Examples of SEC Codes in a sentence
Originator action on NOCs related to entries bearing any of the following SEC Codes is optional, at the Originator’s discretion: ARC, BOC, POP, RCK, and XCK Entries, as well as TEL and WEB entries bearing a Single Entry indicator (“S” or “blank” for TEL and “S” for WEB).
Once approved as an ACH Originator, upon review of your business needs, you will be approved to transmit Entries using specific Standard Entry Class (SEC) Codes.
Should you transmit Entries to us using SEC Codes other than those previously approved, at our sole discretion, your file may be rejected and may not be transmitted by us to the ACH Operator or may be transmitted.
Bank also may suspend or terminate Customer’s use of one or more SEC Codes at any time in Bank’s sole and exclusive discretion.
We may restrict or amend these approved SEC Codes from time to time in writing.
From time to time, AB&T at its sole discretion may amend ACH Entries permitted through Business Digital Banking to include additional SEC Codes.
The following table shows the proper SEC Codes to use depending on how you obtained the authorization to debit/credit an individual or company’s account: SEC Code Debit / Credit Authorization Method PPD Debit or Credit Document signed by individual or similarly authenticated CCD, CTX Debit or Credit Document signed or verbal agreement by Company* WEB Debit Only Via the Internet TEL Debit Only Verbal authorization via the telephone.
Additional SEC Codes have been authorized and established by NACHA Operating Rules and Guidelines, which are not supported by AB&T’s Business Digital Banking.
Customer shall cause the SEC Codes to be used as provided by and in strict conformance with the Rules (it being understood that failure to properly use SEC Codes shall be deemed a breach of these Terms and may result in termination of these Terms, in addition to other remedies available to Bank provided herein).
Customer is hereby advised that transactions involving TEL SEC Codes and WEB SEC Codes require additional approvals within Bank that may delay processing times.