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Guide for Accredited ACH Professional

Quiz Accredited ACH Professional

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Quiz

1/10
ACH Transaction Types
Which ACH transaction type is most commonly used when a company sends funds to an employee's bank account as part of a direct deposit payroll?
Select the answer
1 correct answer
A.
ACH Credit
B.
ACH Debit
C.
ACH Reversal
D.
ACH Return

Quiz

2/10
Return and Adjustment Processes
Which of the following best describes the primary purpose of a return in the ACH network?
Select the answer
1 correct answer
A.
To delay the settlement of a transaction
B.
To reverse an erroneous or unauthorized transaction that has already posted
C.
To adjust an entry before final posting
D.
To authorize a bank to deduct additional funds

Quiz

3/10
ACH Network Overview
Which statement best describes the role of the ACH network in the electronic payments ecosystem?
Select the answer
1 correct answer
A.
It facilitates batch processing of electronic payments between banks.
B.
It directly processes individual credit card transactions.
C.
It functions solely as a clearinghouse for check deposits.
D.
It focuses primarily on wire transfers.

Quiz

4/10
ACH Processing Operations
In ACH processing operations, what is the primary responsibility of the Originating Depository Financial Institution (ODFI)?
Select the answer
1 correct answer
A.
Initiate and transmit ACH transactions on behalf of their customers
B.
Receive ACH transactions and post them to the receiver’s account
C.
Provide dispute resolution services for returned ACH entries
D.
Audit ACH transactions to ensure regulatory compliance

Quiz

5/10
Regulatory Framework for ACH
Which of the following describes the primary role of the National Automated Clearing House Association (NACHA) in the ACH network?
Select the answer
1 correct answer
A.
Developing and maintaining ACH operating rules
B.
Regulating consumer privacy practices
C.
Auditing member financial institutions
D.
Issuing bank operational licenses

Quiz

6/10
Electronic Payment Methods
Which of the following best describes the Automated Clearing House (ACH) network?
Select the answer
1 correct answer
A.
A batch processing system
B.
A real-time processing system
C.
A wire transfer system
D.
A payment card network

Quiz

7/10
Settlement and Funding Processes
In the context of ACH processing, which of the following best describes the settlement process?
Select the answer
1 correct answer
A.
Settlement is the process where funds are exchanged between financial institutions after transactions have been processed.
B.
It is the process of verifying the identity of the parties involved before the transaction is initiated.
C.
It refers to the authorization process for initiating an ACH transaction.
D.
It involves resolving customer disputes after transaction errors.

Quiz

8/10
Risk Management in ACH Transactions
Which of the following is an effective risk management strategy in ACH transactions?
Select the answer
1 correct answer
A.
Implementing robust authentication protocols
B.
Regular monitoring of ACH transactions
C.
Periodic risk assessments and compliance audits
D.
All of the above

Quiz

9/10
Compliance and Legal Considerations
Which regulatory body is primarily responsible for establishing the rules and standards for ACH transactions in the United States?
Select the answer
1 correct answer
A.
Federal Reserve Board
B.
National Automated Clearing House Association (NACHA)
C.
Office of the Comptroller of the Currency
D.
Consumer Financial Protection Bureau

Quiz

10/10
Customer Service and Support in ACH
Which customer service strategy is most effective for addressing ACH transaction disputes?
Select the answer
1 correct answer
A.
Timely acknowledgement of the dispute
B.
Providing a clear escalation pathway
C.
Offering alternative resolution channels
D.
All of the above
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