Question 1
What is the most common cause of a failed ACH direct deposit?
Correct Answer:
Transposed digits in the routing or account number
Question 2
What ACH return code indicates that the routing number provided does not exist?
Correct Answer:
R03 — No Account / Unable to Locate Account
Question 3
If an ACH payment is returned due to an incorrect routing number, who typically bears responsibility for the error?
Correct Answer:
The originating bank or business that submitted the incorrect information
Question 4
What happens to funds sent via ACH to a valid routing number but a non-existent account number?
Correct Answer:
The receiving bank returns the funds to the originating bank via ACH return
Question 5
How long do banks typically take to process an ACH return for an incorrect routing or account number?
Correct Answer:
Up to 2 business days
Question 1
Exam overview

About this Exam

Prepare with the Bank Code Knowledge Assessment practice quiz. This question bank includes 30 questions covering routing, number, bank, account, and code. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Bank Code Knowledge Assessment

This practice set contains 30 questions from the matching question bank and focuses on routing, number, bank, account, and code. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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