Rules Review Flashcards
The beneficiaries of the Nacha operating rules are ____
Each participating DFI, ACH operator, association, and national association
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
E-sign act
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
Similarly authenticated, Expressly permitted
The originator must provide ___ to the receiver prior to originating an ARC.
A notice,
At the time an entry is processed by an RDFI, the authorization has not been terminated, in whole or in part, by ___
Operation of law Article 2.4.1.1 c
If a PIN is required, it must comply with ANSI ASC ___
X9.8
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.
Prenoteification entry
A reversing file must be made available to the ACH Operator within ___ of the discovery of the erroneous file
24 hours
An ODFI that initiates a reversing or correcting file shall ___ each participating DFI and ACH Operator
Indemnify
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
5 Banking days
The ___ warrants that all signatures are genuine on all XCK entries
ODFI
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
7 years
The check, relative to an initiated ARC must be delivered via ___
US mail, drop box, or in person for a payment of a bill at a manned bill payment location.
A copy of the source document for an ARC entry must be kept for ___ years from the settlement date of the ARC entry
2 Years
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
Securely store, Destroyed, information
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.
Reading device, Account numebr
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.
Documentation
Originatiors of BOC entries must maintain a working ___ this must also be displayed in the notice provided to the receiver
Customer service telephone number
Each originator of debit WEB entries must have employed a commercially reasonable ___ to screen each WEB entry
Fraudulent transaction detection system
Each originator that originates debit WEB entries must verify the receiver ___ ___ used in the WEB entry is valid
Routing number
Originator of the POP entries must capture form the MICR line of the receivers eligible source document: ___ ___, ___ ____, and ___ ___ ___
Account number, Routing number, Check Serial number
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.
10 Banking days
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.
7 days
An originator of BOC entries must employ commercially reasonable methods to ___ the ___ of the receiver
Verify the Identity
Each originator that initiates TEL entries must employ ___ procedures to verify the identity of the receiver
Commercially reasonable
When the RDFI requests a copy of a receivers authorization in writing, the ODFI must provide it to the RDFI withing ___ days
10 Banking days
An RDFI may rely solely on the ___ contained in an entry for the purpose of posting the entry to a receivers account
Account number
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
Opening of business day
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
Payment information field of an addenda record, CCD CTX CIE or IAT entry to a non consumer account
Third party senders must provide, upon the ODFI’s request, information related to each ___ for which it transmits entries.
Originator
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
2
Each participating DFI must maintain, or have the use through a correspondent of, an account with a ___.
Federal reserve bank
An ODFI may, ___ or in writing, request a RDFI to return an erroneous entry that was sent by the ODFI.
Orally
An RDFI must have a WSUD signed by the ___ prior to returning an ach debit entry as unauthorized.
Receiver
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.
Banking day
An ACH operator acting as a gateway must not process ___ inbound IAT entries, except for reversing entries
Debit
The gateway operator will comply with all applicable US laws including requirements administered by ___ and ___.
OFAC, FinCEN
An ach operator must total the ___ and ___ activities received from the transmitted to each other ach operator and participating DFI during each banking day
Debit and Credit
