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ABA CRCM Practice Test - Questions Answers, Page 15

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Question 141

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Transfers involving entries to accounts maintained at two different Reserve Banks are:

A.
Fedwire transfers
A.
Fedwire transfers
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B.
Interdistrict transfers
B.
Interdistrict transfers
Answers
C.
Intradistrict transfers
C.
Intradistrict transfers
Answers
D.
Any one of these
D.
Any one of these
Answers
Suggested answer: B
asked 16/09/2024
Joyce Ann Devilles
41 questions

Question 142

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The following mentioned points are actually _______________.

* Reserve Banks may rely on numbers given in a payment order to identify an intermediary or beneficiary bank

* Reserve Banks, when acting as beneficiary's bank, may rely on the number in the payment order that identifies the beneficiary

A.
Fedwire transfers
A.
Fedwire transfers
Answers
B.
Interdistrict transfers
B.
Interdistrict transfers
Answers
C.
Intradistrict transfers
C.
Intradistrict transfers
Answers
D.
Any one of these
D.
Any one of these
Answers
Suggested answer: A
asked 16/09/2024
Steven Owens
40 questions

Question 143

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In Sender's agreement-12 CFR 210.28 it is clearly mentioned that:

A.
Reserve Banks have the right to debit payment amounts from accounts of senders with the Reserve Bank
A.
Reserve Banks have the right to debit payment amounts from accounts of senders with the Reserve Bank
Answers
B.
Senders have the right to create overdrafts in their accounts at the Reserve Bank; any overdraft is due and payable, without demand, at the end of the funds transfer day, when the Reserve Bank deems itself to be insecure, or at the time the sender suspends payments or is closed, whichever is earlier
B.
Senders have the right to create overdrafts in their accounts at the Reserve Bank; any overdraft is due and payable, without demand, at the end of the funds transfer day, when the Reserve Bank deems itself to be insecure, or at the time the sender suspends payments or is closed, whichever is earlier
Answers
C.
Sender gives the Reserve Bank a security interest in all of sender's assets that are in the possession of the Reserve Bank to secure any obligations to the Reserve Bank, including an overdraft
C.
Sender gives the Reserve Bank a security interest in all of sender's assets that are in the possession of the Reserve Bank to secure any obligations to the Reserve Bank, including an overdraft
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D.
Senders have 25 calendar days after receiving notice of a payment order to notify a Reserve Bank of an erroneously executed or unauthorized payment order
D.
Senders have 25 calendar days after receiving notice of a payment order to notify a Reserve Bank of an erroneously executed or unauthorized payment order
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Suggested answer: B, C
asked 16/09/2024
AMMAR SHEIKH SALEH
33 questions

Question 144

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In Receiver's agreement-12 CFR 210.28 it is clearly mentioned that:

A.
Receiving bank authorizes the Reserve Bank to credit the receiving bank's account
A.
Receiving bank authorizes the Reserve Bank to credit the receiving bank's account
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B.
An off-line bank warrants to the Reserve Bank that it does not act as an intermediary bank or a beneficiary's bank for payment orders received for a beneficiary that is a bank, unless the off-line bank notifies the Reserve Bank in writing
B.
An off-line bank warrants to the Reserve Bank that it does not act as an intermediary bank or a beneficiary's bank for payment orders received for a beneficiary that is a bank, unless the off-line bank notifies the Reserve Bank in writing
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C.
A Reserve Bank has rights of a creditor to recover an overdraft, including the right of set off
C.
A Reserve Bank has rights of a creditor to recover an overdraft, including the right of set off
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D.
Reserve Banks, when acting as beneficiary's bank, payment order that identifies the beneficiary
D.
Reserve Banks, when acting as beneficiary's bank, payment order that identifies the beneficiary
Answers
Suggested answer: A, B
asked 16/09/2024
Soma Ismael Bola
39 questions

Question 145

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Payment to a beneficiary is made at the earlier of the time when:

A.
The payment order is credited to the beneficiary's account or when notice of the credit is sent to the beneficiary
A.
The payment order is credited to the beneficiary's account or when notice of the credit is sent to the beneficiary
Answers
B.
The amount is credited to the receiving bank's account at the Reserve Bank or when the payment order is sent to the receiving bank
B.
The amount is credited to the receiving bank's account at the Reserve Bank or when the payment order is sent to the receiving bank
Answers
C.
The amount is debited to the receiving bank's account at the Reserve Bank or when the payment order is sent to the receiving bank
C.
The amount is debited to the receiving bank's account at the Reserve Bank or when the payment order is sent to the receiving bank
Answers
D.
The payment order is debited to the beneficiary's account or when notice of the credit is sent to the beneficiary
D.
The payment order is debited to the beneficiary's account or when notice of the credit is sent to the beneficiary
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Suggested answer: A
asked 16/09/2024
Geoffrey Vd Molen
41 questions

Question 146

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Which of the following primary purpose/s were behind the Electronic Fund Transfer Act (EFTA)?

A.
To provide disclosures to consumers who use electronic fund transfer (EFT) systems
A.
To provide disclosures to consumers who use electronic fund transfer (EFT) systems
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B.
To provide consumers with limitations on liability for unauthorized electronic fund transfers
B.
To provide consumers with limitations on liability for unauthorized electronic fund transfers
Answers
C.
Both A and B
C.
Both A and B
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D.
None of these
D.
None of these
Answers
Suggested answer: C
asked 16/09/2024
eswar raj
33 questions

Question 147

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Implemented by_______________, EFTA is intended to provide certain rights to individual consumers using EFT payment systems. It also places responsibilities on financial institutions whose accounts are affected by EFTs.

A.
Regulation E (Electronic Fund Transfers)
A.
Regulation E (Electronic Fund Transfers)
Answers
B.
Regulation F (Electronic Fund Transfers)
B.
Regulation F (Electronic Fund Transfers)
Answers
C.
Regulation T (Electronic Fund Transfers)
C.
Regulation T (Electronic Fund Transfers)
Answers
D.
Regulation A (Electronic Fund Transfers)
D.
Regulation A (Electronic Fund Transfers)
Answers
Suggested answer: A
asked 16/09/2024
Arash Farivarmoheb
42 questions

Question 148

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EFT provides consumers with limitations on liability for unauthorized electronic fund transfers. It includes the following types of funds transfers EXCEPT:

A.
Point-of-sale transfers
A.
Point-of-sale transfers
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B.
Automated teller machine (ATM) transfers
B.
Automated teller machine (ATM) transfers
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C.
Transfers initiated by Fax
C.
Transfers initiated by Fax
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D.
Withdrawals of funds, including merchant transactions where no electronic terminal is involved, if the customer's account is debited
D.
Withdrawals of funds, including merchant transactions where no electronic terminal is involved, if the customer's account is debited
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Suggested answer: C
asked 16/09/2024
Ben Clark
34 questions

Question 149

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__________________ is a transfer that is authorized in advance to occur at substantially regular intervals. Payments that require the consumer to take specific actions to initiate them (such as by entering instructions on a touch-tone telephone or on the Internet) are not such type of EFTs.

A.
A preauthorized EFT
A.
A preauthorized EFT
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B.
A postauthorized EFT
B.
A postauthorized EFT
Answers
C.
A standard format EFT
C.
A standard format EFT
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D.
A customized EFT
D.
A customized EFT
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Suggested answer: A
asked 16/09/2024
Brian Carlo Hubilla
36 questions

Question 150

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Initial disclosure under Electronic funds transfer act includes:

A.
A summary of the consumer's liability for unauthorized transfers
A.
A summary of the consumer's liability for unauthorized transfers
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B.
Telephone number and address of person or office to be notified in case of any authorized transfer
B.
Telephone number and address of person or office to be notified in case of any authorized transfer
Answers
C.
The type of EFT the consumer may make and any limitations on EFTs
C.
The type of EFT the consumer may make and any limitations on EFTs
Answers
D.
A summary of institution's liability to consumer for failure to make or stop transactions
D.
A summary of institution's liability to consumer for failure to make or stop transactions
Answers
Suggested answer: A, C, D
asked 16/09/2024
Subha Mishra
39 questions
Total 463 questions
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