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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:

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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

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Question 143

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

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Question 144

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

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Question 145

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

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Question 146

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

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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.

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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:

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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.

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Question 150

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Initial disclosure under Electronic funds transfer act includes:

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