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It seems that inbound IATs with secondary SECs will require additional information in the Remittance Information addenda that will need to be provided on the statements. Is that correct?

April 26, 2017Addenda additional iats inbound provided remittance require Secondary

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It seems that inbound IATs with secondary SECs will require additional information in the Remittance Information addenda that will need to be provided on the statements. Is that correct?

1 Answer

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Some secondary SEC Codes (ARC, BOC, POP, etc) require additional information to be included related to the payment. If remittance information is provided for certain secondary SEC codes this information is required by Regulation E to be provided to the consumers.