NCP Sample test questions & answers 2024/2025

NCP Sample test questions & answers 2024/2025 Are rules and agreements required for image exchange and if so, what is the main reason? - ANSWERSyes, because current state and federal laws cover the exchange of physical checks not the electronic exchanges The commonly used definition of an image cash letter is: - ANSWERSelectronically transmitted file of digital images of paper checks and related MICR data records A Notice of NonPayment as defined by Reg CC is used to provide - ANSWERSnotice to the depository bank that a check is $5.000 or greater will not be paid Settlement generally occurs when: - ANSWERSfunds are exchanged based upon agreement of the exchanging parties Negative float occurs when - ANSWERScustomer float is greater than bank float One reason a noncash item would not be defined as a check is - ANSWERSif the check is accompanied by special instructions The Aux on-us field in the MICR line of a business-sized check is typically used to - ANSWERSinclude the check serial number If an item is not fully qualified, the ECCHO Rules allow it to be exchanged as an eligible item if - ANSWERSsending and receiving banks agree to exchange images of items that do not contain the full MICR line According to the ECCHO rules, if two members agree to exchange items that do not contain full MICR line, what are the options for exchanging that item as an image? - ANSWERSsending bank agrees to send either as is MICR or RTA partial MICR