What is sec code BOC?
In the context of the Automated Clearing House network governed by Nacha, the Standard Entry Class code BOC stands for Back Office Conversion. This specific transaction code is utilized when a paper check presented by a consumer at a physical retail store, point-of-sale terminal, or staffed bill payment location is converted into an electronic ACH debit entry during back-office processing rather than immediately at the checkout lane. Merchants are required to provide proper notice and clear disclosures to customers that their physical check will be processed electronically as a single-entry debit transaction.
Related FAQs
Bank of China Limited is traded across multiple exchanges with distinct ticker symbols; it is listed on the Hong Kong Stock Exchange under the stock code 3988 and on the Shanghai Stock Exchange under the code 601988.
Bank of China is classified as a major state-owned commercial bank and stands as one of the four largest commercial banking groups in the People's Republic of China.
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