ACH Rules Flashcards
The beneficiaries of the Nacha Operating Rules are:
Each Participating DFI
ACH Operator,
Associations
The National Association
Any agreement, authorization, Written Statement of Unauthorized Debit or other record that is required to be signed or similarly authenticated may be signed with an electronic signature in conformity with the terms of the _________.
E-Sign Act
Authorization of an ACH consumer debit Entry must be in writing and signed or ______________ by the Receiver.
similarly authenticated
The Originator must provide _______ to the Receiver prior to originating an ARC Entry.
a notice
At a minimum there are ________ pieces of information that must be included as part of a TEL authorization.
7
At the time an Entry is processed by an RDFI, the authorization has not been terminated, in whole or in part, by ____________________.
operation of law
If a personal identification number (PIN) is required, it must comply with the American National Standards Institute’s (ANSI) Accredited Standards Committee (ASC) _____ standards.
X9.8
Prior to the initiation of the first credit or debit Entry to a Receiver’s account with an RDFI, an Originator may originate a ___________ to the RDFI.
Prenotification Entry
A Reversing File must be made available to the RDFI within __________ of the discovery of the Erroneous File.
24 hours
An ODFI that initiates a Reversing or Correcting File shall __________each participating DFI and ACH Operator.
indemnify
An Originator or ODFI must originate a Reclamation Entry or written demand for payment within _________ after the Originator receives notice of the death of the Receiver.
five Banking Days
The __________ warrants that the signature is genuine on all XCK Entries.
ODFI
An Originator must retain a copy of the front and back of the item to which the RCK Entry relates for _____________ from the Settlement Date of the RCK Entry.
seven years
The Check, relative to an initiated ARC must be delivered via:
US mail
drop box
In person for a payment of a bill at a manned bill payment location
A copy of the source document for an ARC Entry must be kept for _______ from the Settlement Date of the ARC Entry.
two years
The Originator of an ARC Entry must employ commercially reasonable methods to _________ all Eligible Source Documents until destruction, and _____________ related to the ARC Entry.
securely store, all banking information
During the initial capture of MICR information for a BOC Entry, the Originator must initially use a _________ to capture the Receiver’s routing number, ___________, and Check Serial Number from the MICR line of the Receiver’s Eligible Source Document
reading device, account number
ODFIs warrant that they have established procedures to maintain ____________ on each Originator of BOC Entries. This includes: company name; address; telephone number; contact person; taxpayer identification; and description of the nature of the business.
documentation
Originators of BOC Entries must maintain a ____________________. This must also be displayed in the notice provided to the Receiver.
working Customer Service Telephone Number
Each originator of WEB Debit Entries must have employed a _____________________ to screen each WEB Entry.
commercially reasonable fraudulent transaction detection system
Each Originator that originates WEB Debit Entries must verify the Receiver’s ________________ used in the WEB Entry is valid.
routing number
Originators of POP Entries must capture from the MICR line of the Receiver’s Eligible Source Document:
routing number
account number
Check Serial Number
Upon written request by the National Association, an ODFI must provide within ______________ detailed information for each Originator or Third Party Sender regarding Nacha’s claim that the Originator’s or Third-Party Sender’s return rate for unauthorized Entries exceeded __________
ten Banking Days ,.5%
If an Originator changes the payment date of a scheduled debit to a consumer’s account, they must provide notice within ________________ of the affected Entry.
Seven calendar days
An Originator of BOC Entries must employ commercially reasonable methods to _____________ of the Receiver.
verify the identity
Each Originator that initiates TEL Entries must employ __________________ procedures to verify the identity of the Receiver.
commercially reasonable
When the RDFI requests a copy of a Receiver’s authorization in writing, the ODFI must provide it to the RDFI within________________
ten Banking Days.
An RDFI may rely solely on the _______________ contained in an Entry for the purpose of posting the Entry to a Receiver’s account.
Account Number
An ACH credit Entry that is made available to the RDFI by 5:00pm local time on the Banking Day prior to the Settlement Date shall be made available to the Receiver for withdrawal at the ___________________ on the Settlement Day.
opening of business
If requested by the Receiver, the RDFI must provide all information contained within the ____________ of an Addenda Record, Transmitted with CCD, CTX, CIE or IAT Entry to a Non-consumer Account to the Receiver by the opening of business on the second Banking Day following the Settlement Date of the Entry.
Payment-related Information Field
Third-Party Senders must provide, upon the ODFI’s request, information related to each ______________for which it transmits Entries.
Originator
All Entries, except RCK, that are returned as R01 & R09 can be reinitiated no more than ___________ after the return of the original Entry.
two times
An RDFI may contest or correct a dishonored Return Entry as long as it is Transmitted within ________ Banking Days of the Settlement Date of the dishonored Return Entry.
two
Each Participating DFI must maintain, or have the use through a correspondent of, an account with the _________________
Federal Reserve Bank
An ODFI may, orally or in writing, request an RDFI to return or adjust an _________________ that was sent by the ODFI.
Erroneous Entry
An RDFI must have a Written Statement of Unauthorized Debit signed by the ________________, prior to returning an ACH debit Entry as unauthorized.
Receiver
An RCK Entry that has been determined to be ineligible must be returned so as to be made available to the ODFI no later than the opening of business on the ____________ following the sixtieth calendar day after Settlement.
Banking Day
An ACH Operator acting as a Gateway must not process ___________ Inbound IAT Entries, except for Reversing Entries.
debit
The Gateway (Operator) will comply with all applicable U.S. Laws including requirements administered by ________ and _________.
OFAC, FinCEN
An ACH Operator must total the ___________ and ___________ activity received from and Transmitted to each other ACH Operator and Participating DFI during each Banking Day.
debit, credit
