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7 Cards in this Set
- Front
- Back
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Which of the following may use the ECCHO Rules to govern an electronic check transaction?
A. A member of ECCHO & a non-member of ECCHO B. 2 members of ECCHO C. A depositary bank that is a non-member of ECCHO sending an image of a ck drawn on a member of ECCHO to a collecting bank that is also a member D. A member of ECCHO and a Federal Reserve Bank |
B. 2 members of ECCHO
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An item is eligible for imaging under XI of the ECCHO Rules if:
A. The item is a "check" as defined in 229.2(k) of Reg CC B. The item is a "Fully Qualified Item" as defined in 1(T) of the ECCHO Rules (i.e., the item has full-field MICR encoding: routing transit # and, when encoded, amt field, on-us field, Aux on-us field, & EPC fiel) C. The sending bank & receiving bank have entered into an agmt & the item is eligible for imaging under that agmt D. All of the above have been satisfied |
D. All of the above have been satisfied
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Member may utilize a Third Party Agent to perform which of the following:
A. Send images only B. Receive images only C. Process adjustments only D. Perform any of its function provided for in the ECCHO Rules |
D. Perform any of its functions provided for in the ECCHO Rules
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A sending bank that transmits an electronic image to a receiving bank is also required to transmit which of the following under XIX (D)(2) of the ECCHO rules:
A. Original check B. Substitute check C. Presentment notice D. Notice of indemnity |
C. Presentment notice
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Paying bank must maintain the electronic image or copy for at least how many years from date of presentment?
A. 7 years B. 2 years C. 6 years D. 1 year |
A. 7 years
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Where does the forged and counterfeit check warranties provision (commonly known as Rule 9) appear?
A. U.C.C. B. Reg CC C. ECCHO Rules (XIX(O)(2)) D. All of the above |
C. ECCHO Rules (XIX (O)(2))
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Rule 8
A. Claims can only be made via the adjustments process B. Is forged and counterfeit cks C. Moves liability from paying bank to BOFD D. Is a correction process for non-imagible cks |
C. Moves liability from paying bank to BOFD
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