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AAP Exam Study Guide Questions and
Correct Answers/ Latest Update /
Already Graded
Samuel's Imports processes service fees electronically for returned
checks. According to Regulation D, Samuel's must provide a notice
to the customer prior to collecting any fees electronically.
Ans: False
Which Standard Entry Class Code (SEC) does UCC4A cover?
Ans: CCD (credit)
Ralph Smith has scheduled automatic transfers with all 8 of monthly
debtors as a way to simplify his life. He set up a separate savings
account to pay his bills. He provided each debtor his savings
account number. After the sixth Third-Party debit Entry to this
account the RDFI returned the remaining debits. The customer was
very angry and wanted the RDFI to pay his late fees. The RDFI is
within its right to return the Entries according to which regulation?
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Ans: Regulation D defines a non-transaction account as an account that
allows no more than six Third-Party withdrawals per statement period.
Which regulation pertains to consumer error resolution within 60 days
of statement date?
Ans: Regulation E
Uniform Commercial Code Article 4A primarily addresses:
Ans: Wholesale ACH credit transactions and wire transfers
Which regulation states that funds deposited by means of electronic
payment must be made available to the consumer no later than the
business day following the banking day on which the bank received
the electronic payment?
Ans: Regulation CC
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Which regulation limits the number of debits made by check, debit
card or ACH, to not more than six per statement cycle ?
Ans: Regulation D
Which Regulation governs funds availability?
Ans: Regulation CC
Under Regulation E, how long does an institution have to resolve the
error without providing a provisional recredit of the amount in
question?
Ans: 10 Business Days
Which act gives electronic signatures and documents the same
force of law as ink on paper?
Ans: E-Sign Act
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An Originator can add the return fee to the RCK Entry when initiating
the Entry.
Ans: False
Which requirement is not required for consumer accounts according
to Regulation E and the NACHA Operating Rules except:
Ans: ACH Operator ID number
Only outbound IAT debit Entries are required to be OFAC checked.
Ans: False
The Originator is responsible for retaining the original item to which
an RCK entry relates for:
Ans: Zero Days
For corporate customers the credit given by the RDFI to the Receiver
is provisional until:
AAP Exam Study Guide Questions and
Correct Answers/ Latest Update /
Already Graded
Samuel's Imports processes service fees electronically for returned
checks. According to Regulation D, Samuel's must provide a notice
to the customer prior to collecting any fees electronically.
Ans: False
Which Standard Entry Class Code (SEC) does UCC4A cover?
Ans: CCD (credit)
Ralph Smith has scheduled automatic transfers with all 8 of monthly
debtors as a way to simplify his life. He set up a separate savings
account to pay his bills. He provided each debtor his savings
account number. After the sixth Third-Party debit Entry to this
account the RDFI returned the remaining debits. The customer was
very angry and wanted the RDFI to pay his late fees. The RDFI is
within its right to return the Entries according to which regulation?
,2 | Page
Ans: Regulation D defines a non-transaction account as an account that
allows no more than six Third-Party withdrawals per statement period.
Which regulation pertains to consumer error resolution within 60 days
of statement date?
Ans: Regulation E
Uniform Commercial Code Article 4A primarily addresses:
Ans: Wholesale ACH credit transactions and wire transfers
Which regulation states that funds deposited by means of electronic
payment must be made available to the consumer no later than the
business day following the banking day on which the bank received
the electronic payment?
Ans: Regulation CC
,3 | Page
Which regulation limits the number of debits made by check, debit
card or ACH, to not more than six per statement cycle ?
Ans: Regulation D
Which Regulation governs funds availability?
Ans: Regulation CC
Under Regulation E, how long does an institution have to resolve the
error without providing a provisional recredit of the amount in
question?
Ans: 10 Business Days
Which act gives electronic signatures and documents the same
force of law as ink on paper?
Ans: E-Sign Act
, 4 | Page
An Originator can add the return fee to the RCK Entry when initiating
the Entry.
Ans: False
Which requirement is not required for consumer accounts according
to Regulation E and the NACHA Operating Rules except:
Ans: ACH Operator ID number
Only outbound IAT debit Entries are required to be OFAC checked.
Ans: False
The Originator is responsible for retaining the original item to which
an RCK entry relates for:
Ans: Zero Days
For corporate customers the credit given by the RDFI to the Receiver
is provisional until:
