Operational Process and Flow Flashcards
Which entity in the ACH Network establishes the ACH Network processing schedules?
The ACH Operator
What is a Sending Point?
An entity that transmits entries to an ACH Operator on behalf of an ODFI.
What is the difference between the Effective Entry Date and the Settlement Date?
The Effective Entry Date is the date assigned by the Originator that it intends the Entry to hit the Receiver’s account; The Settlement Date is assigned by the ACH Operator and is the actual date that the entry posts to the Receiver’s account.
What date format is the Settlement Date in?
Julian formant (3 numerics ie. Jan 1 = 001)
Which SECs require the RDFI to provide all addenda record information to the Receiver upon request?
CCD that is NOT a Health Care EFT Transaction
How long does an RDFI have to return an entry?
2 banking days
How long does an ODFI have to dishonor a return?
5 banking days
How long does an RDFI have to contest a Dishonored Return?
2 banking days
What SEC can an RDFI return just because they don’t want to accept it?
XCK
What return code and timeframe used when returning an XCK?
R33 and 60 days from the settlement date of transaction.
Wha are the requirements for a check to be eligible for ACH conversion?
The check must have a MICR line and it must be under $25k
What is an Extended Return Timeframe?
Any return that falls outside of the standard 2 banking day timeframe.
What is the minimum amount of dispute BEFORE a complaint can be filed to initiate an arbitration proceeding for the ACH Network?
$250.00
In which situations much a Receiver re-credit a Consumer?
Unauthorized entries, authorization revoked, entry not in accordance with terms/auth, improper RCK entry, and stop payments related to RCK entries.
How long must an RDFI retain a WSUD under the ACH Rules?
One year after the Settlement Date of the Extended Return Entry
How long does an RDFI have to provide a copy of the WDU after it has been requested by the ODFI?
10 Banking Days
What is the timeframe for an extended return?
Must be back to the ODFI no later than the opening of business on the banking day FOLLOWING the 60th calendar day from the Settlement Date of the original entry.
What is a pre-note used for and who sends it?
Sent by the ODFI to verify an account number.
Once a pre-note is sent, how long must an ODFI wait before transmitting a live entry?
3 banking days
How long does an ODFI/Originator have to transmit a reversal file?
Within 5 banking days after the settlement date AND within 24 hours of discovering the error(s).
How long does an Originator have to make the changes specified on a NOC?
Changes must be made within 6 banking days of receipt of NOC.
How long does an ODFI have to refuse a NOC?
15 calendar days
What is the transaction code(s) for Demand accounts?
21 or 26
What is the transaction code for Savings accounts?
31 or 36
What is the transaction code for General Ledger accounts
41 or 46
What is the transaction code for Loan accounts?
51 or 56
How many times can an Originator/ODFI re-initiate an entry that was returned R01 or R09?
2 more times.
How long does an ODFI have to reinitiate a debit?
180 days after the settlement date of the original entry.
What has to be in the Company Entry Description field when reinitiating a debit?
RETRY PYMT
Which entity initiates a dishonored return?
The ODFI
How long does an ODFI warrant that an Entry is property authorized and that authorization has been terminated on a Non Consumer account?
1 year from Settlement Date of the Unauthorized entry
How long does the ODFI warrant that an Entry is properly authorized and that authorization has not been terminated on a Consumer Account?
2 years of most recent Unauthorized entries PLUS 95 calendar days of Settlement Date of first unauthorized transactions IF more than two years have passed.
How long does an RDFI have to originate an NOC from Settlement Date of original entry?
2 banking days
What is the timeframe to respond to a Refused NOC?
5 banking days
What is the time frame to originate a file or Single entry Reversals following the Settlement Date of the transaction(s)?
5 banking days
What is the timeframe to originate a commercial Reclamation from the date of death notification?
5 banking days
What is the timeframe to return a XCK entry?
60 calendar days
What is the timeframe to return a revoked or unauthorized consumer transaction?
60 calendar days
What is the timeframe to return an unauthorized corporate transaction?
2 banking days
What is the time-frame to refuse a NOC?
15 calendar days
