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DNE
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 DNE?
SEC code DNE stands for Death Notification Entry. 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.
DNE is used by the federal government to inform a Receiving Depository Financial Institution (RDFI) of the death of an account holder. Agencies like the Social Security Agency and the Department of Veterans Affairs issue a DNE to make sure dead individuals are not still being paid benefits.
What is the Transaction Type for SEC code DNE?
The transaction type for DNE is non-monetary.
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