RDFI: ACH by the numbers

Question 1

Originator or ODFI must transmit Reversing File and any corresponding Correcting File within _______ of discovery of Erroneous File

Answer 1

24 hours

Question 2

ACH Operator must transmit Reversing File, and, if applicable, Correcting File, within ______ of discovery of Erroneous File

Answer 2

24 hours

Question 3

ODFI must provide Originator information regarding NOC or corrected NOC

Answer 3

2 Banking Days

Question 4

Third-Party Sender must provide ODFI with information to identify each Originator for which the Third-Party Sender transmits entries

Answer 4

2 Banking Days

Question 5

RDFI must provide Payment-Related Information to Receivers of CCD, CTX, CIE, and IAT entries upon non-consumers Receiver’s request

Answer 5

2 Banking Days

Question 6

RDFI must return any credit entry following the RDFI’s notification of refusal of the entry from its Receiver

Answer 6

2 Banking Days

Question 7

RDFI must transmit Return entry to its ACH Operator by the ACH Operator’s deadline for the Return entry to be made available to the ODFI no later than the opening of business on the ___________ following the Settlement Date of the original entry (except for Extended Return Entries)

Answer 7

2 Banking Days

Question 8

RDFI must return all credit entries that are not credited or otherwise made available to Receiver accounts

Answer 8

2 Banking Days

Question 9

RDFI must Transmit a corrected/contested dishonored Return

Answer 9

2 Banking Days

Question 10

RDFI may originate ACK/ATX for Transmittal to ODFI

Answer 10

2 Banking Days

Question 11

Consumer Receiver must verbally or in writing make stop payment request to RDFI for recurring entry

Answer 11

3 Banking Days: Reasonable Opportunity to Act (for single entry stop payment only)

Question 12

For single entry an RDFI must honor a stop payment provided by a Receiver to the RDFI in time to allow for reasonable opportunity to act.

Answer 12

3 Banking Days: Reasonable Opportunity to Act (for single entry stop payment only)

Question 13

Originator who initiated Prenote may not originate entries to Receiver’s account until the __________ from Settlement Date of Prenote.

Answer 13

3 Banking Days: Reasonable Opportunity to Act (for single entry stop payment only)

Question 14

Reversing File (and Correcting File) must be sent by the Originator or ODFI to ACH Operator within __________ after Settlement Date of Erroneous File (also applies to Reversing entries)

Answer 14

5 Banking Days

Question 15

Originator or ODFI must originate Reclamation entry or written demand for payment within __________ after Originator receives notice of death

Answer 15

5 Banking Days

Question 16

RDFI may transmit corrected COR

Answer 16

5 Banking Days

Question 17

ODFI must transmit a Dishonored Return within __________ of Settlement Date of Return

Answer 17

5 Banking Days

Question 18

Originator must make changes specified in NOC or corrected NOC with __________ of receipt of NOC information (or prior to initiating another entry, whichever is later)

Answer 18

6 Banking Days

Question 19

Originator to Receiver – written notice of change in scheduled debit date

Answer 19

7 Calendar Days

Question 20

Banking: ODFI provide record of authorization to RDFI written request or accept return entry

Answer 20

10 Days (note banking or calendar)

Question 21

Calendar: Originator send to Receiver written notice of change in amount to variable debit

Answer 21

10 Days (note banking or calendar)

Question 22

Banking: ODFI provide copy of Source Document to Receiver upon written request for ARC, BOC (request must be within 2 years from Settlement Date of entry)

Answer 22

10 Days (note banking or calendar)

Question 23

Banking: Return Rate Reporting/Reporting when Return Threshold is Exceeded - ODFI must provide information about Originator or Third-Party Sender to Nacha

Answer 23

10 Days (note banking or calendar)

Question 24

Banking: RDFI must provide copy of Written Statement of Unauthorized Debit to ODFI upon written request

Answer 24

10 Days (note banking or calendar)

Question 25

Oral stop payment request is binding

Answer 25

14 Calendar Days

Question 26

Reclamation entry returned by RDFI – Originator may make a written demand within __________ after receipt of the return

Answer 26

15 Banking Days

Question 27

ODFI must transmit refused NOC to ACH Operator within __________ of receipt of NOC

Answer 27

15 Calendar Days

Question 28

DFI must provide copy of item to which XCK entry relates to the RDFI and to the first DFI to which the item was transferred (if different) within __________ of receipt of written request

Answer 28

30 Calendar Days

Question 29

A Return Fee entry that is authorized by notice must have a Settlement Date that is no later than __________ after the Settlement Date of the ACH Return entry or check to which the fee relates

Answer 29

45 Calendar Days

Question 30

FI must update ACH Contact registry within __________ of making changes.

Answer 30

45 Calendar Days

Question 31

Originator may originate new Entry within __________ after Settlement Date of the receipt of an Entry returned R11 (Customer Advises Entry Not in Accordance with the Terms of the Authorization)

Answer 31

60 Calendar Days

Question 32

RDFI may make a warranty claim for entries settling within __________ from Settlement Date of the first unauthorized entry to a consumer account.

Answer 32

95 Days

Question 33

Non-consumer stop payment request if received in writing

Answer 33

6 Months

Question 34

RDFI must retain copy of WSUD __________ from the Settlement Date of the Return entry

Answer 34

1 Year

Question 35

An ACH Operator must retain a Record of all entries received or transmitted by it for __________ from the date the entry was received or transmitted.

Answer 35

1 Year

Question 36

RDFI may make a warranty claim for an entry to a non-consumer account for a period of __________ from Settlement Date of an Entry.

Answer 36

1 Year

Question 37

Originator or ODFI must reinitiate a returned entry within __________ from Settlement Date of original entry

Answer 37

180 days

Question 38

RDFI may make a warranty claim for an entry to a consumer account for a period of __________ from Settlement Date of an Entry

Answer 38

2 Years

Question 39

Originator must retain the original or a copy of each authorization of a Receiver for __________ from the termination or revocation of the authorization.

Answer 39

2 Years

Question 40

Exception: RCK (See 7 Years.)

Answer 40

2 Years

Question 41

A participating DFI must retain a Record of each entry for __________ from the date the entry was transmitted.

Answer 41

6 Years

Question 42

RDFI right to request copy of item to which an XCK entry relates

Answer 42

6 Years

Question 43

Originator must retain copy of front and back of the item to which an RCK entry relates

Answer 43

7 Years