Time Frames

Question 1

Time frame to Initiation of a standard Return (i.e. NSF, closed account, etc.)

Answer 1

2 Banking Days

Question 2

Time frame to Dishonor a Return

Answer 2

5Banking Days

Question 3

Time frame for a Contest or correct a dishonored Return

Answer 3

2 Banking Days

Question 4

Time frame to Originate an NOC from Settlement Date of original Entry

Answer 4

2 Banking Days

Question 5

Time frame for a Response to a Refused NOC

Answer 5

5 Banking Days

Question 6

Time frame to Originate a commercial Reclamation from date of death notification

Answer 6

5 Banking Days

Question 7

Time frame to Originate a File or Single Entry Reversal following the Settlement
Date of the transaction(s)

Answer 7

5 Banking Days

Question 8

Time frame for a Return of an XCK Entry

Answer 8

60 calendar days

Question 9

Time frame for a Return of a revoked or unauthorized consumer transaction

Answer 9

60 calendar days

Question 10

Time frame for a Return of an unauthorized corporate transaction

Answer 10

2 Banking Days

Question 11

Time frame to Refuse a Notification of Change

Answer 11

15 CALENDAR days (more than 10 days)

Question 12

Originators must make changes specified in an NOC within _____ of
receipt of NOC or prior to initiating another Entry to the Receiver’s account,
whichever is later.

Answer 12

6 Banking Days

Question 13

Time frame to Send Report of Possible Rules Violation from date of occurrence to NACHA

Answer 13

90 calendar days

Question 14

Time frame for a Notification to Receiver of change in amount of debit

Answer 14

10 CALENDAR days (exception to rule)

Question 15

Time frame to Send copy of item (relating to RCK) to RDFI upon request

Answer 15

10 BANKING Days

Question 16

Time frame for a Notification to Receiver of change in date of debit

Answer 16

7 CALENDAR days (exception to rule)

Question 17

Time frame to Make changes specified by the NOC before next transaction

Answer 17

6 Banking Days

Question 18

Time frame to Originate first live dollar following Settlement Date of Prenote

Answer 18

3 Banking Days

Question 19

Time frame to Provide NOC or Corrected NOC information to Originator

Answer 19

2 Banking Days

Question 20

Time frame for Retention of copy relating to RCK item

Answer 20

7 YEARS front and back (most years for checks)

Question 21

Time frame for Retention of all ACH Records (ODFI, RDFI)

Answer 21

6 YEARS

Question 22

Time frame to Retain copy of item to which XCK relates

Answer 22

6 YEARS

Question 23

Time frame to Retention of consumer authorization after termination

Answer 23

2 YEARS

Question 24

Time frame to Retention of ACH Records (ACH Operator)

Answer 24

1 YEAR

Question 25

Time frame to Retention of Written Statement of Unauthorized Debit

Answer 25

1 YEAR

Question 26

Time frame for ODFI reporting requirements to NACHA’s inquiry on Originator with excessive unauthorized Returns

Answer 26

10 Banking Days

Question 27

Time frame for RDFI provides copy of Written Statement upon ODFI’s request

Answer 27

10 Banking Days

Question 28

Originator may make a written demand for payment within ____ after it receives the returned Reclamation Entry.

Answer 28

15 BANKING Days (exception to rule)