Free AAP ACH Rules and Regulations Questions and Answers

Question 1

According to Reg E, a financial institution must provide notification to a consumer within ___ day(s) of preauthorized transfer.

Accepted Answer

2 business days

Answer

1 business day

Answer

10 calendar days

Answer

45 calendar days

Question 2

For which of the following return codes is a Written Statement of Unauthorized Debit not required?

Accepted Answer

R-38

Answer

R-10

Answer

R-07

Answer

R-51

Question 3

When will an ODFI receive returns with an R18 code from the ACH Operator?

Accepted Answer

When debits have been released to the operator two days prior to their effective date.

Answer

When debits have been released to the operator two days prior to their settlement date.

Answer

When credit have been released to the operator two days prior to their settlement date

Answer

When credits have been released to the operator two days prior to their effective date.

Question 4

The ACH Rules state that items returned for R01 and R09 can only be reinitiated two times for all of the following SEC codes except:

Accepted Answer

RCK

Answer

POP

Answer

ARC

Answer

PPD

Question 5

What is the Addenda Type Code used for an IAT Return?

Accepted Answer

99

Answer

19

Answer

25

Answer

98