How many pieces of information are required for a TEL authorization?

How many pieces of information are required for a TEL authorization?

• A. Five
• B. Seven
• C. Three
• D. Ten

Answer: (B)

The correct answer is that seven pieces of information are required for a TEL authorization. TEL (telephone) authorizations are governed by NACHA (National Automated Clearing House Association) Operating Rules, which specify the information that must be collected to ensure that the authorization is valid and complies with regulations. For a TEL authorization, the required pieces of information typically include: 1. The consumer's name. 2. The consumer's account number. 3. The consumer's routing number. 4. The amount of the transaction. 5. The date of the transaction. 6. A statement that the consumer authorizes the transaction to occur. 7. Contact information for the entity initiating the transaction. Providing this comprehensive set of information is crucial for both compliance and protecting consumer rights, as it ensures that there is clear communication regarding the payment terms being agreed upon via phone. This thorough approach also safeguards all parties involved and helps to prevent unauthorized transactions.

The correct answer is that seven pieces of information are required for a TEL authorization. TEL (telephone) authorizations are governed by NACHA (National Automated Clearing House Association) Operating Rules, which specify the information that must be collected to ensure that the authorization is valid and complies with regulations.

For a TEL authorization, the required pieces of information typically include:

1. The consumer's name.

2. The consumer's account number.

3. The consumer's routing number.

4. The amount of the transaction.

5. The date of the transaction.

6. A statement that the consumer authorizes the transaction to occur.

7. Contact information for the entity initiating the transaction.

Providing this comprehensive set of information is crucial for both compliance and protecting consumer rights, as it ensures that there is clear communication regarding the payment terms being agreed upon via phone. This thorough approach also safeguards all parties involved and helps to prevent unauthorized transactions.