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Check Posting Terms

Payment Processing

QuestionAnswer
A group of checks with a Batch Header Form that details the contents Batch
The date the physical check is received Effective Date
A report that is pulled out of Cassiopae showing payments that were processed by each processor Posting Result
A Log where checks are held up to 48hrs that could not be completed Hold Log
Cancellation where the lienholder is refunded 100% of the cost of the contract Flat Cancel
notification informing the remitter that the funds cannot be posted to the account based on a specific reason Rejected check letter
Payments made by customers are directed to a special post office box which the bank retrieves the payments, processes them and deposits the funds directly into the company's bank account. Lockbox Service
Payment spread type used to apply funds based on the payment hierarchy Waterfall
The Servicing Support Team uses this internal form to list all checks (including amount and type) Batch Header Form
Batch type that HSBC and BNY Mellon were unable to find Unable to Locate (UTL)
A log used to track property tax payments Property Tax Log
Individual whom submitted payment or refund Remitter
Checks received from floor plan dealers with commercial credit. Wholesale Check
refund checks received from vendors and may also include employee checks needed to cover health insurance while on Leave of Absence. Local Deposits
Created by: Opstraining
Popular Finance sets

 

 



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