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COR
An SEC code is a three letter code that describes how a payment was authorized by the consumer or business receiving an ACH transaction. SEC stands for 'Standard Entry Class'. SEC codes are defined and maintained by NACHA, the governing body for the ACH network.
What is Standard Entry Class (SEC) code COR?
SEC code COR stands for Notification of Change or Refused Notification of Change. This SEC code is used in the context of Automated Clearing House (ACH) transactions, which are electronic payments or collections made through the ACH network.
COR is used to indicate the need to correct or change account information previously provided in an entry processed through the ACH network. Typically, the Receiving Depository Financial Institution (RDFI) sends the Notification of Change to the Originating Depository Financial Institution (ODFI)..
What is the Transaction Type for SEC code COR?
The transaction type for COR is non-monetary.
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