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R

RCK

Re-presented check entry.

Receiver

An individual, corporation or other entity that has authorized a company or an originator to initiate a credit or debit entry to a transaction account held at an RDFI.

Receiving Depository Financial Institution

A financial institution, which receives ACH entries directly or indirectly from its ACH operator.

Regulation CC

The regulation by the Federal Reserve Bank to implement the law, which mandates the time limits for funds availability on, deposited items.

Regulation E

The regulation published by the Federal Reserve Bank to implement the Electronic Fund Transfer Act mandating consumer rights and obligation with regard to electronic fund transfers.

Rejects

Any ACH batch file that has not been accepted by an ACH Operator because it cannot be processed, usually because of a technical error.

Reserve Requirement

A portion of a bank's funds that must be in the form of cash or readily available securities for the protection of depositors. Reserve or clearing balances are used to effect settlement between financial institutions.

Return Item

Any item, which cannot be processed and is being returned by the RDFI to the ODFI for correction or re-initiation.

Reversal

Any ACH entries or files sent within required deadlines to “correct” or reverse previously originated entries or files.

Routing/Transit Number

Also known as Routing Number, Transit/Routing Number and ABA number. A nine-digit number (eight digits plus a check digit) which identifies a specific financial institution. Routing numbers are administered by the Routing Number Administrative Board under the sponsorship of the American Bankers Association and officially maintained and published by Thomson Financial Publishing.

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