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SHR
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 SHR?
SEC code SHR stands for Shared Network Transaction 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. The transaction type for SHR is a single entry ACH credit or ACH debit.
SHR specifically relates to transactions that involve shared networks, such as those used by automated teller machines (ATMs) or point-of-sale (POS) networks where transactions are processed by a network shared among multiple financial institutions. This can include both debits and credits processed through a network shared by various financial institutions. The consumer authorizes the transaction by using their debit card and entering a PIN or providing a signature at the ATM or POS terminal.
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