AAP PROFESSIONAL ASSESSMENT 2026
VERIFIED QUESTION ANSWER
COMPILATION GUIDE
◉ RDFIs must identify the sender of a P2P payment on the
consumer's periodic statement. the sender's name is found in the.
Answer: Individual Identification Number field
◉ 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.
Answer: Social Security benefit payment in the name of the deceased
◉ An RDFI that posts ACH entries based solely on the account
number is. Answer: 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. Answer:
Correspondent Bank
,◉ if an ODFI receives a contested dishonored return,what
alternative do they have to reclaim the money. Answer: 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. Answer: 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. Answer:
Systemic Risk
◉ NACHA has the authority to begin a rules enforcement proceeding
and could assess fines if an Originator exceeds the. Answer:
Unauthorized Return Rate threshold
◉ which of the following federal government payments not subject
to reclamation. Answer: IRS tax refund
◉ which of the following options can decrease an ODFIs credit risk.
Answer: 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. Answer: 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. Answer: Origination Agreement
◉ which of the following is exempt from regulation E. Answer:
domestic wire transfer
◉ which federal reserve regulator defines a non transaction account.
Answer: regulation D
◉ the financial organization master file fomf is. Answer: 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. Answer: UCC 4A
◉ which of the following defines the Federal reserve banks role as
an ACH operator. Answer: FRB Operating circular 4
VERIFIED QUESTION ANSWER
COMPILATION GUIDE
◉ RDFIs must identify the sender of a P2P payment on the
consumer's periodic statement. the sender's name is found in the.
Answer: Individual Identification Number field
◉ 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.
Answer: Social Security benefit payment in the name of the deceased
◉ An RDFI that posts ACH entries based solely on the account
number is. Answer: 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. Answer:
Correspondent Bank
,◉ if an ODFI receives a contested dishonored return,what
alternative do they have to reclaim the money. Answer: 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. Answer: 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. Answer:
Systemic Risk
◉ NACHA has the authority to begin a rules enforcement proceeding
and could assess fines if an Originator exceeds the. Answer:
Unauthorized Return Rate threshold
◉ which of the following federal government payments not subject
to reclamation. Answer: IRS tax refund
◉ which of the following options can decrease an ODFIs credit risk.
Answer: 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. Answer: 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. Answer: Origination Agreement
◉ which of the following is exempt from regulation E. Answer:
domestic wire transfer
◉ which federal reserve regulator defines a non transaction account.
Answer: regulation D
◉ the financial organization master file fomf is. Answer: 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. Answer: UCC 4A
◉ which of the following defines the Federal reserve banks role as
an ACH operator. Answer: FRB Operating circular 4
