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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 does ACH stand for in the context of US payment systems?

    Answer: Automated Clearing House

    ACH stands for Automated Clearing House, the US electronic network used for financial transactions such as direct deposits and bill payments.

  2. Which organization governs and manages the ACH Network rules in the United States?

    Answer: Nacha

    Nacha (formerly NACHA) is the self-regulatory organization that governs the ACH Network and sets the operating rules.

  3. What is the standard ACH settlement window for Same Day ACH transactions?

    Answer: Within the same business day

    Same Day ACH transactions settle within the same business day, typically within a few hours of submission.

  4. What ACH transaction type is used when a company pulls funds from a customer's bank account?

    Answer: PPD Debit

    A PPD Debit (Prearranged Payment and Deposit Debit) entry is used when a company pulls funds from a consumer's personal bank account under a written authorization.

  5. Which ACH Standard Entry Class (SEC) code is used for internet-initiated consumer debit entries?

    Answer: WEB

    WEB (Internet-Initiated Entry) is the SEC code for debit entries initiated via the internet for consumer accounts.

  6. What is the maximum dollar amount per transaction for Same Day ACH as of the latest Nacha rule update?

    Answer: $1,000,000

    Nacha raised the Same Day ACH per-transaction limit to $1,000,000, enabling large B2B and payroll transactions to be processed same-day.