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Nonmonetary Transaction

 
Banking Dictionary: Nonmonetary Transaction

Any transaction that does not have a dollar value or result in a transfer of funds, such as a change of name or address, an Automated Clearing House (ACH) notification of change, or an ACH prenotification-the zero-dollar transaction as required before initiating automated clearing house credits such as direct deposit of payroll or benefits.

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Banking Dictionary. Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved.  Read more