AAP Exam Review Sample Test
2026 Exam Questions and
Answers | Already Graded A+
Which of the following specify the requirements for reserves that a
depository institution must maintain at a federal reserve bank? -
ANSWER ✔✔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? - ANSWER ✔✔OCC
Banking Circular 235
,Which of the following payment systems is referred to as a real-time and
gross settlement? - ANSWER ✔✔Fedwire Funds Transfer
Choose the correct description of the Acquirer in the card network
system: - ANSWER ✔✔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? -
ANSWER ✔✔$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 provision of UCC Article 4A can be
varied by agreement (with disclosure to Originator)? - ANSWER
✔✔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? - ANSWER ✔✔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? - ANSWER ✔✔Office of Foreign Assets Control
Which of the following lists the participants in check processing order? -
ANSWER ✔✔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? - ANSWER ✔✔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)? - ANSWER ✔✔RCK, CCD, CTX
Which of the following is true relating to addenda records for an IAT
Entry? - ANSWER ✔✔7 mandatory, 2 optional remittance, 5 optional
foreign correspondent (only a combined maximum of 12 addenda
records)
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
2026 Exam Questions and
Answers | Already Graded A+
Which of the following specify the requirements for reserves that a
depository institution must maintain at a federal reserve bank? -
ANSWER ✔✔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? - ANSWER ✔✔OCC
Banking Circular 235
,Which of the following payment systems is referred to as a real-time and
gross settlement? - ANSWER ✔✔Fedwire Funds Transfer
Choose the correct description of the Acquirer in the card network
system: - ANSWER ✔✔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? -
ANSWER ✔✔$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 provision of UCC Article 4A can be
varied by agreement (with disclosure to Originator)? - ANSWER
✔✔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? - ANSWER ✔✔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? - ANSWER ✔✔Office of Foreign Assets Control
Which of the following lists the participants in check processing order? -
ANSWER ✔✔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? - ANSWER ✔✔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)? - ANSWER ✔✔RCK, CCD, CTX
Which of the following is true relating to addenda records for an IAT
Entry? - ANSWER ✔✔7 mandatory, 2 optional remittance, 5 optional
foreign correspondent (only a combined maximum of 12 addenda
records)
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
