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

  • Cardholder

    A cardholder refers to the person to whom a credit or debit card is issued.

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  • EFTA (Electronic Fund Transfer Act)

    The Electronic Fund Transfer Act establishes the rights and liabilities of consumers in addition to the responsibilities of anyone who participates in electronic funds transfers.

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