CPP CPP Electronic Payments & ACH

Question 1

What does ACH stand for in the context of US payment systems?

Accepted Answer

Automated Clearing House

Answer

Advanced Credit Handler

Answer

Automated Credit Hub

Answer

American Clearing Hub

Question 2

Which organization governs and manages the ACH Network rules in the United States?

Accepted Answer

Nacha

Answer

Federal Reserve

Answer

OCC

Answer

CFPB

Question 3

What is the standard ACH settlement window for Same Day ACH transactions?

Accepted Answer

Within the same business day

Answer

Immediate (real-time)

Answer

Next business day

Answer

Two business days

Question 4

What ACH transaction type is used when a company pulls funds from a customer's bank account?

Accepted Answer

PPD Debit

Answer

PPD Credit

Answer

CCD Debit

Answer

WEB Credit

Question 5

Which ACH Standard Entry Class (SEC) code is used for internet-initiated consumer debit entries?

Accepted Answer

WEB

Answer

PPD

Answer

CCD

Answer

TEL

Question 6

What is the maximum dollar amount per transaction for Same Day ACH as of the latest Nacha rule update?

Accepted Answer

$1,000,000

Answer

$25,000

Answer

$100,000

Answer

$10,000