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ACH AAP Study Guide Questions and
Correct Answers/ Latest Update /
Already Graded
Reason code used by RDFI when the source document for an ARC
has been presented for payment
Ans: R37
How many times can ODFI reinitiate a POP transaction when it is
returned for either R01(insufficient funds) or R09 (uncollected funds)
Ans: 2 times
What can RDFI do with an entry that does not post?
Ans: 1. Manually post the entry
2. Manually post the entry and initiate a Notification of Change (NOC)
3. Return the entry
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NOT a field minimally included in the File Acknowledgment Entry
from the ACH Operator for each file that was not rejected by the
ACH Operator
Ans: Settlement Date
What must be included by the ODFI or the file will be rejected by the
ACH Operator
Ans: A required field
Standard Entry Class codes that can be used for non-monetary
payments
Ans: CTX (corporate trade entry)
CCD (corporate credit or debit entry)
Credit only application, associated with home banking
Ans: CIE (Customer Initiated Entry)
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Acknowledgment of receipt of a corporate credit payment
originated using the CTX format
Ans: ATX (Financial EDI Acknowledgement)
Debit entry initiated at an electronic terminal as defined by Reg E to
effect a transfer of funds from a consumer account to pay an
obligation incurred in a point of sale transaction
Ans: POS (Point of Sale)
Debit or credit Entr to transfer funds to or from the consumers
account, initiated at an electronic terminal as defined by Reg E
Ans: MTE (Machine Transfer Entry)
Legislation that encouraged private sector ACH Operators to
compete with the Federal Reserve
Ans: The Monetary Control Act of 1980
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According to Reg E, what best describes the following: "unauthorized
EFT"
Ans: "Initiated by a person other than the consumer, without actual
authority to initiate such transfer from which the consumer receives no
benefit
NOC is to provide the correct data to an Originator so they can
change what
Ans: The Routing number
To initiate an Arbitration proceeding between DFIs, a compliant must
contain what items
Ans: 1. Statement of damages
2. Summary of facts
3. Application fee
Advantages of using ACH for collection of destroyed or lost checks
ACH AAP Study Guide Questions and
Correct Answers/ Latest Update /
Already Graded
Reason code used by RDFI when the source document for an ARC
has been presented for payment
Ans: R37
How many times can ODFI reinitiate a POP transaction when it is
returned for either R01(insufficient funds) or R09 (uncollected funds)
Ans: 2 times
What can RDFI do with an entry that does not post?
Ans: 1. Manually post the entry
2. Manually post the entry and initiate a Notification of Change (NOC)
3. Return the entry
,2 | Page
NOT a field minimally included in the File Acknowledgment Entry
from the ACH Operator for each file that was not rejected by the
ACH Operator
Ans: Settlement Date
What must be included by the ODFI or the file will be rejected by the
ACH Operator
Ans: A required field
Standard Entry Class codes that can be used for non-monetary
payments
Ans: CTX (corporate trade entry)
CCD (corporate credit or debit entry)
Credit only application, associated with home banking
Ans: CIE (Customer Initiated Entry)
,3 | Page
Acknowledgment of receipt of a corporate credit payment
originated using the CTX format
Ans: ATX (Financial EDI Acknowledgement)
Debit entry initiated at an electronic terminal as defined by Reg E to
effect a transfer of funds from a consumer account to pay an
obligation incurred in a point of sale transaction
Ans: POS (Point of Sale)
Debit or credit Entr to transfer funds to or from the consumers
account, initiated at an electronic terminal as defined by Reg E
Ans: MTE (Machine Transfer Entry)
Legislation that encouraged private sector ACH Operators to
compete with the Federal Reserve
Ans: The Monetary Control Act of 1980
, 4 | Page
According to Reg E, what best describes the following: "unauthorized
EFT"
Ans: "Initiated by a person other than the consumer, without actual
authority to initiate such transfer from which the consumer receives no
benefit
NOC is to provide the correct data to an Originator so they can
change what
Ans: The Routing number
To initiate an Arbitration proceeding between DFIs, a compliant must
contain what items
Ans: 1. Statement of damages
2. Summary of facts
3. Application fee
Advantages of using ACH for collection of destroyed or lost checks
