POS (Point-of-Sale)

A one time debit entry to the account of a receiver where the entry is initiated at an electronic terminal. POS transactions are generally initiated with a merchant issued plastic card.

Related Terms

  • COR (Notification of Change)

    A COR entry is initiated by a receiving depository financial institution (RDFI) to inform an originator of incorrect information submitted in an entry. The originator must correct...

    Learn More

  • FDCPA (Fair Debt Collection Practices Act)

    Approved in 1977, the Fair Debt Collection Practices Act allows for legal consumer protection against abusive debt collection practices.

    Learn More