TEL (Telephone Initiated Entries)

TEL (Telephone Initiated Entries)

A standard entry class code that enables the originator to initiate a single entry debit to a consumer’s account pursuant to a consumer’s oral authorization obtained over the telephone. This type of transaction may be used only in those instances where (1) there is an existing relationship between originator and consumer, or (2) in the absence of such relationship the consumer has been the party to initiate the call.

Related Terms

  • NCUA (National Credit Union Administration)

    The National Credit Union Administration is an independent federal agency that regulates federal credit unions. It also operates the National Credit Union Share Insurance Fund.

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  • Receiver

    Any company, organization or entity authorizing an originator to initiate an ACH credit or ACH debit transaction.

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