ACH Transactions Quiz

The ODFI of a Person-to-Person credit WEB Entry must initiate the Entry with the name of the Originator in which field?

• Individual identification Number held

• Company Identification field

• Company Name field

• Individual Name held

Sally received a $400 credit Entry to her account on Friday. The following Friday Sally contacted her RDFI and asked it to return the Entry as it is not hers. The time frame to return this credit Entry is which of the following?

• Available to the ODFI by the opening of business on the second Banking Day following request to return the credit from the Receiver

• Transmit by Midnight of the Banking Day following the receipt of notice from the Receiver

• Available to the ODFI no later than opening of business on the second Banking Day following Settlement Date of the original Entry

• Available to the ODFI by Midnight of the second Banking Day following Settlement Date of the credit Entry

An RDFI initiating a contested dishonored Return or a corrected dishonored Return must Transmit the contested dishonored Return Entry or corrected dishonored Return Entry

• In order to make the Entry available to the OOFI by the opening of business on the 2nd Banking Day after the Settlement Date of the dishonored Return Entry

• Within 2 Banking Days after the Settlement Date of the dishonored Return Entry

• Within 5 Banking Days after the Settlement Date of the Return Entry

• By the end of the business day on the 2nd Banking Day after the Settlement Date of the dishonored Return Entry

Which of the following are considered exception items the ODFI would receive?

• Refused Acknowledgement Entry

• ACH Operator Reject Entres

• Dishonored Return Entries

• Refused Notification of Change Entnes

A CCD payment may include what additional payment related information?

• Addenda Record with 94 characters of payment-related information

• 9,999 addenda Records with 94 characters of payment-related information

• 9,999 addenda records with 80 characters of payment-related information

• 1 Addenda Record with 80 characters of payment-related information

Which type of dispute does Regulation E cover?

• Check

• CACH Consumer

• Credit card

• ACH non-consumer

The Originator of which SEC Code is required to conduct an annual audit?

• TEL debit and credits

• WEB debit

• WEB Person-to-Person credit

• WEB debit and Person-to-Person credits

A credit PPD Entry settles on July 16. On October 17, the consumer Receiver notifies the RDFI they cannot accept the credit. Which Return reason code should be used?

• R23 Credit Entry Refused by Receiver

• RO6 - Returned per ODFI's Request!

• NIA, the date is after the 60-day Return time frame

• R17- File record Edit Catena-Entry with Invalid Account Number Initiated Under Questionable Circumstances/Return of improperly-Initiated Reversal

What is the regulation that affords an RDFI safe harbor when responding to a dam of non-receipt investigation from the Bureau of Fiscal Service (BFS)?

• Title 12 CFR § 1005, Regulation E

• Title 31 CFR § 210, Federal Government Participation in the Automated Clearing House

• Title 31 CFR § 212, Garnishment of Accounts Containing Federal Benefit Payments

• 12 USC § 3413 Right to Financial Privacy

A small business owner authorizes The Electric Company to debit his business checking account, via a secure internet session, for the business' monthly electric bill. The Electric Company should code the resulting transaction as a

• TEL

• WEB

• CCD

• PPD