We had some ACH items returned by our bank. The error code C05 is called incorrect T/C. What does TC stand for and what is the difference between 27 and 37?
TC stands for transaction code. You need to ensure that, for debits to a checking account (checking, NOW, share draft accounts), you use 27 for automated payments. For savings account automated debits, use 37.
The C05 entry is actually a notice, rather than an actual return of an entry, although the entry may have been returned separately. It states that you have used a TC of 27 for an account processed by the account-holding bank as a savings account or a TC of 37 for a checking account. You should be able to correct the TC for future entries and they will be posted correctly.
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TC stands for transaction code. You need to ensure that, for debits to a 