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AAP Exam Practice Questions and Answers 100% Pass
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AAP Exam Practice Questions and Answers 100% Pass Which of the following specify the requirements for reserves that a depository institution must maintain at a Federal Reserve Bank? a. Uniform Commercial Code Article 4A b. Federal Reserve Bank Operating Circular 4 c. Regulation D d. Regulati...

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  • December 26, 2024
  • 46
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • aap exam practice questions and answers 100 pass

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  • AAP
  • AAP

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KatelynWhitman

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AAP Exam Practice Questions and
Answers 100% Pass

Which of the following specify the requirements for reserves that a depository

institution must maintain at a Federal Reserve Bank?


a. Uniform Commercial Code Article 4A


b. Federal Reserve Bank Operating Circular 4


c. Regulation D


d. Regulation CC - ✔✔Regulation D


Which of the following specifically addresses national banks and their need to evaluate

large dollar payment system network risks and requires reporting this to top

management and maintaining agreements with all parties that they do business with?


a. OCC Banking Circular 235


b. UCC 4


c. Regulation Z


d. UCC 4A - ✔✔OCC Banking Circular 235




Katelyn Whitman© 2025, All Rights Reserved.

,2|Page


When an Originator is initiating an MTE, POS, SHR entry where a personal

identification number (PIN) is required in connection with the authorization, the

Originator MUST comply with: - ✔✔ANSI ASC X9.8 Standards


Which of the following payment systems is referred to as real-time and gross

settlement?


a. Fedwire Funds Transfer


b. Check Processing System


c. Debit Card Network


d. ACH Network - ✔✔Fedwire Funds Transfer


Choose the correct description of the Acquirer in the card network system:


a. The entity that has agreed to accept credit and debit cards for the purchase of goods

and


services


b. The entity that issues a credit or debit card to the card holder


c. A financial institution that represents merchants in accepting POS transactions


d. The network that provides switching facilities for the card transactions - ✔✔A

financial institution that represents merchants in accepting POS transactions


Which of the following lists the participants in check processing order?



Katelyn Whitman© 2025, All Rights Reserved.

,3|Page


a. Payor/Payee/Receiver/Paying Bank


b. Payee/Bank of First Deposit/Correspondent Bank/Paying Bank


c. Payor/Payee/Payee's FI/Payor's FI/Correspondent Bank


d. Payor/Payee/Merchant/ODFI/RDFI - ✔✔Payee>Bank of First

Deposit>Correspondent Bank> Paying Bank


An unauthorized entry is transmitted into the ACH Networkby County Council Credit

Union, there are financial losses involved and County Council Credit Union and the

RDFI (State Bank) cannot come to an agreement as to who should be paying what

amount of money and to whom. What is the minimum amount of dispute BEFORE a

complaint can be filed to initiate an arbitration proceeding?


a. $200


b. $250


c. $1,000


d. $2,500 - ✔✔$250


Blue Sky Bank does ACH origination for two local companies in town. The bank has

agreements in place with the two originators in which it provides the necessary

disclosures for UCC Article 4A as required by the NACHA Operating Rules. Which

provision of the UCC Article 4A can be varied by agreement (with disclosure to

Originator)?



Katelyn Whitman© 2025, All Rights Reserved.

, 4|Page


a. Delay or Failure to Transmit Entries


b. Payment Upon Acceptance of Entries


c. Duty to Pay ODFI


d. Choice of Law - ✔✔Choice of Law


First Bank received a credit return entry R02 (Account closed) for $35,000 two weeks

after the original transaction was transmitted to the Receiver. First Bank feels that the

RDFI (Oceans Bank) owes them interest and penalties for failing to return the credit

entry timely. What is the minimum dollar amount of loss suffered to file a claim for

compensation? - ✔✔$200


Anthony opened his checking account with Northern Bank in February. In the initial

disclosures provided by Northern Bank upon opening, the ATM fee was clearly stated

as being $3.00 per transaction. Effective October 1, the fee for using the ATM will

increase to $3.50. According to Regulation E, how many days prior notice is required

when there is a change to the initial disclosures which result in greater consumer

liability?


a. 21 days


b. 30 days


c. 15 days


d. 10 days - ✔✔21 Days



Katelyn Whitman© 2025, All Rights Reserved.

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