NATIONAL CHECK PAYMENTS
CERTIFICATION (NCP)
Which rules apply to image items? - ANSWERS-Private sector clearing Rules such
as ECCHO, Federal Reserve Rules (OC3 and Reg J), Based on the
presentment/clearing channel, Agreements
Which rules apply to Image and Substitute Check - ANSWERS-Warranties
generally start at first bank that deals with substitute check or image
What covers rules cover Remote Deposit Check - ANSWERS-Customer
Agreements cover liabilities and responsibilities
Describe the Orginigator of an ACH - ANSWERS-Originating Depositary Financial
Institution - Entity who receives payment instructions from originator and
forwards them to the ACH operator
Describe the ODFI - ANSWERS-Originating Depositary Financial Institution - Entity
who receives payment instructions from originator and forwards them to the ACH
operator
Describe the ACH Operator - ANSWERS-Central clearing facility that receives
entries from ODFIs, distributes the entries to the appropriate RDFIs and performs
the settlement functions for the financial institutions
, Describe the RDFI - ANSWERS-Receiving Depositary Financial Institution - Entity
that receives ACH entries from the ACH operator and post them to the account of
its depositors (Receiver)
Describe the Receiver - ANSWERS-Receiving company, employee or customer -
entity may be a consumer or organization that has authorized an originator to
initiate an ACH entry to the Receiver's account with the RDFI
Wire transfer are governed by? - ANSWERS-UCC article 4A, Regulation J, CHIPS
rules and Administrative Procedures
What does Reg CC implement - ANSWERS-Check Clearing for the 21st Century Act
(Check 21) and the Expedited Funds Availability Act.
Describe the routing number in fractional form - ANSWERS-City prefix 1 -49 -
State 50 - 99 Prefix is followed by the ABA institution identifier - Denominator is
Federal Reserve routing symbol.
What is the Aux on us field used for? - ANSWERS-Optional field to left of the
routing field on micr line. Normally on business sized checks for the placement of
consecutive serial number. Checks with an aux on un field are ineligible to
conversion to ACH entries ARC, BOC, POP.
What is the purpose of Reg CC - ANSWERS-To implement to Expedited Funds
Availability Act and the Check 21
CERTIFICATION (NCP)
Which rules apply to image items? - ANSWERS-Private sector clearing Rules such
as ECCHO, Federal Reserve Rules (OC3 and Reg J), Based on the
presentment/clearing channel, Agreements
Which rules apply to Image and Substitute Check - ANSWERS-Warranties
generally start at first bank that deals with substitute check or image
What covers rules cover Remote Deposit Check - ANSWERS-Customer
Agreements cover liabilities and responsibilities
Describe the Orginigator of an ACH - ANSWERS-Originating Depositary Financial
Institution - Entity who receives payment instructions from originator and
forwards them to the ACH operator
Describe the ODFI - ANSWERS-Originating Depositary Financial Institution - Entity
who receives payment instructions from originator and forwards them to the ACH
operator
Describe the ACH Operator - ANSWERS-Central clearing facility that receives
entries from ODFIs, distributes the entries to the appropriate RDFIs and performs
the settlement functions for the financial institutions
, Describe the RDFI - ANSWERS-Receiving Depositary Financial Institution - Entity
that receives ACH entries from the ACH operator and post them to the account of
its depositors (Receiver)
Describe the Receiver - ANSWERS-Receiving company, employee or customer -
entity may be a consumer or organization that has authorized an originator to
initiate an ACH entry to the Receiver's account with the RDFI
Wire transfer are governed by? - ANSWERS-UCC article 4A, Regulation J, CHIPS
rules and Administrative Procedures
What does Reg CC implement - ANSWERS-Check Clearing for the 21st Century Act
(Check 21) and the Expedited Funds Availability Act.
Describe the routing number in fractional form - ANSWERS-City prefix 1 -49 -
State 50 - 99 Prefix is followed by the ABA institution identifier - Denominator is
Federal Reserve routing symbol.
What is the Aux on us field used for? - ANSWERS-Optional field to left of the
routing field on micr line. Normally on business sized checks for the placement of
consecutive serial number. Checks with an aux on un field are ineligible to
conversion to ACH entries ARC, BOC, POP.
What is the purpose of Reg CC - ANSWERS-To implement to Expedited Funds
Availability Act and the Check 21
