TEL (Telephone Initiated Entries)

A standard entry class code that enables the originator to initiate a single entry debit to a consumer’s account pursuant to a consumer’s oral authorization obtained over the telephone. This type of transaction may be used only in those instances where (1) there is an existing relationship between originator and consumer, or (2) in the absence of such relationship the consumer has been the party to initiate the call.

Related Terms

  • Consumer Account

    An account held at a development financial institution (DFI) which has been opened by a natural person and is used for personal needs.

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  • FCRA (Fair Credit Reporting Act)

    The Fair Credit Reporting Act protects consumers from inaccurate information that may be found within credit reports.

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