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RDFI
See Receiving depository financial institution (RDFI).
Receiver
Person or organization that has authorized an originator to initiate an ACH entry to the receiver's account with the RDFI.
Receiving depository financial institution (RDFI)
The financial institution that receives an ACH transaction on behalf of its end user. The RDFI receives electronic debit or credit entries from an ACH operator and posts them to the receiver's account. The RDFI is responsible for the timeliness and accuracy when posting entries to the receiver's account.
Recurring payment
Automatic payment where the service provider is authorized to collect a specific amount each month from an account.
Reg AA
Regulation AA - Unfair or Deceptive Acts or Practices was a regulation designed to address practices by banks that were perceived as unfair by consumers. It established the procedures used to process complaints registered by bank customers. This regulation applied to state member banks only. It was adopted in 1985 and repealed in 2016.
Reg CC
Regulation CC is a Federal Reserve regulation that defines standards for endorsements on checks that are paid by banks and other depository institutions. This regulation implements the Expedited Funds Availability Act of 1987.
Reg D
Regulation D is a Federal Reserve regulation that specifies how depository institutions must classify different types of deposit accounts for reserve requirements purposes.
Reg DD
Regulation DD is a Federal Reserve regulation enabling consumers to make informed decisions about their accounts at depository institutions through the use of uniform disclosures. The disclosures aid comparison shopping by informing customers about the fees, annual percentage yield (APY), interest rate, and other terms for deposit accounts. A consumer is entitled to receive disclosures at the following times:
- when an account is opened
- upon request
- when the terms of the account are changed
- when a periodic statement is sent
- before the account matures, for most time accounts
Reg DD applied to all depository institutions, except credit unions, that offer deposit accounts to residents of any state.
Reg E
Regulation E is a Federal Reserve regulation that outlines rules and procedures for electronic funds transfers (EFTs) and provides guidelines for issuers and sellers of electronic debit cards. It is intended to protect individual consumers engaging in EFTs and remittance transfers. These services include:
- transfers through automated teller machines (ATMs)
- point-of-sale (POS) terminals
- automated clearinghouse (ACH) systems
- telephone bill payment plans
- remote banking programs
- remittance transfers
Reg H
Regulation H is a Federal Reserve regulation that defines the membership requirements for state-chartered banks; describes membership privileges and conditions imposed on these banks; sets out procedures for requesting approval to establish branches and for requesting voluntary withdrawal from membership; provides information for registering and filing financial statements; sets out procedures for dealing with banks that are less than adequately capitalized; and establishes real estate lending standards.
Req Q
Regulation Q is a Federal Reserve regulation that prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System.
Representment
A service offered by banks that resubmits a bounced check to the check writer's account until funds are available for payment.
Reserve account
A type of credit enhancement used in some asset backed securities. The reserve account may be created by an initial deposit from the seller and may be augmented over time by the application of funds from excess servicing income. Credit is enhanced because withdrawals from the reserve account are made to reimburse investors when excess servicing is insufficient to cover charge-offs. Until needed, funds in a reserve account are invested.
Reserve ratio
Portion of reservable liabilities that depository institutions keep, rather than lend or invest. This requirement is determined by the Federal Reserve. For example, if the Federal Reserve determined the reserve ratio to be 10%, then a bank with $1 billion in deposits must have $100 million on reserve.
Respondent
An institution that passes the balances maintained to satisfy a reserve balance requirement to a correspondent who then passes those balances to the Federal Reserve.
(1) Deposits or deposit account balances in amounts of $100,000 or less.
(2) Deposits obtained from individuals and small businesses in the bank's local trade area(s).
