§ 5.2. Definitions.
The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
ACH—Automated Clearing House—A Federal reserve bank, or an organization established by agreement with the National Automated Clearing House Association (NACHA), which operates as a clearing house for transmitting or receiving entries between banks and bank accounts, and which authorizes an electronic transfer of funds between the banks or bank accounts.
ACH credit—A transaction in which the taxpayer, through its own bank, originates an entry crediting the Commonwealth’s bank account and debiting its own bank account for the amount of the payment due.
ACH debit—A transaction in which the Commonwealth, through its designated depository bank, originates an ACH transaction debiting the taxpayer’s bank account and crediting the Department’s bank account for the amount of the payment due.
Business day—The hours set by the Department on a day other than a Saturday, Sunday or the following holidays as set by the act of May 31, 1893 (P. L. 188, No. 138) (44 P. S. § 11): New Year’s Day, Dr. Martin Luther King, Jr. Day, President’s Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veteran’s Day, Thanksgiving Day and Christmas Day. For ACH credit taxpayers, the hours will be between 9 a.m. and 5 p.m. prevailing Eastern time. For ACH debit taxpayers, the hours are specified in the instructions provided by the Department.
EFT—Electronic Funds Transfer—A transfer of funds, other than a transaction originated by check, draft or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument or computer or magnetic tape so as to order, instruct or authorize a financial institution to debit or credit an account.
Fedwire—Federal Reserve Wire Transfer—A transaction utilizing the National electronic payment system to transfer funds through Federal Reserve Banks.
Treasury—The Treasury Department of the Commonwealth.
Source The provisions of this § 5.2 amended November 5, 1993, effective March 1, 1994, 23 Pa.B. 5306. Immediately preceding text appears at serial pages (168277) to (168278).
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