RDFI Flashcards
What must an RDFI do when it receives a complaint ACH entry?
It must accept the entry unless it has the right to return it under the rules.
When is an ACH entry considered received by an RDFI?
On the Banking Day it is made available by the Receiving ACH Operators.
Can an RDFI return an entry?
Yes, if allowed under the NACHA Rules
What determines if an entry is for an RDFI?
If the entry is meant for an account held at the RDFI.
Can an RDFI rely only on the account number to post an ACH entry?
Yes
Does the Receiver’s name in the ACH entry need to match the account name?
No, the RDFI can post based solely on the account number.
What does Subsection 3.1.2 of NACHA Rules allow RDFIs to do?
Post entries using just the account number, even if the name does not match.
Which of the following is true under subsection 3.1.2?
The RDFI can rely only on the account number to post the entry.
What can RDFI rely on for rule compliance in an ACH Entry?
The Standard Entry Class Codes.
What does SEC codes indicate?
The type of ACH transactions (PPD, WEB, CCD)
Can an RDFI request a copy of Receiver’s authorization?
Yes, in writing, from the ODFI
Are there limitations to when an RDFI can request authorization?
Yes, it does not apply to credit entries between natural persons.
Who is responsible for keeping a copy of the authorization?
The Originator (via the ODFI).
What must RDFI provide for each ACH entry on a Consumer account?
Posting date, amount, originator name, description, account info, charges, balances and terminal/check info.
Do these rules apply to passbook accounts?
No
Is terminal location info required for pos entries?
Yes, including terminal code, city, and state
What extra info is required for ARC/BOC/RCK/XCK entries?
The check serial number
What must RDFIs provide regarding inquires?
An address and phone number for error report inquires.
What entries does Subsection 3.1.5.2 apply to?
ARC,BOC, POP entries to non-consumer accounts.
What specific data must RDFIs provide for these entries?
The check serial number.
Does this rule apply to consumer accounts?
No, this section applies to non-consumer accounts.
What must RDFIs provide to non-consumer Receivers upon request for CCD, CTX, CIE, or IAT entries?
Payment Related Information from the Addenda Record(s).
How soon must RDFIs provide this information?
By the opening of business on the second banking day after the entry’s settlement date.
Do Health Care EFT transactions follow the same rule?
No, they require automatic or on-request delivery of payment info, even without a standard CCD request.
