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Paper Check Conversion Over The Counter (PCC OTC) and TGANet

Paper Check Conversion Over The Counter (PCC OTC) and TGANet. What Is PCC OTC? FMS web based application that converts personal and business checks into electronic funds transfers

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Paper Check Conversion Over The Counter (PCC OTC) and TGANet

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  1. Paper Check Conversion Over The Counter (PCC OTC) and TGANet

  2. What Is PCC OTC? • FMS web based application that converts personal and business checks into electronic funds transfers • Fully automates the collection, reconciliation, research and reporting processes associated with agency over the counter check collections

  3. How PCC OTC Works • Checks are scanned through an imager to capture a complete electronic image of the check • Bank account information (MICR) is read from the check • Account information is verified • Checks are transmitted in batch format to FRB Cleveland • The batched items are converted to electronic debits for processing through the ACH network

  4. Types of PCC OTC Items • Acceptable Personal checks, business checks, money orders, cashier checks, travelers checks, govt checks • Not Acceptable Foreign items drawn on non-US Financial Institutions, Savings Bonds, cash deposits

  5. Agency Role • Complete initial set up questionnaire with ARC • Work with accounting contact to develop customer notification process and disclosure statement

  6. Sample Disclosure Statement To Customers “When you provide a check as a payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction. When we use information from your check to make an electronic funds transfer, funds may be withdrawn from your account as soon as the same day we receive your payment, and you will not receive your check back from your financial institution.”

  7. What Is TGANet? • A secure, web based system that allows an agency to enter both financial and accounting data for bank deposits • Provides automated method for submitting accounting data to Treasury

  8. When To Use TGANet • For checks and items that cannot be processed through PCC OTC, such as: • Foreign checks • Checks not drawn on US Institutions • Checks that will not scan • Cash deposits

  9. Agency Role for TGANet • Provide financial institution information to ARC • Provide statement granting ARC permission to be set up in TGANet under BPD’s Franchising Hierarchy

  10. For More Information On PCC OTC or TGANet • If you have specific questions or would like additional information, please contact: Matt Conrad 304 480 7004 matt.conrad@bpd.treas.gov

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