Electronic Check Applications

Question 1

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

Answer 1

POP

Question 2

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

Answer 2

voided

Question 3

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 __________________

Answer 3

Terminal City & State

Question 4

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

Answer 4

$25,000 or less

Question 5

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

Answer 5

electronically

Question 6

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

Answer 6

Receiver advises Unauthorized

Question 7

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

Answer 7

Authorization Revoked

Question 8

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 _______________________

Answer 8

Two Banking Days

Question 9

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

Answer 9

Represented Check Entry

Question 10

The Company Entry Description on an RCK Entry

Answer 10

REDEPCHECK

Question 11

The dollar limitation on RCK Entries

Answer 11

$ 2500

Question 12

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

Answer 12

Notification

Question 13

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

Answer 13

cannot

Question 14

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

Answer 14

consumer statement

Question 15

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

Answer 15

7 years

Question 16

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.

Answer 16

Authorization

Question 17

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 ______________________

Answer 17

Pre-printed Check Serial Number

Question 18

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

Answer 18

identity

Question 19

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.

Answer 19

2 Years

Question 20

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

Answer 20

Check Serial Number