Res 2006-035 - Laserfiche WebLink

Home Browse Search

I I 1.17 Limited Claim. One or more of the following criteria constitutes the basis for a reversed POS transaction: (a) the transaction was fraudulent and the transaction receipt was not signed by the Consumer (b) the transaction has been previously paid ( c) the Consumer claims that there was an error in the processing the transaction (d) the financial institution holding the Consumer's account claims that there was an error in the processing of the transaction (e) the fmancial 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. 1.18 NACHA Rules. The National Automated Clearing House Association operating rules, as amended from time to time. 1.19 Non-participating Bank. A financial institution that is not a participant in the Card Organization POS Check Service program. 1.20 Participating Bank. A fmancial institution that is both a member ofa Card Organization and a participant in its POS Check Service program. 1.21 POS or Point of Sale. Your physical location where the Consumer completes a POS Transaction in payment for goods or services or both. 1.22 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 Agreement must be approved by us. 1.23 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. 1.24 Reversed POS Transaction. The reversal of an electronic transfer of funds to you based on a POS Transaction. 1.25 State. Any of the individual states within the United States. 1.26 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. 4 I