How long must ODFIs maintain documentation for each Originator of a BOC Entry?

How long must ODFIs maintain documentation for each Originator of a BOC Entry?

• A. one year
• B. two years
• C. three years
• D. four years

Answer: (B)

For BOC (Banking Office Cash) Entries, the specific requirement is that Originating Depository Financial Institutions (ODFIs) must retain documentation for each Originator for a period of two years from the date of the transaction. This requirement helps ensure compliance and traceability within the ACH network. Maintaining documentation for two years is crucial for ODFIs, as it enables them to respond to potential disputes or inquiries regarding the entries. The two-year retention period aligns with various regulations and ensures that ODFIs have access to information necessary for audits, regulatory reviews, and resolving customer issues effectively during that timeframe. Having this structured timeline helps support the integrity and reliability of the ACH system.

For BOC (Banking Office Cash) Entries, the specific requirement is that Originating Depository Financial Institutions (ODFIs) must retain documentation for each Originator for a period of two years from the date of the transaction. This requirement helps ensure compliance and traceability within the ACH network.

Maintaining documentation for two years is crucial for ODFIs, as it enables them to respond to potential disputes or inquiries regarding the entries. The two-year retention period aligns with various regulations and ensures that ODFIs have access to information necessary for audits, regulatory reviews, and resolving customer issues effectively during that timeframe. Having this structured timeline helps support the integrity and reliability of the ACH system.