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AAP Prep Tests Flashcards

1
Q

What SEC Code can an RDFI return simply because they do not want to accept that type of entry?

A

XCK

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2
Q

If an RDFI is going to return a debit Entry because of insufficient funds, the Entry must be back to the ____ by opening of business on the second Banking Day from the Settlement Date of the Entry.

A

ODFI

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3
Q

If an ODFI is going to dishonor a Return Entry form the RDFI, within how many days after the Settlement Date of the Return must the Dishonored Return be transmitted?

A

5 Banking Days

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4
Q

Which of the following is NOT a proper way under Nacha Rules for a stop payment to end?

  1. Originator withdraws the stop payment before the Entry comes in to post.
  2. Payment of the debit Entry is stopped by the RDFI
  3. Receiver withdraws the stop payment before the Entry comes in to post at the RDFI.
  4. There are no more debits for the RDFI to stop in the situation where the Receiver applied the stop to more than one payment.
A
  1. The Originator withdraws the stop payment before the Entry comes in to post.
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5
Q

What does the RDFI warrant when it sends an Extended Return Entry (R07, R10, R11, etc.) to the ODFI?

A

That the RDFI has obtained a Written Statement of Unauthorized Debit (WSUD) from the Receiver.

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6
Q

If an Originator gets a Notification of Change, they must make the change within ___ Banking Days, or prior to the next live Entry going out, whichever of these times is later.

A

6 Banking Days

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7
Q

In order to properly identify a non-federal government benefit payment that is being taken back by the Originator, the Company Entry Description field must contain _______ for the description.

A

RECLAIM

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8
Q

Which ACH participant is required to give notice to the Receiver if a Reversing Entry is being generated?

A

The Originator

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9
Q

If an ODFI receives a written request to provide a copy of an XCK Entry, ti must do so within how many Banking Days?

A

30 Banking Days

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10
Q

Which part of Title 31 of the Code of Federal Regulations results in the Green Book?

A

210

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11
Q

What form numbers are used to enroll a customer in direct deposit of Social Security benefits?

A

SF 1200

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12
Q

How many days’ notice must a financial institution give their customer if the FI plans to close that account and that account is receiving Federal Government benefit payments?

A

30 calendar days

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13
Q

What is the name given to the master list of financial institutions that receive Federal Government ACH payments?

A

Financial Organization Master File

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14
Q

Which of the following is NOT included in the Addenda Record of a Death Notification Entry (DNE)?

  1. Date of Death
  2. Social Security Number
  3. Date of Enrollment
  4. Amount of Payment
A
  1. Date of Enrollment
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15
Q

Which of the following Federal Government payments is NOT subject to Reclamation?

  1. Social Security Benefit
  2. Veterans Benefit
  3. Supplemental Security Income
  4. IRS Tax Refund
A
  1. IRS Tax Refund
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16
Q

How long does a Federal Government agency have to initiate a Notice of Reclamation?

A

120 banking days after notification of death

17
Q

Within how many does after receiving a Notice of Reclamation must the Financial Institution respond correctly to the notification?

A

60 calendar days

18
Q

What reason can a Notification of Change NOT be done for a Federal Government benefit payment?

A

Change name of beneficiary.

19
Q

In what year what the Electronic Funds Transfer Act written?

A

1978

20
Q

Which part of Title 12 of the Code of Federal Regulations is Regulation E?

A

1005

21
Q

How is a ‘business day’ defined under Regulation E?

A

Any day of the week the institution is open for carrying on substantially all business functions.

22
Q

Which government entity has the authority to enact the provisions of the Electronic Funds Transfer Act?

A

Consumer Financial Protection Bureau

23
Q

Which of the following transactions is covered under Regulation E?

  1. Point of Purchase ACH Transactions
  2. Check Authorization
  3. Domestic Wire Transfers
  4. Re-presented Check ACH transactions
A
  1. Point of Purchase ACH Transactions
24
Q

Under Regulation E, what is the maximum amount of liability to a consumer if they report a stolen ATM card within 2 banking days after learning of the loss?

A

$50.00

25
Q

Which of the following is NOT an example of an electronic terminal as defined by Regulation E?

  1. Telephone
  2. ATM
  3. POS Terminal
  4. Terminal used to capture MICR line information from a check.
A
  1. Telephone
26
Q

What is the asset size (in $) found in Regulation E for a financial institution to be considered a small FI and therefore not subject to certain portions of the Regulation?

A

$100 million

27
Q

Which of the following is NOT required to be included in the Reg E initial disclosure?

  1. Summary of consumer’s liability for unauthorized EFTs
  2. Phone number and address to use for notification of unauthorized EFT
  3. Business days of financial institution
  4. Address for the CFPB
A
  1. Address for the CFPB
28
Q

What date is required to appear on an electronic terminal receipt?

A

The date that the transfer was initiated.

29
Q

If there is electronic funds transfer activity, how often must a periodic statement be sent to the consumer?

A

At least monthly

30
Q

How many days’ notice is required if the terms of the EFT service will change that provides greater liability for the consumer?

A

21 calendar days

31
Q

Where is the shortened version of the FI’s Error Resolution Notice supposed to appear if the FI chooses not the send out the annual full version of this notice?

A

Consumer’s periodic statement

32
Q

How many days after notification of an error does an FI have to resolve the error without providing a provisional credit of the amount in question?

A

10 Business Days

33
Q

Which of the following is NOT a reason for using an extended time period for investigating an error?

  1. The error relates to a new account
  2. The error relates to a foreign transaction
  3. The error relates to a converted check transaction
  4. The error relates to a point of sale debit card transaction
A
  1. The error relates to a converted check transaction.
34
Q

For how many business days after the transmittal of a notice that an error did not occur, and that a provisionally credited amount will be deducted from the account, must the FI continue to honor certain debit transactions to the account?

A

Five business days

aap (8 decks)

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