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AAP Exam Study Cards > ACH Operations for the RDFI > Flashcards

ACH Operations for the RDFI Flashcards

1
Q

Governs clearing and settlement of ACH debit and credit Entries.

A

Federal Reserve Operating Circular No. 4

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2
Q

Federal Reserve Operating Circular No. 4

A
  • Governs clearing and settlement of ACH Debit and credit entries.
  • Incorporates Nacha Rules and agreements.
  • For financial institutions using Federal Reserve Bank as its ACH Operator
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3
Q

Payments of Federal Taxes

A

31 CFR Part 203

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4
Q

Federal Government Participation in the ACH

A

31 CFR Part 210

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5
Q

Tax Payment Banking Convention

A

TXP

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6
Q

Third-Party Banking Convention

A

TPP

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7
Q

Child Support Banking Convention

A

DED

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8
Q

Covers rules associated with protecting rights of individual consumers engaging in electronic fund transfers.

A

Regulation E

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9
Q

What year was Electronic Funds Transfer Act created?

A

1978

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10
Q

What is the name given to the set of rules that cover wholesale commercial credits?

A

Uniform Commercial Code Article 4A

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11
Q

Uniform Commercial Code Article 4A

A
  • Related to commercial wires and ACH Entries
  • Pertains generally to wholesale commercial credits
  • Copy can be found in Appendix A of Regulation J
  • Requires notice to the Receiver
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12
Q

Covers rules governing Federal Government ACH Payments

A

Treasury Green Book

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13
Q

RDFI Key Data Elements

A
  • Batch Header Info.
  • Trace Number
  • Transaction Code
  • Routing Number
  • Check digit
  • Account Number
  • Dollar amount
  • Individual ID
  • Receiver’s name
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14
Q

Must be sent at least three banking days before the first live dollar entry

A

Prenotes

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15
Q

How often does an RDFI require to conduct an audit?

A

Annually by December 31st

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16
Q

RDFIs are required to register their contact info with Nacha for personnel or departments responsible for ACH operations and fraud/risk management.

A

ACH Contact Registry/ recommended to audit annually

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17
Q

When must an RDFI notify OFAC For credit Entries that are a match against OFAC’S SDN list?

A

Within 10 days

18
Q

How often must Consumer statements be provided if RDFI is receiving EFTs.

A

At least monthly per Reg E

19
Q

Credit Same Day Entries received in 1st same-day processing window must be made available for withdrawal by?

A

1:30 pm (RDFI Local Time)

20
Q

Credit Same Day Entries received in 2nd same-day processing window must be made available for withdrawal by?

A

5:00 pm (RDFO Local Time)

21
Q

Credit Same Day Entries received in 3rd same-day processing window must be made available for withdrawal by ?

A

End of business (RDFI Local Time)

22
Q

Next-day credit entries must be made available to RDFI by?

A

5:00 pm (RDFI Local time) on Banking Day prior to settlement date
must be made available for withdrawal no later than 9:00 am (RDFI local time)

23
Q

Next-day credit entries must be made available for withdrawal no later than?

A

9:00 am (RDFI local time)

24
Q

Can debit entries be posted before the Settlement Date?

A

No

25
Q

Remittance information processing applies to?

A

CCD, CTX, CIE and IAT posting to Non-consumer accounts only

26
Q

RDFI is obligated to provide remittance information by?

A
  • Opening of business on second Banking Day following Settlement Date.
  • Must have ability to provide electronically for “HCCLAIMPMT”
  • May Charge for this service.
27
Q

For a DNE, RDFI should prevent future federal government benefit payments from posting and…

A

Return next payment - if received.

28
Q

DNE Federal government benefit payments must include what in the Addenda record?

A
  • Date of death.
  • Social Security Number.
  • Amount of next payment
29
Q

If a stop payment is given orally, RDFI may require written confirmation within?

A

14 Days

30
Q

Stop payments remains in effect for non-consumers for how long?

A

six months unless renewed in writing

31
Q

Stop payments remains in effect for consumer accounts until earlier of…

A
  • Withdrawal of stop payment order by receiver
  • Return of debit entry.
32
Q

ACH Payment Acknowledgement

A

ACK

33
Q

Financial EDI Acknowledgement

A

ATX

34
Q

Indicates that RDFI has received entries and will attempt to post CCD/CTX credits to non-consumer account.

A

Acknowledgement Entry (ACK) (ATX)

35
Q

RDFI must transmit a NOC within how many days?

A

2 banking days of settlement date

36
Q

What Act passed by congress in the 1970s resulted in Regulation E being written by the Federal Reserve Bank?

A

Electronic Funds Transfer Act

37
Q

The place where the ACH Operator sends the ACH entries it processes?

A

Receiving Point

38
Q

At what time must PPD credit entries be available for the RDFI to be obligated to make the funds available at the opening of business on the settlement date?

A

5:00 pm RDFI’s local time on the day before the settlement date.

39
Q

Returns and Notifications of Change are sometimes called?

A

Exception Entries

40
Q

Which Federal Reserve regulations defines a “non-transaction” account?

A

Regulation D

AAP Exam Study Cards (45 decks)

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