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OCC

See Office of the comptroller of the currency.

 

ODFI

See Originating depository financial institution (ODFI).

 

OFAC

See Office of foreign assets control (OFAC).

 

Office of foreign assets control (OFAC)

Administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.

 

Office of the comptroller of the currency

An independent bureau of the treasury department and the oldest federal financial regulatory body. The OCC oversees the nation’s federally chartered banks and promotes a system of bank supervision and regulation that: promotes safety and soundness by requiring that national banks adhere to sound management principles and comply with the law; and encourages banks to satisfy customer and community needs while remaining efficient competitors in the financial services market.

 

Optional issuer fee

A fee some bank issuers may charge their cardholders for conducting transactions with merchants whose merchant locations are not the same as the country in which the card was issued.

 

Originating depository financial institution (ODFI)

The financial institution that originates ACH entries at the request of and by agreement with the account holder. These entries are transmitted directly or indirectly to an ACH operator for transmittal to a Receiving Depository Financial Institution (RDFI). The ODFI bears full responsibility for entries it initiates into the ACH Network.

 

Originator

Person or organization that has authorized an ODFI to transmit, on their behalf, a credit, debit, or non-monetary entry to the receiver's account.

 

Overdraft line of credit

A loan attached to a checking account. If a customer has been approved by the bank for an overdraft line of credit and reaches a negative balance, the line of credit covers expenses so payments are not missed, checks do not bounce, and debit cards are not denied.

 

Overdraft protection

A guarantee that a check, ATM, wire transfer, or debit card transaction will clear if the account falls below a zero balance. An overdraft fee is assessed unless the account is linked to an overdraft line of credit or fund transfer through a savings account or credit card.