AAP ACTUAL TEST PAPER 2026 QUESTIONS
WITH SOLUTIONS GRADED A+
◉ if an ODFI receives a letter from NACHA regarding an Originator
that has exceeded the Unauthorized Return Rate Threshold, it must
respond within. Answer: 10 banking days
◉ which rule or regulations governs the processing of federal
government ACH payments. Answer: title 31 code of federal
regulations part 210
◉ A consumer contacts his RDFI on October 4 claiming a TEL entry
that appeared on his September 4 statement was never authorized
by him. What action should the RDFI take first. Answer: have him
complete a Written statement of Unauthorized debit
◉ when an ODFI utilizes a third-party service provider (ie sending
point) in the origination process, which party warrants the entries
are authorized. Answer: ODFI
◉ Direct access is defined as. Answer: An Originator or a third party
that transmits ACH files directly to an ACH Operator using a financial
institution's routing number and settlement account
,◉ included in an ODFI's Written response to NACHA regarding an
Originator who has has exceeded a return rate threshold or level is a
plan for reducing the return rate to below the threshold and/or level
within. Answer: 30 calendar days of NACHS's request
◉ which settlement is true regarding return processing in a same-
day environment. Answer: RDFIs may send same day returns
regardless of whether the forward item was a Same Day Entry
◉ A Participating DFI must keep records of all ACH entries for.
Answer: 6 years
◉ inbound IAT debit transactions used to fund a beneficiary residing
outside of the U.S. must identify the ultimate beneficiary in the.
Answer: remittances addenda record
◉ a reclamation entry is subordinate to claims or potential claims by
which entity. Answer: Veterans Administration
◉ SmallTown Bank has contracted with MegaBank to process its
ACH files. Because of this relationship, Smalltown Bank is exposed
to. Answer: Third-party risk
, ◉ what is the difference between the Fedwire Funds Service and
Fedwire Securities Service. Answer: Fedwire Funds is a credit/push
system;Fedwire Securities is a debit/pull system.
◉ which of the following does not govern checks and check
collection. Answer: regulation E
◉ a VAN is best described as a. Answer: communications network
for sending and receiving data
◉ which of the following checks is eligible to be converted to an ARC,
POP or BOC entry. Answer: consumers check in the amount of
$25,000
◉ which of the following emerging payments is considered a closed
loop network. Answer: Dwolla
◉ to be an eligible Destroyed Check Entry (XCK) a check must be in
an amount equal to or less than. Answer: 2,500
◉ an Originator goes out of business before its ODFI is able to
change back a debit entry that was returned as NSF this scenario
represents what type of risk to ODFI. Answer: credit risk
WITH SOLUTIONS GRADED A+
◉ if an ODFI receives a letter from NACHA regarding an Originator
that has exceeded the Unauthorized Return Rate Threshold, it must
respond within. Answer: 10 banking days
◉ which rule or regulations governs the processing of federal
government ACH payments. Answer: title 31 code of federal
regulations part 210
◉ A consumer contacts his RDFI on October 4 claiming a TEL entry
that appeared on his September 4 statement was never authorized
by him. What action should the RDFI take first. Answer: have him
complete a Written statement of Unauthorized debit
◉ when an ODFI utilizes a third-party service provider (ie sending
point) in the origination process, which party warrants the entries
are authorized. Answer: ODFI
◉ Direct access is defined as. Answer: An Originator or a third party
that transmits ACH files directly to an ACH Operator using a financial
institution's routing number and settlement account
,◉ included in an ODFI's Written response to NACHA regarding an
Originator who has has exceeded a return rate threshold or level is a
plan for reducing the return rate to below the threshold and/or level
within. Answer: 30 calendar days of NACHS's request
◉ which settlement is true regarding return processing in a same-
day environment. Answer: RDFIs may send same day returns
regardless of whether the forward item was a Same Day Entry
◉ A Participating DFI must keep records of all ACH entries for.
Answer: 6 years
◉ inbound IAT debit transactions used to fund a beneficiary residing
outside of the U.S. must identify the ultimate beneficiary in the.
Answer: remittances addenda record
◉ a reclamation entry is subordinate to claims or potential claims by
which entity. Answer: Veterans Administration
◉ SmallTown Bank has contracted with MegaBank to process its
ACH files. Because of this relationship, Smalltown Bank is exposed
to. Answer: Third-party risk
, ◉ what is the difference between the Fedwire Funds Service and
Fedwire Securities Service. Answer: Fedwire Funds is a credit/push
system;Fedwire Securities is a debit/pull system.
◉ which of the following does not govern checks and check
collection. Answer: regulation E
◉ a VAN is best described as a. Answer: communications network
for sending and receiving data
◉ which of the following checks is eligible to be converted to an ARC,
POP or BOC entry. Answer: consumers check in the amount of
$25,000
◉ which of the following emerging payments is considered a closed
loop network. Answer: Dwolla
◉ to be an eligible Destroyed Check Entry (XCK) a check must be in
an amount equal to or less than. Answer: 2,500
◉ an Originator goes out of business before its ODFI is able to
change back a debit entry that was returned as NSF this scenario
represents what type of risk to ODFI. Answer: credit risk
