Rules Review

Question 1

The beneficiaries of the Nacha operating rules are ____

Answer 1

Each participating DFI, ACH operator, association, and national association

Question 2

any agreement, authorization, WSUD, or other records that is required to be signed or similarly authenticated may be signed with the electronic signature and conformity with the terms of the

Answer 2

E-sign act

Question 3

The authorization of a debit entry to a consumer account of the receiver must obtain a written authorization that is singed or __ by the receiver except as __ by the rules

Answer 3

Similarly authenticated, Expressly permitted

Question 4

The originator must provide ___ to the receiver prior to originating an ARC.

Answer 4

A notice,

Question 5

At the time an entry is processed by an RDFI, the authorization has not been terminated, in whole or in part, by ___

Answer 5

Operation of law Article 2.4.1.1 c

Question 6

If a PIN is required, it must comply with ANSI ASC ___

Answer 6

X9.8

Question 7

Prior to the initiation of the first credit or debit entry to a receivers account with the RDFI, an originator may originate a ___ to the RDFI.

Answer 7

Prenoteification entry

Question 8

A reversing file must be made available to the ACH Operator within ___ of the discovery of the erroneous file

Answer 8

24 hours

Question 9

An ODFI that initiates a reversing or correcting file shall ___ each participating DFI and ACH Operator

Answer 9

Indemnify

Question 10

An originator or ODFI must Originate a reclamation entry or written demand for payment within ___ after the originator receives notice of the death of the receiver

Answer 10

5 Banking days

Question 11

The ___ warrants that all signatures are genuine on all XCK entries

Answer 11

ODFI

Question 12

An originator must retain a copy of the front and back of the item to which the RCK entry relates for ___ from the settlement date of the RCK entry

Answer 12

7 years

Question 13

The check, relative to an initiated ARC must be delivered via ___

Answer 13

US mail, drop box, or in person for a payment of a bill at a manned bill payment location.

Question 14

A copy of the source document for an ARC entry must be kept for ___ years from the settlement date of the ARC entry

Answer 14

2 Years

Question 15

The originator of an ARC entry must employ commercially reasonable methods to ___ (1) all eligible sources documented until ___ (2) all banking ___ related to the ARC entry

Answer 15

Securely store, Destroyed, information

Question 16

During the initial capture of MICR information for a BOC entry, the originator must initially, use a ___ ___ to capture the receivers routing number, ___ ___ and check serial numbers from the MICR line of the receivers eligible source docuement.

Answer 16

Reading device, Account numebr

Question 17

ODFI’s warrant that they have established procedures to maintain ___ on each originator of BOC entries. This includes: company names; address; telephone numbers; contact person; tax payer identification; and description of the nature of the business.

Answer 17

Documentation

Question 18

Originatiors of BOC entries must maintain a working ___ this must also be displayed in the notice provided to the receiver

Answer 18

Customer service telephone number

Question 19

Each originator of debit WEB entries must have employed a commercially reasonable ___ to screen each WEB entry

Answer 19

Fraudulent transaction detection system

Question 20

Each originator that originates debit WEB entries must verify the receiver ___ ___ used in the WEB entry is valid

Answer 20

Routing number

Question 21

Originator of the POP entries must capture form the MICR line of the receivers eligible source document: ___ ___, ___ ____, and ___ ___ ___

Answer 21

Account number, Routing number, Check Serial number

Question 22

Upon written request by the Nacha an ODFI must provide within ___ detailed information for each origiantor or third party sender regarding Nacha’s claim that the originators or third party senders return rate for unauthorized entries exceeded .5 percent.

Answer 22

10 Banking days

Question 23

If an originator changes the payment date of a scheduled debit to a customers account, they must provided notice withing ___ days of the affected entry.

Answer 23

7 days

Question 24

An originator of BOC entries must employ commercially reasonable methods to ___ the ___ of the receiver

Answer 24

Verify the Identity

Question 25

Each originator that initiates TEL entries must employ ___ procedures to verify the identity of the receiver

Answer 25

Commercially reasonable

Question 26

When the RDFI requests a copy of a receivers authorization in writing, the ODFI must provide it to the RDFI withing ___ days

Answer 26

10 Banking days

Question 27

An RDFI may rely solely on the ___ contained in an entry for the purpose of posting the entry to a receivers account

Answer 27

Account number

Question 28

A credit PPD entry that is made available to the RDFI by 5 pm local time on the banking day prior to the settlement date shall be made available to the receiver for withdraw by the ___ on the settlement date

Answer 28

Opening of business day

Question 29

If requested by the receiver, the RDFI must provide all info contained within the ___ transmitted with ___ to the reciever by the opening of business on the second banking day following the settlement date of the entry

Answer 29

Payment information field of an addenda record, CCD CTX CIE or IAT entry to a non consumer account

Question 30

Third party senders must provide, upon the ODFI’s request, information related to each ___ for which it transmits entries.

Answer 30

Originator

Question 31

All entires, except RCK, that are returned as R01 and R09 can be re initiated a maximum of ___ times following the return of the original entry

Answer 31

2

Question 32

Each participating DFI must maintain, or have the use through a correspondent of, an account with a ___.

Answer 32

Federal reserve bank

Question 33

An ODFI may, ___ or in writing, request a RDFI to return an erroneous entry that was sent by the ODFI.

Answer 33

Orally

Question 34

An RDFI must have a WSUD signed by the ___ prior to returning an ach debit entry as unauthorized.

Answer 34

Receiver

Question 35

An RCK entry that has been determined to be ineligible must be returned so as to be made available to the ODFI no later than the opening of business on the ___ following the 60th calendar day after settlement.

Answer 35

Banking day

Question 36

An ACH operator acting as a gateway must not process ___ inbound IAT entries, except for reversing entries

Answer 36

Debit

Question 37

The gateway operator will comply with all applicable US laws including requirements administered by ___ and ___.

Answer 37

OFAC, FinCEN

Question 38

An ach operator must total the ___ and ___ activities received from the transmitted to each other ach operator and participating DFI during each banking day

Answer 38

Debit and Credit