AAP Returns, Reversals, and Adjustments 3

Question 1

Which return code is used when the RDFI cannot identify or locate the account referenced in the entry?

Accepted Answer

R03 (No Account/Unable to Locate Account)

Answer

R02 (Account Closed)

Answer

R04 (Invalid Account Number Structure)

Answer

R01 (Insufficient Funds)

Question 2

A contested dishonored return must be sent by the RDFI within:

Accepted Answer

1 banking day of receiving the dishonored return

Answer

2 banking days of receiving the dishonored return

Answer

5 business days of receiving the dishonored return

Answer

60 calendar days of the original entry settlement

Question 3

NOC change code C05 indicates:

Accepted Answer

Incorrect transaction code

Answer

Incorrect DFI account number

Answer

Incorrect routing/transit number

Answer

Incorrect company name

Question 4

When an Originator receives a Notification of Change, they must make the required corrections:

Accepted Answer

Within 6 banking days of the NOC settlement date or before initiating the next entry, whichever is later

Answer

Within 2 banking days of receipt

Answer

Within 30 calendar days of the NOC

Answer

On the same day the NOC is received

Question 5

Return code R08 means:

Accepted Answer

Payment stopped—the Receiver has requested a stop payment on the entry

Answer

Account has been frozen by the RDFI

Answer

Insufficient funds with a simultaneous stop payment order

Answer

Authorization has been revoked by the consumer

Question 6

A late return is defined as one that is:

Accepted Answer

Transmitted after the applicable return deadline, making the RDFI liable for the amount

Answer

Returned after 5 PM ET on any banking day

Answer

A return sent by the wrong financial institution

Answer

Any return entry processed on a weekend or holiday