Business and Personal Finance Dictionary

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• ACCOUNTS RECEIVABLE CONVERSION (ARC)
  
  The conversion of consumer payments from checks to ACH transactions. For example, Wells Fargo Home Mortgage converts monthly payments received as checks to ACH, and destroys the original check. This creates a gap in the check sequence and means that the check won't be returned to customers in their monthly statement. ARC transactions currently appear in the "Other Withdrawals" section of the statement, along with other ACH payments. In September 2004, customers will see a clearer description of ARC transactions on their statements.
  
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