What information is required to demand payment for returned reclamation entries?

What information is required to demand payment for returned reclamation entries?

• A. Entry Detail Record
• B. Written Statement
• C. Verification Code
• D. Transaction ID

Answer: (A)

The correct answer focuses on the necessity of the Entry Detail Record in the context of demanding payment for returned reclamation entries. This record contains essential information about the original ACH transaction, including details such as the amount, effective entry date, and the account numbers involved. When a reclamation entry is returned, the financial institution must have comprehensive details to accurately process the demand for payment. The Entry Detail Record functions as the foundational document needed to identify the transaction in question and justify the reclamation. While other options like a Written Statement or Transaction ID might be relevant in certain contexts, they do not inherently provide the detailed transactional data required to substantiate a reclamation demand. Similarly, a Verification Code, if applicable, serves a different purpose and is not essential for executing a demand for payment in this scenario. Thus, understanding the critical role of the Entry Detail Record is vital when dealing with returned reclamation entries.

The correct answer focuses on the necessity of the Entry Detail Record in the context of demanding payment for returned reclamation entries. This record contains essential information about the original ACH transaction, including details such as the amount, effective entry date, and the account numbers involved.

When a reclamation entry is returned, the financial institution must have comprehensive details to accurately process the demand for payment. The Entry Detail Record functions as the foundational document needed to identify the transaction in question and justify the reclamation.

While other options like a Written Statement or Transaction ID might be relevant in certain contexts, they do not inherently provide the detailed transactional data required to substantiate a reclamation demand. Similarly, a Verification Code, if applicable, serves a different purpose and is not essential for executing a demand for payment in this scenario. Thus, understanding the critical role of the Entry Detail Record is vital when dealing with returned reclamation entries.