Random Questions

Question 1

When a debit card is used at a merchant’s POS and requires the customer to provide a PIN, it is also referred to as a:

Answer 1

Online Debit

(Do not get this confused and answer as signature debit)

Question 2

Subsequent Entries will have the flexibility to use what SEC codes?

Answer 2

TEL & WEB

Consumer IAT

Question 3

Settlement becomes final for Next Day ACH Credits as of what time?

Answer 3

8:30 am on Settlement date

Question 3

Who selects the Effective Date and Settlement date of an ACH Entry?

Answer 3

The Originator selects the Effective Date, and the ACH Operator determines Settlement Date.

Question 3

What return codes are used by the Federal Government Agencies?

Answer 3

R40-R47

Question 3

What is “net settlement”?

Answer 3

A service provided by the Federal Reserve to effect settlement of EFT between two parties.

Question 4

Dollar limit for RTP system payments?

Answer 4

Credit transactions of $1,000,000 or less.

Question 5

What is the minimum dollar amount for Remittance transfers?

Answer 5

$15.00

Question 6

What are settlement times (ET)

Answer 6

1:00 PM
5:00 PM
6:00 PM
8:30 AM

Question 7

Typically, transactions must be returned and made available to ODFI by the opening of business on the 2nd business day following settlement date. What are the exceptions to this?

Answer 7

RCK - Transmitted to ACH Operator by midnight of the second business date following receipt

XCK - Available to ODFI by opening of business on 1st banking day following the 60th day of settlement

Extended return - Available to ODFI by opening of business on 1st banking day following the 60th day of settlement

Credit declined by customer - 2 banking days following notice from receiver

Question 8

What reason codes are included in administrative returns?

Answer 8

R02, R03, R04

Question 9

What return reason codes are included in the unauthorized return rate?

Answer 9

R05
R07
R10
R11
R29
R51

Question 10

When an inbound payment is blocked by the Gateway, what info should be provided to RDFI within 5 banking days of it being blocked?

Answer 10

-Date
-Amount
-Names and complete addresses of all parties of the payment

Question 11

Originators of Third Party Senders have an agreement with which participant?

Answer 11

TPS

Question 12

When an RDFI requests information that only identifies the originator, the ODFI must provide the info within how many days of request is received within 2 years?

Answer 12

2 banking days

Question 13

What type transaction is a Fedwire Security Service?

Answer 13

Debit pull

Question 14

What type of card payment is not a true payment instrument since it doesn’t result in. direct transfer of funds from the pay or to the payee?

Answer 14

Credit card

Question 15

The 2 banking conventions that advanced paper check processing are.

Answer 15

Routing number and MICR

Question 16

What sec codes can have 9,999 addenda?

Answer 16

ENR/CTX/TRX

(The three E’s: Enroll, exchange, exchange)

Question 17

What is the additional requirements for authorization for a BOC?

Answer 17

Provide the phone number & if charging a fee for returned transactions, must be listed in authorization.

Question 18

For RCK, if the first RCK is returned, we use REDEPCHECK. When the RCK is ran a second time, what should be used?

Answer 18

RETRY PYMT

Question 19

For all Check Type ACH’s, are they consumer, non consumer, or both?

Answer 19

ARC/BOC/POP/XCK: Both

RCK: Consumer Only

Question 20

Dollar limit for both RCK & XCK

Answer 20

$2,500.00

Question 21

An ACH Operator acting as a gateway must not process…

Answer 21

Any debit inbound IAT entry, except reversing entries

Question 22

Which field contains the reason for the payment as required by OFAC for IAT entries?

Answer 22

Transaction Type Code

Question 23

How long does an ODFI have to refuse an NOC?

Answer 23

15 CALENDAR

Only one that is calendar for returns/noc’s

Question 24

For ARC/BOC/RCK, is front or back required to be retained?

Answer 24

ARC/BOC - Front
RCK - Front and back 7 years

Question 25

RDFI receipt times for processing windows

Answer 25

12:00
4:00
5:30