Operational Process and Flow

Question 1

Which entity in the ACH Network establishes the ACH Network processing schedules?

Answer 1

The ACH Operator

Question 2

What is a Sending Point?

Answer 2

An entity that transmits entries to an ACH Operator on behalf of an ODFI.

Question 3

What is the difference between the Effective Entry Date and the Settlement Date?

Answer 3

The Effective Entry Date is the date assigned by the Originator that it intends the Entry to hit the Receiver’s account; The Settlement Date is assigned by the ACH Operator and is the actual date that the entry posts to the Receiver’s account.

Question 4

What date format is the Settlement Date in?

Answer 4

Julian formant (3 numerics ie. Jan 1 = 001)

Question 5

Which SECs require the RDFI to provide all addenda record information to the Receiver upon request?

Answer 5

CCD that is NOT a Health Care EFT Transaction

Question 6

How long does an RDFI have to return an entry?

Answer 6

2 banking days

Question 7

How long does an ODFI have to dishonor a return?

Answer 7

5 banking days

Question 8

How long does an RDFI have to contest a Dishonored Return?

Answer 8

2 banking days

Question 9

What SEC can an RDFI return just because they don’t want to accept it?

Answer 9

XCK

Question 10

What return code and timeframe used when returning an XCK?

Answer 10

R33 and 60 days from the settlement date of transaction.

Question 11

Wha are the requirements for a check to be eligible for ACH conversion?

Answer 11

The check must have a MICR line and it must be under $25k

Question 12

What is an Extended Return Timeframe?

Answer 12

Any return that falls outside of the standard 2 banking day timeframe.

Question 13

What is the minimum amount of dispute BEFORE a complaint can be filed to initiate an arbitration proceeding for the ACH Network?

Answer 13

$250.00

Question 14

In which situations much a Receiver re-credit a Consumer?

Answer 14

Unauthorized entries, authorization revoked, entry not in accordance with terms/auth, improper RCK entry, and stop payments related to RCK entries.

Question 15

How long must an RDFI retain a WSUD under the ACH Rules?

Answer 15

One year after the Settlement Date of the Extended Return Entry

Question 16

How long does an RDFI have to provide a copy of the WDU after it has been requested by the ODFI?

Answer 16

10 Banking Days

Question 17

What is the timeframe for an extended return?

Answer 17

Must be back to the ODFI no later than the opening of business on the banking day FOLLOWING the 60th calendar day from the Settlement Date of the original entry.

Question 18

What is a pre-note used for and who sends it?

Answer 18

Sent by the ODFI to verify an account number.

Question 19

Once a pre-note is sent, how long must an ODFI wait before transmitting a live entry?

Answer 19

3 banking days

Question 20

How long does an ODFI/Originator have to transmit a reversal file?

Answer 20

Within 5 banking days after the settlement date AND within 24 hours of discovering the error(s).

Question 21

How long does an Originator have to make the changes specified on a NOC?

Answer 21

Changes must be made within 6 banking days of receipt of NOC.

Question 22

How long does an ODFI have to refuse a NOC?

Answer 22

15 calendar days

Question 23

What is the transaction code(s) for Demand accounts?

Answer 23

21 or 26

Question 24

What is the transaction code for Savings accounts?

Answer 24

31 or 36

Question 25

What is the transaction code for General Ledger accounts

Answer 25

41 or 46

Question 26

What is the transaction code for Loan accounts?

Answer 26

51 or 56

Question 27

How many times can an Originator/ODFI re-initiate an entry that was returned R01 or R09?

Answer 27

2 more times.

Question 28

How long does an ODFI have to reinitiate a debit?

Answer 28

180 days after the settlement date of the original entry.

Question 29

What has to be in the Company Entry Description field when reinitiating a debit?

Answer 29

RETRY PYMT

Question 30

Which entity initiates a dishonored return?

Answer 30

The ODFI

Question 31

How long does an ODFI warrant that an Entry is property authorized and that authorization has been terminated on a Non Consumer account?

Answer 31

1 year from Settlement Date of the Unauthorized entry

Question 32

How long does the ODFI warrant that an Entry is properly authorized and that authorization has not been terminated on a Consumer Account?

Answer 32

2 years of most recent Unauthorized entries PLUS 95 calendar days of Settlement Date of first unauthorized transactions IF more than two years have passed.

Question 33

How long does an RDFI have to originate an NOC from Settlement Date of original entry?

Answer 33

2 banking days

Question 34

What is the timeframe to respond to a Refused NOC?

Answer 34

5 banking days

Question 35

What is the time frame to originate a file or Single entry Reversals following the Settlement Date of the transaction(s)?

Answer 35

5 banking days

Question 36

What is the timeframe to originate a commercial Reclamation from the date of death notification?

Answer 36

5 banking days

Question 37

What is the timeframe to return a XCK entry?

Answer 37

60 calendar days

Question 38

What is the timeframe to return a revoked or unauthorized consumer transaction?

Answer 38

60 calendar days

Question 39

What is the timeframe to return an unauthorized corporate transaction?

Answer 39

2 banking days

Question 40

What is the time-frame to refuse a NOC?

Answer 40

15 calendar days