Same Day Ach - Self-learning Follow Up Quiz
Thank you for taking the time to review the training for Same Day ACH.
Please complete the following quiz based on what was just provided in this training module.
Good luck!
Questions and Answers
- 1.
True or False?Northcash and Lendgreen both offer Same Day ACH in all FCB states.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Northcash and Lendgreen do not offer Same Day ACH in all FCB states.Rate this question:
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- 2.
True or False?A customer from the state of Nevada called Lendgreen on Wednesday at 8am. The agent who spoke with this customer offered Same Day ACH which the customer appreciated. After selecting the Same Day ACH radial box in EPIC, the agent must click "Yes" on in the pop-up window in order to change the Effective date from tomorrow to today. This agent was correct to do this.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The agent was correct to click "Yes" on the pop-up window in order to change the Effective date from tomorrow to today. This suggests that the agent correctly understood the customer's request for Same Day ACH and took the necessary steps to process the transaction on the same day.Rate this question:
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- 3.
From the options below, what is the cut off time for the PDS Same Day ACH batch?
- A.
11:00am
- B.
11:30am
- C.
12:00pm
- D.
There is no cut off time for Same Day ACH
Correct Answer
B. 11:30amExplanation
The cut off time for the PDS Same Day ACH batch is 11:30am. This means that any transactions submitted after 11:30am will not be processed on the same day.Rate this question:
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- 4.
Answer yes or no to the following question:Tennessee is eligible for Same Day ACH funding.
- A.
Yes as it is a PDS state
- B.
No as it is an FCB state
Correct Answer
A. Yes as it is a PDS stateExplanation
The correct answer is Yes as it is a PDS state. This means that Tennessee is eligible for Same Day ACH funding because it is a participating depository financial institution (PDS) state. PDS states are able to receive and send Same Day ACH transactions, allowing for faster processing and settlement of payments.Rate this question:
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- 5.
Answer yes or no to the following question: A Northcash customer called from the state of Maryland at 9:30 am to inquire about applying for loan of $1,000. Would the agent who received this call offer to fund this customer through Same Day ACH?
- A.
Yes as the customer called before 11:30am
- B.
No, we do not fund in the sate of Maryland
Correct Answer
B. No, we do not fund in the sate of MarylandExplanation
The correct answer is "No, we do not fund in the state of Maryland." This is because the customer called from Maryland, and the agent would not offer to fund the customer through Same Day ACH because they do not provide funding in Maryland.Rate this question:
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- 6.
From the following options, what is the start and end time for next day funding in the Lendgreen brand?
- A.
7:00am - 11:30am
- B.
7:00am - 7:00pm
- C.
4:30pm - 12:00am
- D.
11:30am - 12:00am
Correct Answer
C. 4:30pm - 12:00amExplanation
The start and end time for next day funding in the Lendgreen brand is from 4:30pm to 12:00am.Rate this question:
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- 7.
A Lendgreen customer from a PDS state contacts us to originate a loan on a Saturday. What will happen with loans on the weekends?
- A.
Funds will be processed through FCB
- B.
The customer will receive their funds on the same weekend day
- C.
Same Day ACH is only available from Monday to Friday
Correct Answer
C. Same Day ACH is only available from Monday to FridayExplanation
Same Day ACH is a system that allows for faster processing of electronic payments. However, this service is only available on weekdays, from Monday to Friday. Therefore, if a Lendgreen customer from a PDS state contacts them to originate a loan on a Saturday, they will not be able to process the funds through Same Day ACH. As a result, the customer will not receive their funds on the same weekend day.Rate this question:
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- 8.
True or False?In order for our customers to take advantage of Same Day ACH, they will need to provide us with a special ABA and banking instructions
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Customers do not need to provide a special ABA and banking instructions in order to take advantage of Same Day ACH. Same Day ACH allows for faster processing of electronic payments, but it does not require any additional information from the customers.Rate this question:
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- 9.
True or False?By clicking the "None" radial button beside the "Expedited Payment" options the customer will receive Same Day ACH.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Clicking the "None" radial button beside the "Expedited Payment" options will not result in the customer receiving Same Day ACH. The "None" option implies that the customer does not want to select any expedited payment option, which means that the payment will not be processed as a Same Day ACH.Rate this question:
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- 10.
True or False?A customer from the state of Utah called Northcash on Friday at 8:30pm. The agent who spoke with this customer offered Same Day ACH which the customer appreciated. After selecting the Same Day ACH radial box in EPIC, the agent must click "No" in the pop-up window in order to keep the Effective date as tomorrow. This agent was correct to do this.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The agent was correct to click "No" in the pop-up window in order to keep the Effective date as tomorrow because selecting Same Day ACH means that the transaction will be processed on the same day. By clicking "No" in the pop-up window, the agent ensured that the transaction would be processed on the following day, which is what the customer wanted.Rate this question:
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- 11.
True or False?A customer from the state of Kansas contacts Lendgreen at 8pm on a Tuesday. This customer is eligible for Same Day ACH for next day funding.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The correct answer is True. Same Day ACH allows for faster processing of electronic payments, including direct deposits. Since the customer contacted Lendgreen at 8pm on a Tuesday, it is likely that their request can be processed and funded by the next day, making them eligible for Same Day ACH for next day funding.Rate this question:
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- 12.
True or False?If an agent forgot to Originate a loan before 11:30am, management cannot approve Same Day ACH.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
If an agent forgets to Originate a loan before 11:30am, management cannot approve Same Day ACH. This means that if the loan is not originated before the specified time, it will not be eligible for same-day ACH approval by management.Rate this question:
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- 13.
True or False?A customer from the state of Florida contacts Northcash at 8am on a Tuesday. Agents are to offer the customer regular ACH at this time.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
False. The question states that the customer is from the state of Florida and contacts Northcash at 8am on a Tuesday. However, it does not specify whether regular ACH should be offered at this time. Therefore, we cannot determine the correct answer based on the given information.Rate this question:
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- 14.
A customer from the state of Colorado contacts Lendgreen at 4:30pm on a Monday. Which of the following options would the agent who received this call offer the customer?
- A.
Offer the customer Same Day ACH
- B.
Offer the customer a Wire Transfer
- C.
Colorado is a PDS state where we don't offer Same Day ACH
- D.
Colorado is an FCB sate where we don't offer Same Day ACH
Correct Answer
D. Colorado is an FCB sate where we don't offer Same Day ACHExplanation
The correct answer is "Colorado is an FCB state where we don't offer Same Day ACH." This is because the customer is from Colorado and the agent would inform them that Colorado is an FCB (Financial Control Board) state where Same Day ACH is not offered.Rate this question:
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- 15.
A customer from the state of Iowa contacts Lendgreen at 10:30am on a Monday. Which of the following options would the agent who received this call offer the customer?
- A.
Offer the customer Same Day ACH
- B.
Offer the customer a Wire Transfer
- C.
Iowa is a PDS state where we don't offer Same Day ACH
- D.
Iowa is an FCB sate where we don't offer Same Day ACH
Correct Answer
A. Offer the customer Same Day ACHExplanation
The agent who received the call would offer the customer Same Day ACH because the customer is from Iowa and Same Day ACH is available in Iowa.Rate this question:
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