Free AAP Payment System Questions and Answers

Question 1

What are the two primary types of transactions processed through the ACH Network?

Accepted Answer

Credit and debit transactions

Answer

Wire transfers and credit card payments

Answer

Direct deposits and cash withdrawals

Answer

Check and electronic transfers

Question 2

Under Nacha Operating Rules, how long does an Originating Depository Financial Institution (ODFI) have to transmit a returned ACH debit entry to the Receiving Depository Financial Institution (RDFI)?

Accepted Answer

1 business day

Answer

2 business days

Answer

5 business days

Answer

60 calendar days

Question 3

Which federal regulation provides protections for consumers using electronic funds transfers (EFTs), including ACH transactions?

Accepted Answer

Regulation E

Answer

Regulation CC

Answer

Regulation Z

Answer

Regulation D

Question 4

What is the primary purpose of Same Day ACH?

Accepted Answer

To provide faster processing for both ACH credits and debits

Answer

To process international payments

Answer

To eliminate the need for overnight batch processing

Answer

To replace wire transfer services

Question 5

In ACH operations, what does "settlement" refer to?

Accepted Answer

The movement of funds between banks to complete an ACH transaction

Answer

The process of reconciling accounts within a financial institution

Answer

The process of clearing checks

Answer

The posting of account balances on customer statements