ACH Pro Questions

Question 1

When a debit card is used at a merchant’s POS and requires the customer to provide a PIN, it is also referred to as a:

Answer 1

Online Debit

(Do not get this confused and answer as signature debit)

Question 2

What SEC has a requirement to print the Individual ID Number Field on the consumer Receiver’s statement?

Answer 2

Web Credit

Question 3

How many characters are included in an IAT’s country codes?

Answer 3

2

Question 4

Subsequent Entries will have the flexibility to use what SEC codes?

Answer 4

TEL & WEB

Question 5

What is the Originator Status Code in a government batch?

Answer 5

2

Question 6

What is the service class code for credits only?

Answer 6

220

Question 7

Settlement becomes final for Next Day ACH Credits as of what time?

Answer 7

8:30 am on Settlement date

Question 7

What field is NOT a field minimally included in the File Acknowledgement Entry from the ACH Operator for each file that was not rejected by the ACH Originator?

Answer 7

Settlement Date

Question 7

What field is not a Mandatory field in the File Header Record?

Answer 7

Immediate Destination Name

Question 7

Who selects the Effective Date and Settlement date of an ACH Entry?

Answer 7

The Originator selects the Effective Date, and the ACH Operator determines Settlement Date.

Question 8

How many SEC Codes may be in an ACH File?

Answer 8

There can be as many SEC Codes as there are batches in an ACH File.

Question 9

A block consists of how many records?

Answer 9

10

Question 10

What is the definition of the File Control Record?

Answer 10

Summarizes the control totals from the batch controls within the file, also contains the number of blocks and batches.

Question 11

The company name in the batch header record is:

Answer 11

Mandatory

Question 12

What field is NOT Mandatory in the File Header Record?

Answer 12

Immediate Destination Name

Question 13

What field does NACHA recommend as an optional indicator to identify Same Day ACH Entries?

Answer 13

Company Descriptive Date

Question 14

A CTX payment may include how many addenda records?

Answer 14

Up to 9,999 addenda records with one payment

Question 15

What return codes are used by the Federal Government Agencies?

Answer 15

R40-R47

Question 16

What description must be used to identify reinitiated Entries and in what field in the batch header record does the description appear?

Answer 16

“RETRY PYMT”, Company Entry Description

Question 17

What is the definition of the File Header Record?

Answer 17

Defines the file characteristics and the immediate origin and destination.

Question 18

What is “net settlement”?

Answer 18

A service provided by the Federal Reserve to effect settlement of EFT between two parties.

Question 19

Dollar limit for RTP system payments?

Answer 19

Credit transactions of $1,000,000 or less.

Question 20

Who created the ACH Network?

Answer 20

SCOPE

Question 21

What is the 3-letter code in the Transaction Type Code of the First IAT Addenda record for an IAT?

Answer 21

SAL

Question 22

For an IAT Entry, the Originating Financial Institution Number Qualifier field would be located in which IAT addenda record?

Answer 22

Fourth IAT Addenda Record

Question 23

The seventh IAT addenda record has an Addenda Type Code of what value?

Answer 23

16

Question 24

For an IAT, there are 2 optional, single character fields in the Entry Detail Record. If a value of “1” is in either filed, it indicates what?

Answer 24

There is a potential presence of a blocked party.

Question 25

The body of law which governs the rights and responsibilities of parties involved in check and electronic transfers.

Answer 25

UCC

Question 26

What is the minimum dollar amount for Remittance transfers?

Answer 26

$10.00