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CPP Electronic Payments & ACH Flashcards

6 cards from real CPP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 CPP Electronic Payments & ACH flashcards as text

  1. What is an R02 return code in an ACH transaction?

    Answer: Account Closed

    R02 is the ACH return code indicating that the bank account has been closed by the account holder.

  2. What is the typical return timeframe for an unauthorized ACH consumer debit (R10)?

    Answer: 60 calendar days

    Under Nacha rules, a consumer can return an unauthorized ACH debit (R10) up to 60 calendar days from the settlement date.

  3. Which Federal Reserve system provides real-time gross settlement for high-value transactions in the US?

    Answer: Fedwire Funds Service

    Fedwire Funds Service is the Federal Reserve's real-time gross settlement (RTGS) system used for large-value, time-critical payments.

  4. What does RDFI stand for in the ACH payment network?

    Answer: Receiving Depository Financial Institution

    RDFI stands for Receiving Depository Financial Institution — the bank that receives the ACH entry on behalf of the receiver.

  5. Under Nacha rules, how long does an ODFI have to honor a return entry from an RDFI?

    Answer: 5 banking days

    The ODFI must accept return entries transmitted within the applicable return timeframe, which for most return reasons is 2 banking days, but the ODFI has 5 banking days to dishonor improper returns.

  6. What is the primary purpose of a prenote in an ACH transaction?

    Answer: To test the validity of an account before sending live transactions

    A prenote (zero-dollar test entry) is sent before live ACH transactions to verify the routing and account numbers are valid.