IT Examiner School, Seaside, CA

Same Day ACH

• Same Day ACH allows for the same-day processing of returns, regardless of whether the forward transaction is a same-day transaction or not. Returns that are settled on a same-day basis are not subject to the Same Day Entry Fee and are not subject to the eligibility limit on forward Same Day transactions (i.e., $25,000 per transaction; IAT). • For ACH transactions that need to be returned, faster processing of the return is typically a “win-win” for all parties. ODFIs and Originators now can learn about problems sooner and RDFIs can have exceptions processed and settled faster.

Standard Entry Class Code (SEC Code)

PPD Prearranged Payment and Deposit (consumer only)

CCD – Corporate Credit or Debit (Corporate only)

• Direct Deposit – a credit application that transfers funds into a consumer’s account at the RDFI and represents a variety of products such as payroll, pension, etc. • Preauthorized Bill Payment – a debit application; the consumer grants the company authority to initiate periodic charges to the consumer’s account as bills become due such as insurance premiums, utility payments.

• This can be either a credit or

debit where funds are transferred between unrelated corporate entities or transmitted as intra- company cash concentration and disbursement transactions.