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CFPB (Consumer Financial Protection Bureau)
The Consumer Financial Protection Bureau (CFPB) is a government agency that is responsible for protecting consumers from questionable financial practices.
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ARC (Accounts Receivable Entry)
An ARC entry is a one time debit entry to the account of a receiver whom has previously been notified that their check (source document) will be converted into a single entry ACH transaction. The receiver must provide the source document to the originator via a drop box location or through the U.S. mail.
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Lockbox
Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the...
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