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NCP SAMPLE TEST QUESTIONS & ANSWERS 100% CORRECT!!
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NCP SAMPLE TEST QUESTIONS & ANSWERS 100% CORRECT!!
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NCP SAMPLE TESTQUESTIONS &
ANSWERS 100%
CORRECT!!
NCP
OCTOBER 27, 2024
EVATEE
, NCP SAMPLE TEST QUESTIONS & ANSWERS
100% CORRECT!!
Are rules and agreements required for image exchange and if so, what is the
main reason? Answer - yes, because current state and federal laws cover the
exchange of physical checks not the electronic exchanges
The commonly used definition of an image cash letter is: Answer -
electronically transmitted file of digital images of paper checks and related
MICR data records
A Notice of NonPayment as defined by Reg CC is used to provide Answer -
notice to the depository bank that a check is $5.000 or greater will not be paid
Settlement generally occurs when: Answer - funds are exchanged based upon
agreement of the exchanging parties
Negative float occurs when Answer - customer float is greater than bank float
One reason a noncash item would not be defined as a check is Answer - if the
check is accompanied by special instructions
The Aux on-us field in the MICR line of a business-sized check is typically used
to Answer - include the check serial number
If an item is not fully qualified, the ECCHO Rules allow it to be exchanged as an
eligible item if Answer - sending and receiving banks agree to exchange images
of items that do not contain the full MICR line
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