ACH Rules

Question 1

The beneficiaries of the Nacha Operating Rules are:

Answer 1

Each Participating DFI
ACH Operator,
Associations
The National Association

Question 2

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 _________.

Answer 2

E-Sign Act

Question 3

Authorization of an ACH consumer debit Entry must be in writing and signed or ______________ by the Receiver.

Answer 3

similarly authenticated

Question 4

The Originator must provide _______ to the Receiver prior to originating an ARC Entry.

Answer 4

a notice

Question 5

At a minimum there are ________ pieces of information that must be included as part of a TEL authorization.

Answer 5

7

Question 6

At the time an Entry is processed by an RDFI, the authorization has not been terminated, in whole or in part, by ____________________.

Answer 6

operation of law

Question 7

If a personal identification number (PIN) is required, it must comply with the American National Standards Institute’s (ANSI) Accredited Standards Committee (ASC) _____ standards.

Answer 7

X9.8

Question 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.

Answer 8

Prenotification Entry

Question 9

A Reversing File must be made available to the RDFI within __________ of the discovery of the Erroneous File.

Answer 9

24 hours

Question 10

An ODFI that initiates a Reversing or Correcting File shall __________each participating DFI and ACH Operator.

Answer 10

indemnify

Question 11

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.

Answer 11

five Banking Days

Question 12

The __________ warrants that the signature is genuine on all XCK Entries.

Answer 12

ODFI

Question 13

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.

Answer 13

seven years

Question 14

The Check, relative to an initiated ARC must be delivered via:

Answer 14

US mail
drop box
In person for a payment of a bill at a manned bill payment location

Question 15

A copy of the source document for an ARC Entry must be kept for _______ from the Settlement Date of the ARC Entry.

Answer 15

two years

Question 16

The Originator of an ARC Entry must employ commercially reasonable methods to _________ all Eligible Source Documents until destruction, and _____________ related to the ARC Entry.

Answer 16

securely store, all banking information

Question 17

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

Answer 17

reading device, account number

Question 18

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.

Answer 18

documentation

Question 19

Originators of BOC Entries must maintain a ____________________. This must also be displayed in the notice provided to the Receiver.

Answer 19

working Customer Service Telephone Number

Question 20

Each originator of WEB Debit Entries must have employed a _____________________ to screen each WEB Entry.

Answer 20

commercially reasonable fraudulent transaction detection system

Question 21

Each Originator that originates WEB Debit Entries must verify the Receiver’s ________________ used in the WEB Entry is valid.

Answer 21

routing number

Question 22

Originators of POP Entries must capture from the MICR line of the Receiver’s Eligible Source Document:

Answer 22

routing number
account number
Check Serial Number

Question 23

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 __________

Answer 23

ten Banking Days ,.5%

Question 24

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.

Answer 24

Seven calendar days

Question 25

An Originator of BOC Entries must employ commercially reasonable methods to _____________ of the Receiver.

Answer 25

verify the identity

Question 26

Each Originator that initiates TEL Entries must employ __________________ procedures to verify the identity of the Receiver.

Answer 26

commercially reasonable

Question 27

When the RDFI requests a copy of a Receiver’s authorization in writing, the ODFI must provide it to the RDFI within________________

Answer 27

ten Banking Days.

Question 28

An RDFI may rely solely on the _______________ contained in an Entry for the purpose of posting the Entry to a Receiver’s account.

Answer 28

Account Number

Question 29

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.

Answer 29

opening of business

Question 30

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.

Answer 30

Payment-related Information Field

Question 31

Third-Party Senders must provide, upon the ODFI’s request, information related to each ______________for which it transmits Entries.

Answer 31

Originator

Question 32

All Entries, except RCK, that are returned as R01 & R09 can be reinitiated no more than ___________ after the return of the original Entry.

Answer 32

two times

Question 33

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.

Answer 33

two

Question 34

Each Participating DFI must maintain, or have the use through a correspondent of, an account with the _________________

Answer 34

Federal Reserve Bank

Question 35

An ODFI may, orally or in writing, request an RDFI to return or adjust an _________________ that was sent by the ODFI.

Answer 35

Erroneous Entry

Question 36

An RDFI must have a Written Statement of Unauthorized Debit signed by the ________________, prior to returning an ACH debit Entry as unauthorized.

Answer 36

Receiver

Question 37

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.

Answer 37

Banking Day

Question 38

An ACH Operator acting as a Gateway must not process ___________ Inbound IAT Entries, except for Reversing Entries.

Answer 38

debit

Question 39

The Gateway (Operator) will comply with all applicable U.S. Laws including requirements administered by ________ and _________.

Answer 39

OFAC, FinCEN

Question 40

An ACH Operator must total the ___________ and ___________ activity received from and Transmitted to each other ACH Operator and Participating DFI during each Banking Day.

Answer 40

debit, credit