Source: https://www.nacha.org/news/formal-rules-interpretation-proper-use-standard-entry-class-codes-check-conversion-entries
Timestamp: 2020-05-24 23:29:39
Document Index: 79320976

Matched Legal Cases: ['§ 14', '§ 2', '§ 3', '§ 3', '§ 3', '§ 2', '§ 14', '§ 14', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 14', '§ 2', '§ 2', '§ 3']

A POP entry is defined as a Single Entry debit initiated by an Originator pursuant to a source document as set forth in subsection 3.8.1 (Source Documents), provided to the Originator by the Receiver at the point-of-purchase to effect a transfer of funds from a Consumer Account of the Receiver. This type of entry may only be used for non-recurring, in-person (i.e., at the point-of- purchase) entries for which there is no standing authorization with the Originator for the origination of ACH entries to the Receiver’s account.[2]
A BOC entry is defined as a Single Entry debit initiated by an Originator to an account of the Receiver pursuant to a source document, as set forth in subsection 3.8.2 (Source Documents), provided to the Originator by the Receiver at the point of purchase or at a manned bill payment location to effect a transfer of funds from an account of the Receiver through subsequent conversion to an ACH debit entry during back office processing. This type of entry may only be used for non-recurring, in-person (i.e., at the point of purchase) entries for which there is no standing authorization with the Originator for the origination of ACH entries to the Receiver's account. [10]
BOC entries are subject to special requirements under the Rules related to the types of checks that can be converted[11], notice and the provision of a copy of such notice language to the Receiver[12], the capture of MICR information[13], verification of the identities of both Originator/Third-Party Sender and Receiver[14], documentation on Originators[15], maintenance of a customer service telephone number[16], and source document copy, presentation and secure storage requirements[17]. The Rules require that the BOC entry contain specific information, including but not limited to, the Receiver's bank routing number, account number, account number, source document check serial number, and dollar amount of the check.
A PPD Entry is defined as credit or debit entry (other than an MTE or POS entry) initiated by an organization pursuant to a standing or a single entry authorization from a Receiver to effect a transfer of funds to or from a Consumer Account of the Receiver.[18]
[1] The Rules for BOC entries are effective as of March 16, 2007.
[2] 2007 Nacha Operating Rules § 14.1.48 (“POP entry”).
[3] Id. at § 2.1.2.
[4] Id. at § 3.9.2
[5] Id. at § 3.9.3
[6] Id. at § 3.9.4
[7] Id. at Appendix Two, § 2.1.15
[8] Id. at § 14.1.15 (“BOC entry”)
[10] Id. at § 14.1.15
[11] 2007 Nacha Operating Rules § 2.10.1
[12] Id. at § 2.1.5
[13] Id. at § 2.10.2
[14] Id. at § 2.10.3.1 and § 2.10.3.4
[15] Id. at § 2.10.3.2 and § 2.10.3.3
[16] Id. at § 2.10.3.5
[17] Id. at § 2.10.3.7, § 2.10.3.8, and § 2.10.3.9
[18] Id. at § 14.1.50
[19] Id. at § 2.1.2
[20] Id. at Appendix Two, § 2.1.17
[21] Id. at § 3.5.
[22] 2000 Nacha Operating Rules, page R2