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Financial Planning

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Banking Codes

The banking industry is changing over to an electronic-based transaction system that uses internal codes to signify various transactions. The following list is some of these codes.

ACH (Automated ClearingHouse)
The electronic payment system that handles electronic transactions.
ARC (Accounts Receivable transaction)
A check that was changed to an electronic payment by the receiving company. The company should supply a written notification.
POP (Point of Purchase)
A check that was changed to an electronic payment at the cash register. A paper receipt should be supplied with this transaction.
POS (Point Of Sale)
A transaction that was initiated by a debit card being read at a store. This transaction is sometimes posted as simply "purchase".
PPD (Prearranged Payment and Deposit) This signifies a prearranged payment whereby a company automatically withdraws a regular payment. This can also be used to signify regular deposits, such as a paycheck.
RCK (Represented Check)
A check that has bounced and is being presented again for bank payment. A check that has bounced can be turned into an electronic payment, which will be listed as REDEPCHECK .
TEL (Telephone payment)
A payment that was authorized over the telephone.
WEB (WEB based payment)
A payment that was made or authorized via the Internet.

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