AAP Exam Review Sample Test Questions and Answers 100% Pass

AAP Exam Review Sample Test Questions and Answers 100% Pass Which of the following specify the requirements for reserves that a depository institution must maintain at a federal reserve bank? - Reg D Which of the following specifically addresses national banks and their need to evaluate a large dollar payment system network risks and requires reporting this to top management and maintaining agreements with all parties that they do business with? - OCC Banking Circular 235 Which of the following payment systems is referred to as a real-time and gross settlement? - Fedwire Funds Transfer Choose the correct description of the Acquirer in the card network system: - A Financial institution that represents merchants in accepting POS transactions What is the minimum amount of dispute BEFORE a complaint can be filed to initiate an arbitration proceeding for the ACH Network? - $250 Blue Sky Bank does ACH origination for two local companies in town. The bank has agreements in place with the two Originators in which it provides the necessary disclosures for UCC Article 4A as required by the NACHA operating rules. Which 2 | P a g e Katelyn Whitman© 2025, All Rights Reserved. provision of UCC Article 4A can be varied by agreement (with disclosure to Originator)? - Choice of Law Anthony opened his checking account with Northern Bank in February. In the initial disclosures provided by Northern Bank upon account opening, the ATM fee was clearly stated as being $3.00 per transaction. Effective October 1, the fee for using an ATM will increase to $3.50. According to Reg E, how many days prior notice is required when there is a change to the initial disclosures which results in greater consumer liability? - 21 Days Which regulatory body requires the RDFI to perform a review of all parties to an IAT entry including remittance and foreign correspondent addenda records? - Office of Foreign Assets Control Which of the following lists the participants in check processing order? - Payee/Bank of First Deposit/correspondent Bank/Paying Bank Which of the following would be a method by the RDFI to officially notify a Federal Government Agency of the death of a federal government benefit payment recipient? - By returning a post death benefit R14 or R15 Regulation E does NOT apply to which of the following ACH products (identified by SEC Code)? - RCK, CCD, CTX 3 | P a g e Katelyn Whitman© 2025, All Rights Reserved. Which of the following is true relating to addenda records for an IAT Entry? - 7 mandatory, 2 optional remittance, 5 optional foreign correspondent (only a combined maximum of 12 addenda records) State Bank and Trust returns an entry as unauthorized after having the customer complete and sign the written statement of unauthorized debit (WSUD). How long is State Bank and Trust required to retain a copy of the WSUD? - One Year First Bank (ODFI) is creating XCK entries due to a lost cash letter. According to the NACHA operating rules, First Bank needs to keep a copy of the item(s) to which each XCK entry pertains for: - 6 Years U.S. Steel Company is stating it has an unauthorized debit entry posting to its corporate account on Sept 22. On Sept 29,it is requesting the RDFI (Star Bank) to return the entry as unauthorized. What is the timeframe to return an unauthorized ACH corporate entry? - Available to the ODFI no later than opening of