Form 150-206-030 - Ach Credit Agreement And Application For Combined Payroll Tax And Assessment Page 11
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13Glossary of Terms
reserve banks and member depository institutions
ACH. “Automated Clearing House” (ACH) means
any entity that operates as a clearing house for elec-
that are subject to Reserve requirements.
tronic debit or credit entries pursuant to an agree-
NACHA. The “National Automated Clearing House
ment with an association that is a member of the
Association” is the organization that establishes the
National Automated Clearing House Association.
standards, rules, and procedures enabling depository
ACH Credit. An “ACH Credit” transaction is one in
financial institutions to exchange ACH payments on
which you, the taxpayer, through your financial in-
a national basis.
stitution, originate an entry crediting the designated
ODFI. The “Originating Depository Financial Insti-
financial institution’s account and debiting your
tution” is the financial institution that originates ACH
own account for the amount of the tax payment.
entries at the request of, and by agreement with, its
ACH Debit. An “ACH Debit” transaction is one in
customers. ODFIs must abide by the provisions of the
which you, the taxpayer, initiate an entry through
NACHA Operating Rules and Guidelines.
a secure internet connection or with a touchtone
Pre-note Test. A pre-notification (pre-note) test is a
telephone, crediting the state’s designated financial
zero-dollar entry sent through the ACH network to
institution’s account and debiting your own account
verify a financial institution’s information. A pre-
for the amount of the tax payment.
note test must be done at least 10 calendar days
CCD+. “Cash Concentration or Disbursement Plus
before EFT payments begin.
Addenda” is a standard National Automated Clear-
ing House Association data format used to make
Settlement Date. The date an exchange of funds,
ACH credit/debit transactions. The CCD+ format
with respect to an entry, is reflected on the books of
combines the widely used CCD format with a single
the Federal Reserve Bank.
addendum record that can carry 80 characters of
TXP. The “tax payment” banking convention is a
payment-related data.
national standard administered by NACHA. TXP
EFT. “Electronic Funds Transfer” is a term that iden-
is used by the federal government and the majority
tifies any system used to transfer payments or funds
of states that utilize EFT for tax collection. The for-
electronically. EFT refers to any transfer of funds
mat is carded in the 80-character free-form field of
(other than a transaction originated by check, , or
the addenda record. The TXP convention has been
similar paper instrument) that is initiated through
developed with input from corporate trade associa-
an electronic terminal, telecommunications instru-
tions, state representatives, and federal government
ment, computer, or magnetic tape, to order, instruct,
agency representatives. The TXP convention is a
or authorize a financial institution to debit or credit
result of the joint efforts of the Federation of Tax
an account.
Administrators, the Committee on State Taxation,
and the Bankers Electronic Data Interchange (EDI)
FRB. “Federal Reserve Bank” is the central banking
system of the United States, consisting of 12 regional
Council.
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