AAP EXAM STUDY GUIDE WITH
CORRECT ANSWERS
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. ANSWER False
Which Standard Entry Class Code (SEC) does UCC4A cover?
ANSWER 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? ANSWER 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? ANSWER Regulation E
Uniform Commercial Code Article 4A primarily addresses:
ANSWER 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? ANSWER
Regulation CC
Which regulation limits the number of debits made by check,
debit card or ACH, to not more than six per statement cycle ?
ANSWER Regulation D
Which Regulation governs funds availability? ANSWER
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? ANSWER 10 Business Days
Which act gives electronic signatures and documents the same
force of law as ink on paper? ANSWER E-Sign Act
An Originator can add the return fee to the RCK Entry when
initiating the Entry. ANSWER False
Which requirement is not required for consumer accounts
according to Regulation E and the NACHA Operating Rules
except: ANSWER ACH Operator ID number
Only outbound IAT debit Entries are required to be OFAC
checked. ANSWER False
The Originator is responsible for retaining the original item to
which an RCK entry relates for: ANSWER Zero Days
For corporate customers the credit given by the RDFI to the
Receiver is provisional until: ANSWER The RDFI receives final
settlement from the FRB
According to Regulation E, if an EFT is $_____or less, no
receipt is required? ANSWER $15.00
CORRECT ANSWERS
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. ANSWER False
Which Standard Entry Class Code (SEC) does UCC4A cover?
ANSWER 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? ANSWER 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? ANSWER Regulation E
Uniform Commercial Code Article 4A primarily addresses:
ANSWER 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? ANSWER
Regulation CC
Which regulation limits the number of debits made by check,
debit card or ACH, to not more than six per statement cycle ?
ANSWER Regulation D
Which Regulation governs funds availability? ANSWER
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? ANSWER 10 Business Days
Which act gives electronic signatures and documents the same
force of law as ink on paper? ANSWER E-Sign Act
An Originator can add the return fee to the RCK Entry when
initiating the Entry. ANSWER False
Which requirement is not required for consumer accounts
according to Regulation E and the NACHA Operating Rules
except: ANSWER ACH Operator ID number
Only outbound IAT debit Entries are required to be OFAC
checked. ANSWER False
The Originator is responsible for retaining the original item to
which an RCK entry relates for: ANSWER Zero Days
For corporate customers the credit given by the RDFI to the
Receiver is provisional until: ANSWER The RDFI receives final
settlement from the FRB
According to Regulation E, if an EFT is $_____or less, no
receipt is required? ANSWER $15.00
