Accredited ACH Professional (AAP) Practice Exam

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Prepare for the Accredited ACH Professional (AAP) Exam with tailored questions and study materials to enhance your understanding of ACH transactions and operations. Test your skills and readiness for this important certification!

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What is the amount of time an ODFI has to request a copy of a Written Statement?

1 month from the entry date
1 year from the entry date
2 years from the entry date
10 banking days from the entry date

The correct answer is: 1 year from the entry date

An ODFI (Originating Depository Financial Institution) has 1 year from the entry date to request a copy of a Written Statement. This timeframe is important because it allows the ODFI to address issues related to unauthorized transactions or disputes that may arise long after the initial processing of the ACH transaction. The one-year period aligns with the overall framework of the NACHA Operating Rules, which aim to provide a structured and reasonable time for financial institutions to manage their risk and ensure compliance with regulatory standards. This timeframe supports efficient resolution of disputes and aids in maintaining trust in the ACH network. Understanding the rationale for this one-year period helps ODFIs manage their operations effectively, ensuring they timely respond to potential disputes and maintain effective record-keeping practices.