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Bank Code Knowledge Assessment

30 questions 5.0 rating Mobile friendly
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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.

Sample Questions

Question 1
What is the most common cause of a failed ACH direct deposit?
Incorrect SWIFT code
Transposed digits in the routing or account number
Expired account number
Wrong currency specified
Question 2
What ACH return code indicates that the routing number provided does not exist?
R01 — Insufficient Funds
R03 — No Account / Unable to Locate Account
R04 — Invalid Account Number
R02 — Account Closed
Question 3
If an ACH payment is returned due to an incorrect routing number, who typically bears responsibility for the error?
The receiving bank
The originating bank or business that submitted the incorrect information
NACHA
The Federal Reserve
Question 4
What happens to funds sent via ACH to a valid routing number but a non-existent account number?
The funds are held by the Federal Reserve
The receiving bank returns the funds to the originating bank via ACH return
The funds are deposited into a general bank account permanently
The transfer is automatically retried
Question 5
How long do banks typically take to process an ACH return for an incorrect routing or account number?
Immediately — real-time rejection
Up to 2 business days
Up to 5 business days
Up to 30 business days

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Additional Information

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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Frequently Asked Questions

This quiz contains a total of 30 practice questions carefully selected to test your knowledge on this subject.
Yes, you will have exactly 0 minutes to complete the exam. A countdown timer will be visible once you start.
Yes, you can retake this practice test as many times as you need. The questions and options may be randomized on subsequent attempts to ensure comprehensive learning.

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