Free AAP Operational Processes Questions and Answers

Question 1

What is the standard return timeframe for unauthorized ACH debit entries according to the Nacha Operating Rules?

Accepted Answer

60 calendar days from the settlement date

Answer

2 business days from the receipt of the entry

Answer

5 business days from the date of notification

Answer

24 hours from the time the entry was processed

Question 2

In ACH operations, what is the primary purpose of the prenotification (prenote) process?

Accepted Answer

To verify the accuracy of account information before sending live entries

Answer

To initiate a Same Day ACH transaction

Answer

To notify the RDFI of an upcoming large transaction

Answer

To ensure the transaction will not be returned

Question 3

Which of the following best describes an ACH "batch"?

Accepted Answer

A group of ACH transactions submitted together for processing

Answer

A single transaction processed by the ACH Operator

Answer

A collection of return items from various RDFIs

Answer

A set of ACH entries scheduled for future processing

Question 4

What is the main responsibility of the Originating Depository Financial Institution (ODFI) in ACH transactions?

Accepted Answer

To ensure compliance with ACH rules and properly transmit entries to the ACH Operator

Answer

To ensure all transactions are settled by the Federal Reserve

Answer

To verify the authenticity of the Receiver's account

Answer

To determine the settlement date for the transaction

Question 5

What is a Notification of Change (NOC) in the ACH Network, and how should it be handled?

Accepted Answer

A message sent by the RDFI to the ODFI to correct or update information; the Originator must make changes within 6 banking days or before the next payment cycle.

Answer

A request for additional payment information; it must be acknowledged by the RDFI within 2 business days.

Answer

An alert that a transaction failed; the ODFI must investigate and retransmit the entry within 24 hours.

Answer

A warning that funds have been reversed; it must be processed immediately.