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SEC & Returns Flashcards

1
Q

Demand Deposit Tran Codes

A

21 - Return/NOC Credit
22 - Credit Entry
23 - Prenotification
24 - $0 Entry

26 - Return/NOC Debit
27 - Debit Entry
28 - Prenotification
29 - $0 Entry

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2
Q

Savings Account Tran Codes

A

31 - Return/NOC Credit
32 - Credit Entry
33 - Prenotification
34 - $0 Entry

36 - Return/NOC Debit
37 - Debit Entry
38 - Prenotification
39 - $0 Entry

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3
Q

GL Tran Codes

A

41 - Return/NOC Credit
42 - Credit Entry
43 - Prenotification
44 - $0 Entry

46 - Return/NOC Debit
47 - Debit Entry
48 - Prenotification
49 - $0 Entry

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4
Q

Loan Tran Codes

A

51 - Return/NOC Credit
52 - Credit Entry
53 - Prenotification
54 - $0 Entry
55 - Debit Entry (Reversal only)
56 - Return NOC for Debit Reversal

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5
Q

The Transaction Type, Account type and Authorization required for this SEC Code: ARC - Account Recievable

A
  1. Single Debit
  2. Consumer or Non Consumer
  3. Written “Posted” Notice
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6
Q

The Transaction Type, Account type and Authorization required for this SEC Code: BOC - Back Office Conversion

A
  1. Single Debit
  2. Consumer or Non Consumer
  3. Posted Notice, & a copy is provided to reciever
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7
Q

The Transaction Type, Account type and Authorization required for this SEC Code: CCD - Corporate Credit or Debit

A
  1. Single or Recurring Debit or Credit
  2. Non Consumer
  3. Agreement
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8
Q

The Transaction Type, Account type and Authorization required for this SEC Code: CIE - Customer Initiated Entry

A
  1. Single Credit
  2. Consumer Originated
  3. Agreement
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9
Q

The Transaction Type, Account type and Authorization required for this SEC Code: CTX - Corporate Trade Exchange

A
  1. Single or Recurring Debit or Credit
  2. Non Consumer
  3. Agreement
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10
Q

The Transaction Type, Account type and Authorization required for this SEC Code: IAT - International ACH Transaction

A
  1. Single or Recurring Debit or Credit
  2. Consumer & Non Consumer
  3. Consumer Debit - in writing and signed or similarly authenticated
    Consumer Credit - orally or other non-written means
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11
Q

The Transaction Type, Account type and Authorization required for this SEC Code: MTE - Machine Transfer Entry

A
  1. Single Debit or Credit
  2. Consumer
  3. Written Authorization & Signed
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12
Q

The Transaction Type, Account type and Authorization required for this SEC Code: POP - Point-of-Purchase

A
  1. Single Entry Debit
  2. Consumer & Non Consumer
  3. Posted Notice, Written and Signed Authorization
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13
Q

The Transaction Type, Account type and Authorization required for this SEC Code: POS - Point-of-Sale

A
  1. Single or Recurring Debit or Credit
  2. Consumer
  3. Written Authorization & Signed
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14
Q

The Transaction Type, Account type and Authorization required for this SEC Code: PPD - Prearranged Payment and Deposit

A
  1. Single or Recurring Debit or Credit
  2. Consumer
  3. Debit: Written Authorization & Signed
    Credit: Orally or other non-written means
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15
Q

The Transaction Type, Account type and Authorization required for this SEC Code: RCK - Re-presented Check

A
  1. Single Debit
  2. Consumer
  3. Posted Notice
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16
Q

The Transaction Type, Account type and Authorization required for this SEC Code: TEL - Telephone-Initiated

A
  1. Debit Single or Recurring
  2. Consumer
  3. Orally authorized over telephone
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17
Q

The Transaction Type, Account type and Authorization required for this SEC Code: WEB - Internet Initiated/Mobile

A
  1. Debit or Consumer to Consumer Credit Single or Recurring
  2. Consumer
  3. For WEB debit, written authorization via the Internet or wireless network; or authorization in any form and Receiver’s instruction to initiate debit via a wireless network for standing auth.

For WEB credit, no authorization is required

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18
Q

Return Codes R40 - R47 are to be used by ..

A

Government Agencies Only

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19
Q

Return Codes R50 - R53 are to be used for ..

A

RCK Entries Only

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20
Q

Return Codes R61 - R70 are to be used for ..

A

Dishonored Returns

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21
Q

Return Codes R71 - R77 are to be used for ..

A

Contested Dishonored Returns

22
Q

Return Codes R80 - R85 are to be used by ..

A

Gateways for International Payments

23
Q

Return Time Frame & Account Type for
R01 - Insufficient Funds
R02 - Account Clsoed
R03 - Unable To Locate Account
R04 - Invalid Account

A

2 Banking Days
Consumer & Non Consumer

24
Q

Return Time Frame & Account Type for
R05 - Corporate Entry to Consumer Account

A

60 Calendar Days
Consumer Only

25
Q

Return Time Frame & Account Type for
R06 - ODFI Request Return

A

Undefined Return Period
Corporate or Consumer

26
Q

Return Time Frame & Account Type for
R07 - Authorization Revoked

A

60 Calendar Days
Consumer Only

27
Q

Return Time Frame & Account Type for
R08 - Payment Stopped
R09 - Uncollected Funds

A

2 Banking Days
Consumer & Non Consumer

28
Q

Return Time Frame & Account Type for
R10 - Customer Advises Originator not Known or not authorized

A

60 Calendar Days
Consumer Only
(ARC, BOC, POP, IAT can also be non consumer)

29
Q

Return Time Frame & Account Type for
R11 - Not in accordance with the terms of the authorization

A

60 Calendar Days
Consumer Only
(ARC, BOC, POP, ITA can also be non consumer)

30
Q

Return Time Frame & Account Type for
R12 - Account Sold
R14- Rep Payee Deceased

A

2 Banking Days
Consumer & Non Consumer

31
Q

Return Time Frame & Account Type for
R15 - Beneficiary / Account Holder Deceased

A

2 Banking Days
Consumer Only

32
Q

Return Time Frame & Account Type for
R16 - Account Frozen / Return per OFAC

A

2 Banking Days
Consumer & Non Consumer

33
Q

Return Time Frame & Account Type for
R17 - File Record Criteria Edit / No Account Found & transaction is deemed suspicious

A

2 Banking Days
Record Edit - Missing Field must be included in Addenda
Suspicous Entry - QUESTIONABLE must be the first 12 positions in the Addenda Payment Information field

Consumer & Non Consumer

34
Q

Return Time Frame & Account Type for
R20 - Not a transaction account

A

2 Banking Days
Consumer & Non Consumer

35
Q

Return Time Frame & Account Type for
R21 - Invalid Company Identification

A

2 Banking Days
Non Consumer CIE Entries Only

36
Q

Return Time Frame & Account Type for
R22 - Invalid Individual ID

A

2 Banking Days
Consumer & Non Consumer, CIE + MTE Entries Only

37
Q

Return Time Frame & Account Type for
R23 - Customer Refused Credit

A

2 Banking Days, from receiving notice
Consumer & Non Consumer

38
Q

Return Time Frame & Account Type for
R24 - Duplicate Entry

A

2 Banking Days
Consumer & Non Consumer

39
Q

Return Time Frame & Account Type for
R29 - Corporate Customer Advises not Authorized

A

2 Banking Days
Non Consumer

40
Q

Return Time Frame & Account Type for
R31 - Permissible Return

A

Undefined Return Period
Non Consumer, CCD CTX Entries Only

41
Q

Return Time Frame & Account Type for
R33 - Return XCK

A

60 Calendar Days
Consumer & Non Consumer

42
Q

Return Time Frame & Account Type for
R37 - Source Document Presented for Payment

A

60 Calendar Days
Consumer & Non Consumer; ARC, BOC, POP entires only

43
Q

Return Time Frame & Account Type for
R38 - Stop Payment on Source Document

A

60 Calendar Days
Consumer & Non Consumer; ARC, BOC entires only

44
Q

Return Time Frame & Account Type for
R39 - Improper Source Document

A

2 Banking Days
Consumer & Non Consumer; ARC, BOC, POP entires only

45
Q

Consumer notice Requirements for a single-entry TEL

A
  • Originator must record and/or provide written notice to receiver prior to settlement
  • Originator must send a copy of the authorization to the receiver
46
Q

Consumer notice requirements for a recurring TEL entry

A

Originator must
1. Record the authorization and
2. Provide consumer notice and
3. provide consumer a copy of the authorization

47
Q

Additional ODFI warranties for a TEL entry

A

ODFI warrants that the originator has, implemented a commercially reasonable system to:

  1. verify the receivers identity
  2. verify the validity of the routing number
48
Q

WEB originators are responsible for Implementing commercially reasonable system to ..

A

Implement commercially reasonable system to:
* detect fraudulent transactions
* verify receivers’ identity, including account validation
* verify routing number validity

49
Q

WEB annual audit inclusion requirements

A
  1. physical security to protect against theft, tampering or damage
  2. Personnel and access controls to protect against unauthorized use
  3. network security to ensure secure capture, storage and distribution
50
Q

The following are an example of ..

  • Check with auxiliary on us field
  • Third party checks
  • remotely created checks
  • line of credit checks
  • investment company checks
  • obligations to financial institutions
  • check drawn on US treasury, FRB, or Federal home loan bank
  • State or Local government checks
  • non US currency checks
A

Ineligible Source Documents

51
Q

What makes a Source Document Eligible?

A
  1. contains a pre-printed serial number
  2. Routing, account and serial are printed in the MICR line
  3. Completed & Signed (except for POP)
52
Q

The following Receipt requirements are for which entry type?

  1. Originator Name (merchant)
  2. Company phone number
  3. Transaction Date
  4. Transaction Amount
  5. Serial Number
  6. Merchant Number (or ID)
  7. Terminal City & State
A

POP - Point of Purchase
(Originator must not have the account number printed on the receipt provided to the receiver)

AAP Prep (ST) (4 decks)

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