AAP UPDATED 2026 EXAM SCRIPT QUESTIONS AND
SOLUTIONS RATED A+
✔✔ABC Credit Union becomes aware of a member's death and flags the account. The
following ACH entries are received after her date of death. To limit its liability, which
payment must be returned - ✔✔Social Security benefit payment in the name of the
deceased
✔✔An RDFI that posts ACH entries based solely on the account number is - ✔✔Not
liable for any entries sent be the ODFI in error
✔✔which of the following check payment system participants is responsible for the
clearing and settlement of checks - ✔✔Correspondent Bank
✔✔if an ODFI receives a contested dishonored return,what alternative do they have to
reclaim the money - ✔✔they must request the money back outside of the ACH Network
✔✔which of the following SEC codes can be used for both zero-dollar entries and
payment-related information - ✔✔CTC and CCD
✔✔the risk that the inability or unwillingness of one funds transfer system participant to
settle its commitments causes other participants be unable to settle their commitment is
- ✔✔Systemic Risk
✔✔NACHA has the authority to begin a rules enforcement proceeding and could assess
fines if an Originator exceeds the - ✔✔Unauthorized Return Rate threshold
✔✔which of the following federal government payments not subject to reclamation -
✔✔IRS tax refund
✔✔which of the following options can decrease an ODFIs credit risk - ✔✔Prefunding
✔✔ABC Company sends a monthly retirement payment and then receives notice that
the retiree passed away 2 weeks prior to the payment date. How many days does ABC
Company have to initiate a reclamation entry or written demand for payment - ✔✔5
banking days from receiving notice of the death
✔✔promote entries under the ACH Rules are for optional use by the Opiginator. An
ODFI may require an Originator to send a prenote by including the requirement in an -
✔✔Origination Agreement
✔✔which of the following is exempt from regulation E - ✔✔domestic wire transfer
, ✔✔which federal reserve regulator defines a non transaction account - ✔✔regulation D
✔✔the financial organization master file fomf is - ✔✔a department of treasury list of
financial institutions receiving federal government ACH payments
✔✔which of the following specifically addresses the need to cover commercially
reasonable security procedures between an ODFI and the originator - ✔✔UCC 4A
✔✔which of the following defines the Federal reserve banks role as an ACH operator -
✔✔FRB Operating circular 4
✔✔on May 20 a garnishment order is received against an account holder for 2000. the
accout review funds the balance in the account is 1000 and there were two federal
benefit payments deposited during the look back period totaling 2500. what is the
protected amount to be established - ✔✔1000
✔✔which of the following is not included as part of the a financial institutions ACH
OFAC policies and procedures - ✔✔SDN list issued at the time of policy and procedure
approval by the board
✔✔OCC 235 addresses large payment system risk and - ✔✔applies to nationally
chartered banks
✔✔which of the following is not used to determine a commercially reasonable security
procedure for purposes of UCC 4A - ✔✔originator's creditworthiness
✔✔the president of lake area credit union attends the funeral of a local pastor who was
also one of its members. the pastor has been receiving a federal government benefit
payment. which should the RDFI use to notify the federal agency of the death -
✔✔return the entry using return code r15
✔✔according to UCC 4A which of the following items may be altered through an
origination Agreement - ✔✔originators requirement to inform its ODFI of any errors in
entries transmitted within 90 days
✔✔an RDFI learns from the surviving spouse that one of its customers receiving federal
benefit payments is deceased. the RDFI must - ✔✔return all post death benefit
payments
✔✔which of the following requires funds to be made available no later than the business
day following receipt of the funds - ✔✔Regulation CC
SOLUTIONS RATED A+
✔✔ABC Credit Union becomes aware of a member's death and flags the account. The
following ACH entries are received after her date of death. To limit its liability, which
payment must be returned - ✔✔Social Security benefit payment in the name of the
deceased
✔✔An RDFI that posts ACH entries based solely on the account number is - ✔✔Not
liable for any entries sent be the ODFI in error
✔✔which of the following check payment system participants is responsible for the
clearing and settlement of checks - ✔✔Correspondent Bank
✔✔if an ODFI receives a contested dishonored return,what alternative do they have to
reclaim the money - ✔✔they must request the money back outside of the ACH Network
✔✔which of the following SEC codes can be used for both zero-dollar entries and
payment-related information - ✔✔CTC and CCD
✔✔the risk that the inability or unwillingness of one funds transfer system participant to
settle its commitments causes other participants be unable to settle their commitment is
- ✔✔Systemic Risk
✔✔NACHA has the authority to begin a rules enforcement proceeding and could assess
fines if an Originator exceeds the - ✔✔Unauthorized Return Rate threshold
✔✔which of the following federal government payments not subject to reclamation -
✔✔IRS tax refund
✔✔which of the following options can decrease an ODFIs credit risk - ✔✔Prefunding
✔✔ABC Company sends a monthly retirement payment and then receives notice that
the retiree passed away 2 weeks prior to the payment date. How many days does ABC
Company have to initiate a reclamation entry or written demand for payment - ✔✔5
banking days from receiving notice of the death
✔✔promote entries under the ACH Rules are for optional use by the Opiginator. An
ODFI may require an Originator to send a prenote by including the requirement in an -
✔✔Origination Agreement
✔✔which of the following is exempt from regulation E - ✔✔domestic wire transfer
, ✔✔which federal reserve regulator defines a non transaction account - ✔✔regulation D
✔✔the financial organization master file fomf is - ✔✔a department of treasury list of
financial institutions receiving federal government ACH payments
✔✔which of the following specifically addresses the need to cover commercially
reasonable security procedures between an ODFI and the originator - ✔✔UCC 4A
✔✔which of the following defines the Federal reserve banks role as an ACH operator -
✔✔FRB Operating circular 4
✔✔on May 20 a garnishment order is received against an account holder for 2000. the
accout review funds the balance in the account is 1000 and there were two federal
benefit payments deposited during the look back period totaling 2500. what is the
protected amount to be established - ✔✔1000
✔✔which of the following is not included as part of the a financial institutions ACH
OFAC policies and procedures - ✔✔SDN list issued at the time of policy and procedure
approval by the board
✔✔OCC 235 addresses large payment system risk and - ✔✔applies to nationally
chartered banks
✔✔which of the following is not used to determine a commercially reasonable security
procedure for purposes of UCC 4A - ✔✔originator's creditworthiness
✔✔the president of lake area credit union attends the funeral of a local pastor who was
also one of its members. the pastor has been receiving a federal government benefit
payment. which should the RDFI use to notify the federal agency of the death -
✔✔return the entry using return code r15
✔✔according to UCC 4A which of the following items may be altered through an
origination Agreement - ✔✔originators requirement to inform its ODFI of any errors in
entries transmitted within 90 days
✔✔an RDFI learns from the surviving spouse that one of its customers receiving federal
benefit payments is deceased. the RDFI must - ✔✔return all post death benefit
payments
✔✔which of the following requires funds to be made available no later than the business
day following receipt of the funds - ✔✔Regulation CC
