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13 Cards in this Set
- Front
- Back
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A product typically used to transmit batch files w/ significant check volume between customers and banks or between banks and the Federal Reserve for the purpose of clearing the checks is called:
A. Account Reconciliation Product (ARP) B. Image Cash Letter C. Controlled Disbursement D. Non-Cash Item Letter |
B. Image Cash Letter
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Which of the following is not considered a non-cash item?
A. Cashiers check B. It's accompanied by special instructions (such as a request for special advice of pmt or dishonor) C. Consists of more than a single thickness of paper D. It is a foreign item |
A. Cashiers check
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When the holder of acct authorizes payee to draw check on acct but doesn't sign check, this is a:
A. Travelers check B. Remotely Created Check C. Substitute check D. Money order |
B. Remotely Created Check
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Draft that a person may purchase from FI, post office or sales agent to pay a debt or transfer funds
A. Travelers check B. Remotely Created Check C. Substitute check D. Money order |
D. Money order
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Negotiable instrument that is legal equivalent of original item for all purposes
A. Travelers check B. Remotely Created Check C. Substitute check D. Money order |
C. Substitute check
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The Discount Warehouse provides its FI w/ a list of cks that they have written & wish to be paid. The FI will only pay the checks indicated and will provide Discount Warehouse w/ a report of cks paid, outstanding items & exceptions. This is known as:
A. Controlled disbursement B. Account reconciliation product C. Auxiliary on-us items D. Remotely Created Checks |
B. Account reconciliation product
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A product that is used for funding purposes and that provides a customer w/ info early each day of the total amt of cks that will clear is called:
A. Controlled disbursement B. Account reconciliation product C. Auxiliary on-us items D. Remotely Created Checks |
A. Controlled disbursement
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The purpose of remote deposit capture is to:
A. Speed up/electronify the deposit process by truncating paper early in collection process B. Enable the transfer of substitute checks via an electronic method C. Effect same-day settlement D. Require all banks to exchange electronic images and image cash letters |
A. Speed up/electronify the deposit process by truncating paper early in collection process
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Which of the following SEC Codes describes an entry where the source document is received via point-of-purchase or a manned bill pmt location, voided & given back to the Receiver?
A. ARC B. REG C. POP D. BOC |
C. POP
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Which Standard Entry Class Code describes an entry where the source document is received via US mail, Drop Box, or Manned Bill Pmt Location?
A. BOC B. ARC C. POP D. RCK |
B. ARC
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All of the following SEC Codes are covered by Reg E, except _________. Why is it not covered by Reg E?
A. ARC B. POP C. BOC D. RCK |
D. RCK
Because it was processed as a check first so it follows check law. |
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Eligible cks that are converted to RCK or XXL have a dollar threshold of _______________. Why?
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Less than $2,500
Reg CC - notification of non-pmt |
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A full cash letter that was lost or destroyed or a single ck that doesn't meet image quality standards may be processed thro the ACH Network using which SEC Code?
A. XCK B. BOC C. RCK D. ARC |
A. XCK
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