-
NACHA (National Automated Clearing House Association – The Electronic Payments Association)
The national trade association responsible for developing and enforcing ACH rules and guidelines.
Learn More
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
-
On-Us Entry
Occurs when both the receiver and originator of a transaction have depository accounts at the same depository financial institution.
Learn More
