Who is the payments-related standards group that servers as administrator/coordinator of US private sector voluntary standardization system
American National Standards Institute (ANSI)
What is BOFD (Bank of First Deposit)?
The depositary bank to which a check is transferred; it may be the paying bank or the payee.
A written order directing a bank to pay money as instructed...
What is a Check
Bank handling an item for collection except the payor bank....
What is the Collecting Bank
This is describes as a state or nationally chartered bank, state or federally charted savings and loan association, a savings bank, or credit union.
What is a Depository Financial Institution
The person ordered in a draft to make a payment
What is the drawee
What does ECCHO mean?
Electronic Check Clearing House Organization
This governs the collection of cash items and returned checks through the Federal Reserve Banks and references Regulation J and Regulation CC for related warranties
What is FED OC 3 or Federal Reserve Operating Circular 3.
This is the bank to which an item is transferred in course of collection except the depositary or payor bank?
What is an Intermediary Bank
This is the descriptive information comprised of numbers and special symbols printed in magnetic ink at the bottom of a physical check
What is MICR or Magnetic Ink Character Recognition
This is the bank that is the drawee of a draft
What is the payor bank
This bank is the bank presenting an item except the payor bank
What is the Presenting Bank?
Federal regulation that governs the availability of funds deposited in checking accounts and the collection and return of checks and substitute checks
What is Regulation CC
Federal regulation the governs the collection of checks/other items by Federal Reserve Banks by establishing procedures, duties and responsibilities among Federal Reserve Banks, senders and payors of checks and other items and senders and recipients of Fedwire funds transfer
What is Regulation J?
Provides general business law of a state regulating sale of goods, commercial paper (checks), bank collections and secured transactions in personal property
What is the Uniform Commercial Code (UCC)
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