What does "CCD ID" stand for?
What does "CCD ID" stand for? It's on Chase bank statements.
What does "CCD ID" stand for? It's on Chase bank statements.
CCD is a standard entry class codes (SEC code) for "Corporate Credit or Debit" aka "Cash Concentration or Disbursement." (See Wikipedia, "Automated Clearing House.) It is used to indicate a transfer of funds between business accounts, from businesses that are not related to each other. A CCD ID (identification) number is used to identify the company that is making the transfer. The number is assigned by the Automated Clearing House (ACH) to a company that debits or credits other business accounts.
Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of both credit and debit transactions in batches. Examples of ACH credit transfers include direct deposit payroll and vendor payments. An example of a vendor payment credit would be a payment from American Express to a merchant collecting from a credit card charge to its customer.
Rules and regulations governing the ACH network are established by NACHA (formerly the National Automated Clearing House Association) and the Federal Reserve. NACHA requires the use of SEC Codes for each transaction settled through the ACH. Each code identifies what type of transaction occurred to create the item.
The process of "settling a transaction" is the actual transfer of funds for ACH entries between financial institutions provided by the Federal Reserve Bank. It is a process of accounting for transactions processed through the ACH operator. The "settlement date" is the day on which settlement occurs, i.e., funds actually change hands as a result of an ACH entry.
Correction to Paragraph 2, last sentence: An example of a customer payment credit would be a payment from American Express to a merchant collecting from a credit card charge to its customer. An example of a vendor payment credit transfer would be a payment from you to your company GYM membership.
Where can we get a list of CCD IDs so we can discover the actual name of the organization making the transaction?