Electronic Check Applications Flashcards

1
Q

The Standard Entry Class Code for a Point-of-Purchase Entry

A

POP

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2
Q

The Point-of-Purchase Entry requires that the Receiver’s Check be _______ and returned to the consumer at the check out.

A

voided

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3
Q

Receipts issued at the check out for a Point-of-Purchase Entry must include a description of the Entry, information about the merchant including a phone number, date and amount of the transaction, the source document Check Serial Number and the __________________

A

Terminal City & State

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4
Q

The dollar limit for a Point-of-Purchase Entry:

A

$25,000 or less

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5
Q

For a Point of Purchase Entry the MICR information must be _____________ captured by the merchant.

A

electronically

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6
Q

An RDFI may return a Point-of-Purchase Entry for up to 60 days from the Settlement Date for the following reason:

A

Receiver advises Unauthorized

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7
Q

A Point-of-Purchase Entry may not be returned as ________________

A

Authorization Revoked

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8
Q

If the consumer places a stop payment on the check used for a Point-of-Purchase Entry, the RDFI must return the Entry as R08 Payment Stopped within _______________________

A

Two Banking Days

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9
Q

The application used by merchants/billers to collect funds on a Check returned NSF or Uncollected Funds

A

Represented Check Entry

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10
Q

The Company Entry Description on an RCK Entry

A

REDEPCHECK

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11
Q

The dollar limitation on RCK Entries

A

$ 2500

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12
Q

________________to the consumer prior to receipt of the Check is required by any merchant/biller wishing to use the RCK application

A

Notification

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13
Q

An additional collection fee _______________ be added to the face amount of the Check.

A

cannot

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14
Q

The Check Serial Number is required in the RCK transaction and on the _________________________

A

consumer statement

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15
Q

The Originator must retain a copy of the front and back of the item related to an RCK Entry for _____________

A

7 years

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16
Q

The provision of a notice that informs the Receiver that the Originator will use the source document to initiate an ARC Entry and the receipt of the Check by the Originator together constitutes ______________of the ARC Entry.

A

Authorization

17
Q

Back Office Conversion allows an Originator to convert the Receiver’s source document into an ACH debit as long as the source document contains a ______________________

A

Pre-printed Check Serial Number

18
Q

The Originator of a BOC Entry must verify the Receiver’s ________________using commercially reasonable procedures

A

identity

19
Q

ODFIs must establish procedures for maintain documentation on each Originator of a BOC Entry. This information must be provided to the RDFI upon their written request within _____________of the Settlement Date of the original Entry.

A

2 Years

20
Q

An RDFI receiving IAT Entries that contain a Transaction Type Code of ARC, BOC or POP must place the _________________ of the converted Entry onto the Receiver’s Statement

A

Check Serial Number