The ABA/Trans Code is a specific type of identifying data used to process accounts, defined as the American Banking Association Transit Code. This is a nine-digit numeric code that verifies bank accounts and routing funds to domestic or international financial institutions.
Banks use trans Codes to identify different activities, e.g., check-based deposits, wire transfers, online bill payments, and direct deposits. These codes are used to facilitate automated clearinghouse (ACH) transactions, which involve electronic transfers that allow consumers to move funds between accounts at a bank or other depository institution. Banks may also be assigned multiple codes for use in different business processes or systems. For example, a bank may have one code for payroll processing, another for consumer transactions, and yet another for commercial transactions. Banks may also assign unique ABA/Trans Codes to customers based on their type of account.
The Process ABA/Trans Code Activities procedure will provide instructions on setting up codes used by the activity cashier and how to modify or delete existing transcodes.
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