WEB (Internet Initiated Entries)

A standard entry class code that enables an originator to debit a consumer’s account pursuant to an authorization obtained from the receiver via the internet.

Related Terms

  • ODFI (Originating Depository Financial Institution)

    Financial institutions that originate ACH transactions on behalf of its customers. ODFI's must abide by the National Automated Clearing House Association (NACHA) Operating Rules.

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  • Settlement Date

    The date an exchange of funds will be reflected on the books of the Federal Reserve Bank.

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