AAP-1

Which of the following is not a responsibility of the RDFI as outlined in the NACHA Operating Rules?

The File creation time and date in the ACH File are found in which ACH record?

A recipient (Jack) of a pension payment from 3M Companies dies in February and 3M companies (the Originator) learns of Jack's death in August, the Originator initiates commercial reclamation entries within the 5 banking days from the knowledge of Jack's death. Upon receipt of the reclamation entries at Jacks' FI (Lakes Area Bank) - one reclamation entry appears in the exception report as NSF. This entry is recognized as a commercial reclamation because of PPD - SEC Code and RECLAIM in the company entry description. Lakes Area Bank returns the reclamation entry using R01 - NSF. When 3M companies receives the payment back as R01 - NSF, they can submit a written demand in what timeframe?

All of the following describe details relating to intitiating a TEL entry, except:

What establishes the procedures for the interbank system of collecting checks and wire transfers and related provisions for settling balances, and transferring funds in the Federal Reserve System.

Which of the following would be used to enroll in the Vendor Express Program?

Choose the answer that correctly identifies the correct sequence of records within an ACH File.

In an ACH Addenda record, how many characters of payment related information?

Jim is reviewing his statement dated Sept 15 on Nov 10 and notices an unauthorized entry that posted on Sept 2 (more than 60 calendar days before today. Jim notifies his financial institution regarding the unauthorized entry. What is the timeframe allowed to investigate the entry and if not resolved provide provisional credit ---- using the Reg E error resolution process?

Who are the current ACH Operators in the ACH Network?

Which participant determines the settlement date for an ACH entry?

Sally is stating she has an unauthorized transaction posting to her account. Sally is asking State Bank and Trust (Sally's FI) to return the entry as unauthorized. For Sally's FI to return the entry as unauthorized, after securing a completed and signed written statement; the RDFI must:

According to Regulation E, to collect a service fee for a returned EFT entry, which of the following constitutes authorization for that service fee?

Star Bank (ODFI) is requesting a copy of a Written Statement of Unauthorized Debit (WSUD) [in writing]from First State Bank (RDFI) for an entry they received back as "unauthorized". Effective March 19, what is the timeframe for First State Bank to provide this copy?

The ACH Operating Rules require that each ACH Operator must retain a record of all entries, including return and adjustment entries for at least:

Stay Fit Health Club takes checks at the point of purcahse when members wish to purchase "Stay Fit" branded work-out clothes. Stay Fit health Club has a notice posted and after receipt of their members source document, also provide a notice (both disclosing they may convert the check or sharedraft to a one-time electronic funds transfer). Later the source documents received are converted during back-office processing to a single-entry ACH transaction. What must be included in the posted and provided notice to meet the requirements of the ACH Operating Rules?

Which of the following is not a benefit of Direct Deposit?

According to Appendix 4 in the ACH Rule Book, the company name must be included on the consumer statement. In a domestic ACH transaction the originator/company name is found in the company batch header record. In what record is the originator/company name found in an IAT transaction?

An ODFI/Originator may reinitiate an ACH entry that is returned NSF or uncollected funds. Which of the followig is true relating to the reinitiation of this entry?

Which regulation governs the Treasury Direct Program?

Farmers Insurance learns of Dianna's death on Sept 5. Dianna's actual date of death is January 15 of that same year. Dianna was receiving a pension payment in the amount of $250 each month. What is the timeframe for Farmers Insurance to submit a reclamation either through the ACH network or in writing?

Written and signed or similarily authenticated authorizations are required for which of the following debit transactions:

An Originator initiating WEB transactions is subject to additional stringent Risk management processes which include a WEB annual audit. From the following choices, please select the one that is not a requirement of this WEB annual audit.

In which of the following ACH records is the "entry hash total" found?

Great State Bank (ODFI)receives a notice from NACHA regarding Reporting Requirements for an Originator whose unauthorized returns exceeded the 1% threshhold. Great State bank must meet the guidleines within the Rules for meeting the ODFI Reporting Requirements -- failure to do so (for any piece of the requirements)will result in what?

Which ACH Participant provides a warranty that each ACH entry is authorized in accordance with the ACH Operating Rules?

Which of the following payment systems is referred to as real-time and gross settlement?

Upon request of a Receiver, an RDFI must provide all payment-related information for CCD, CTX, CIE and IAT entries to a non-consumer within what timeframe?

Which of the following statements is true relating to Reg CC?

Which company would be the best prospect for Direct Payment?

In ANSI ASC X12 Transaction Data sets, which of the following is true relating to the * (asterisk) when used within an Addenda record?

Which of the following defines the process of used within the ACH Network to maintain the quality and integrity of the ACH payments system?

Which of the following is the flow of an ACH transaction within the ACH network?

The Federal Reserve Bank Operating Circular No.4 does what?

An erroneous file was transmitted by the ODFI. The reversing file, and if necessary, a correcting file must be transmitted or made available to the RDFI within:

Lakes Credit Union (RDFI) sends a written request for a copy of the item to which an XCK relates within 6 years of the date on which the XCK entry was initiated; the ODFI (Star Bank) needs to supply a copy of the item to which the XCK relates to the RDFI within what timeframe?

What two banking industry conventions made the check payment system more efficient:

How many characters are in an Addenda Record?

US Steel Company has 35 employees whom they pay using Direct Deposit through their FI, 1st National Bank. 1st National Bank and US Steel Company have an agreement in place (ODFI-Originator Agreement)where US Steel Co agrees to be bound by the ACH Rules. According to the ACH Rules, what type of authorization is required for the consumer credit transactions?

Numeric fields within an ACH record are

Which ACH record is the Standard Entry Class Code found in?

Great State Bank (ODFI)receives a notice from NACHA regarding Reporting Requirements for an Originator whose unauthorized returns exceeded the 1% threshhold. Great State bank must do what (from the shoices below)? -- or they may face a Class 2 Rules Violation...

Which regulatory body requires the RDFI to perform a review of all parties to an IAT enty inlcuding Remittance and Foreign Correspondent Addenda Records?

First National Bank is closed suddenly and is therefore unable to meet any of its financial obligations. This is an example of what type of ACH risk?

A unauthorized entry is transmitted into the ACH network by Friendly Bank, there are financial losses involved and Friendly Bank and the RDFI (First Sate Bank) cannot come to an agreement as who should be paying what amount of money and to whom. What is the minimum amount of dispute before a complaint can be filed to initiate an arbitration proceeding?

What record is the Transaction Code found in?

In ANSI ASC X12 Transaction Data sets, which of the following is true relating to the / (backslash) when used within an Addenda record?

First Bank (ODFI) and US Steele Co (Originator) have a contract with each other. Which of the following provide guidelines when determining the commercially reasonable security procedures that will be addressed and followed in that agreement -- a procedure that both the ODFI and Originator agree to?

Which of the following is not true for an XCK (Destroyed Check Entry)transaction?

Which of the following fields contain the reason for payment as required by OFAC for IAT entries?