AAP Exam 2023 with 100% correct answers

Samuel's Imports processes service fees electronically for returned checks. According to Regulation D, Samuel's must provide a notice to the customer prior to collecting any fees electronically. - correct answer False Which Standard Entry Class Code (SEC) does UCC4A cover? - correct answer CCD (credit) Ralph Smith has scheduled automatic transfers with all 8 of monthly debtors as a way to simplify his life. He set up a separate savings account to pay his bills. He provided each debtor his savings account number. After the sixth Third-Party debit Entry to this account the RDFI returned the remaining debits. The customer was very angry and wanted the RDFI to pay his late fees. The RDFI is within its right to return the Entries according to which regulation? - correct answer Regulation D defines a non-transaction account as an account that allows no more than six Third-Party withdrawals per statement period. Which regulation pertains to consumer error resolution within 60 days of statement date? - correct answer Regulation E Uniform Commercial Code Article 4A primarily addresses: - correct answer Wholesale ACH credit transactions and wire transfers Which regulation states that funds deposited by means of electronic payment must be made available to the consumer no later than the business day following the banking day on which the bank received the electronic payment? - correct answer Regulation CC Which regulation limits the number of debits made by check, debit card or ACH, to not more than six per statement cycle ? - correct answer Regulation D Which Regulation governs funds availability? - correct answer Regulation CC Under Regulation E, how long does an institution have to resolve the error without providing a provisional recredit of the amount in question? - correct answer 10 Business Days Which act gives electronic signatures and documents the same force of law as ink on paper? - correct answer E-Sign Act An Originator can add the return fee to the RCK Entry when initiating the Entry. - correct answer False Which requirement is not required for consumer accounts according to Regulation E and the NACHA Operating Rules except: - correct answer ACH Operator ID number