the death of a receiver?

    <p>DNE</p> Signup and view all the answers

    What is the purpose of the SEC Code Chart?

    <p>To identify different types of ACH entries for payment transactions</p> Signup and view all the answers

    Which code is used for payment transactions involving a financial agency's office outside the territorial jurisdiction of the United States?

    <p>IAT</p> Signup and view all the answers

    Which code is used for entries initiated by an organization based on a standing or single-entry authorization from a receiver to transfer funds to or from a consumer account?

    <p>PPD</p> Signup and view all the answers

    Which code is used for single-entry debits initiated by an originator based on an eligible source document provided by the receiver at the point of purchase or a manned bill payment location?

    <p>POP</p> Signup and view all the answers

    Which code is used for debit entries initiated at an electronic terminal in a shared network where the ODFI and RDFI have an agreement to process such entries?

    <p>SHR</p> Signup and view all the answers

    Which code is used for debits initiated by an originator based on an oral authorization obtained over the telephone to transfer funds from a consumer account?

    <p>TEL</p> Signup and view all the answers

    Which code is used for debit entries initiated at an electronic terminal to transfer funds from a consumer account to pay an obligation incurred in a point-of-sale transaction or to effect a point-of-sale terminal cash withdrawal?

    <p>POS</p> Signup and view all the answers

    Which code is used for entries initiated at an electronic terminal, such as an ATM, to transfer funds to or from a consumer account?

    <p>MTE</p> Signup and view all the answers

    Which code is used for single-entry debits constituting a presentment notice of an item eligible under Article Two, Subsection 2.5.13.3?

    <p>RCK</p> Signup and view all the answers

    Which code is used for debit entries initiated pursuant to a check truncation program that permits the truncation of a single check or multiple checks drawn on the same paying bank?

    <p>TRC</p> Signup and view all the answers

    Which code is used by a participating DFI to enroll an account holder in a service that enables entries to their account?

    <p>ENR</p> Signup and view all the answers

    Which code is used by federal government agencies to inform an RDFI of the death of a receiver?

    <p>DNE</p> Signup and view all the answers

    What is the SEC Code Chart used for?

    <p>Identifying different types of ACH entries for payment transactions</p> Signup and view all the answers

    What is the DNE code used for?

    <p>Informing RDFIs of the death of a receiver</p> Signup and view all the answers

    What is the ENR code used for?

    <p>Enrolling account holders in a service</p> Signup and view all the answers

    What is the IAT code used for?

    <p>Payment transactions involving a financial agency's office outside the territorial jurisdiction of the United States</p> Signup and view all the answers

    What is the MTE code used for?

    <p>Initiating entries at an electronic terminal to transfer funds to or from a consumer account</p> Signup and view all the answers

    What is the POP Entry code used for?

    <p>Single-entry debits initiated by an originator based on an eligible source document provided by the receiver at the point of purchase or a manned bill payment location</p> Signup and view all the answers

    What is the POS Entry code used for?

    <p>Debit entries initiated at an electronic terminal to transfer funds from a consumer account to pay an obligation incurred in a point-of-sale transaction or to effect a point-of-sale terminal cash withdrawal</p> Signup and view all the answers

    What is the PPD code used for?

    <p>Entries initiated by an organization based on a standing or single-entry authorization from a receiver to transfer funds to or from a consumer account</p> Signup and view all the answers

    What is the RCK code used for?

    <p>Single-entry debits constituting a presentment notice of an item eligible under Article Two, Subsection 2.5.13.3</p> Signup and view all the answers

    What is the SHR code used for?

    <p>Debit entries initiated at an electronic terminal in a shared network where the ODFI and RDFI have an agreement to process such entries</p> Signup and view all the answers

    What is the TEL code used for?

    <p>Debits initiated by an originator based on an oral authorization obtained over the telephone to transfer funds from a consumer account</p> Signup and view all the answers

    What are the TRC and TRX codes used for?

    <p>Debit entries initiated pursuant to a check truncation program that permits the truncation of a single check or multiple checks drawn on the same paying bank</p> Signup and view all the answers

    Study Notes

    ACH Code Chart for Payment Transactions

    • The SEC Code Chart provides the codes that identify different types of Automated Clearing House (ACH) entries for payment transactions.
    • The Death Notification Entry (DNE) code is used by federal government agencies to inform a receiving depository financial institution (RDFI) of the death of a receiver.
    • The Automated Enrollment Entry (ENR) code is used by a participating DFI to enroll an account holder in a service that enables entries to their account.
    • The International ACH Transaction (IAT) code is used for payment transactions involving a financial agency's office outside the territorial jurisdiction of the United States.
    • The Machine Transfer Entry (MTE) code is used for entries initiated at an electronic terminal, such as an ATM, to transfer funds to or from a consumer account.
    • The Point-of-Purchase (POP) Entry code is used for single-entry debits initiated by an originator based on an eligible source document provided by the receiver at the point of purchase or a manned bill payment location.
    • The Point-of-Sale (POS) Entry code is used for debit entries initiated at an electronic terminal to transfer funds from a consumer account to pay an obligation incurred in a point-of-sale transaction or to effect a point-of-sale terminal cash withdrawal.
    • The Prearranged Payment and Deposit (PPD) code is used for entries initiated by an organization based on a standing or single-entry authorization from a receiver to transfer funds to or from a consumer account.
    • The Re-presented Check Entry (RCK) code is used for single-entry debits constituting a presentment notice of an item eligible under Article Two, Subsection 2.5.13.3.
    • The Shared Network Transaction (SHR) code is used for debit entries initiated at an electronic terminal in a shared network where the ODFI and RDFI have an agreement to process such entries.
    • The Telephone-Initiated Entry (TEL) code is used for debits initiated by an originator based on an oral authorization obtained over the telephone to transfer funds from a consumer account.
    • The Truncated Entry (TRC) and Truncated Entries Exchange (TRX) codes are used for debit entries initiated pursuant to a check truncation program that permits the truncation of a single check or multiple checks drawn on the same paying bank.

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    Description

    Test your knowledge of ACH payment transactions with this quiz on the ACH Code Chart. Learn about the various SEC codes used to identify different types of ACH entries, including the DNE code for death notification, ENR code for automated enrollment, IAT code for international transactions, and more. This quiz will challenge your understanding of the codes and their specific uses in payment transactions.

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