Accredited ACH Professional (AAP) Practice Exam

Which action must be taken within 10 banking days according to ACH regulations?

1. Requesting a copy of the Receiver's authorization

2. Returning a consumer debit transaction

3. Sending an acknowledgment of a prenotification

4. Providing payment information

The correct answer is: Requesting a copy of the Receiver's authorization

The correct answer requires understanding the specific timeframes established by ACH regulations for various actions. In particular, one key regulation states that a financial institution must request a copy of the Receiver's authorization within 10 banking days if a consumer disputes a debit entry that has been processed. This is crucial because the authorization serves as proof that the consumer agreed to the transaction, and the timely request is essential for resolving disputes effectively. For the other options, these are not governed by the same 10 banking day requirement. Returning a consumer debit transaction, for example, is typically governed by a different timeframe depending on the type of return (e.g., unauthorized transactions must be returned within specific deadlines that can vary). Sending an acknowledgment of a prenotification does not have a 10 banking day limit, as this is generally handled promptly upon notification. Providing payment information also lacks a specific timeframe related to ACH regulations that aligns with the question's context. Understanding these regulations is vital for maintaining compliance and ensuring proper handling of ACH transactions and related consumer rights.