Res 2006-035 - Laserfiche WebLink

Home Browse Search

(e) the financial institution holding the consumer's account has requested and not received a copy of the transaction receipt (f) the Consumer effectively places a stop payment on the check (g) the Consumer presenting the check is not the person whose name is imprinted on the check. In addition, if you have imaging equipment, the following are also bases for a reversed POS transaction: (h) the Consumer's complete residence address and residence phone number (including area code) are not imprinted or legibly written on the check (i) the transaction was not imaged. 1.15 NACHA Rules. The National Automated Clearing House Association operating rules, as amended from time to time. 1.16 Non-participating Bank. A financial institution that is not a participant in the Card Organization POS Check Service program. 1.17 Participating Bank. A financial institution that is both a member ofa Card Organization and a participant in its POS Check Service program. 1.18 POS or Point of Sale. Your physical location where the Consumer completes a POS Transaction in payment for goods or services or both. 1.19 POS Terminal. An electronic hardware device used at the POS that is capable of initiating a request for Authorization as well as capturing and processing data for the type of Conversion Service you request. All POS Terminals used in conjunction with a POS Transaction under this Addendum must be approved by us. 1.20 POS Transaction or Transaction. A payment transaction initiated by using a Check as a source document at a POS. The Check is then converted to an electronic transfer of funds to you. 1.21 Reversed POS Transaction. The reversal of an electronic transfer of funds to you based on a POS Transaction. 1.22 State. Any of the individual states within the United States. 1.23 Tiered Option. Your election to have Electronic Check Services varies based on the amount of the POS Transaction. For Tiered Option, a Check in the amount of $39.99 or less will be converted through the Verification with Conversion Service, and a Check in the amount of $40.00 or greater will be converted through the Guarantee with Conversion Service. 1.24 Transaction Receipt. A paper record of a POS Transaction generated at the POS that includes a space for the Consumer to sign, authorizing the electronic fund transfer. 1.25 Verification with Conversion. The process of conversion of a Check to an electronic debit from the Consumer's Account, in which you received verification that the Consumer's Account is open. In cases where you request Verification with Conversion Service for a Transaction, receipt of Authorization is an assurance that, at the time of the Transaction, there were sufficient funds to cover the electronic fund transfer. 1.26 Visa Rules. The Visa, U.S.A operating rules, as amended from time to time. I I 4 I