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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:

Fedwire transfers
Fedwire transfers
Interdistrict transfers
Interdistrict transfers
Intradistrict transfers
Intradistrict transfers
Any one of these
Any one of these
Suggested answer: B
asked 16/09/2024
Joyce Ann Devilles
43 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

Fedwire transfers
Fedwire transfers
Interdistrict transfers
Interdistrict transfers
Intradistrict transfers
Intradistrict transfers
Any one of these
Any one of these
Suggested answer: A
asked 16/09/2024
Steven Owens
46 questions

Question 143

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

Reserve Banks have the right to debit payment amounts from accounts of senders with the Reserve Bank
Reserve Banks have the right to debit payment amounts from accounts of senders with the Reserve Bank
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
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
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
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
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
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
Suggested answer: B, C
asked 16/09/2024
AMMAR SHEIKH SALEH
39 questions

Question 144

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

Receiving bank authorizes the Reserve Bank to credit the receiving bank's account
Receiving bank authorizes the Reserve Bank to credit the receiving bank's account
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
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
A Reserve Bank has rights of a creditor to recover an overdraft, including the right of set off
A Reserve Bank has rights of a creditor to recover an overdraft, including the right of set off
Reserve Banks, when acting as beneficiary's bank, payment order that identifies the beneficiary
Reserve Banks, when acting as beneficiary's bank, payment order that identifies the beneficiary
Suggested answer: A, B
asked 16/09/2024
Soma Ismael Bola
40 questions

Question 145

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

The payment order is credited to the beneficiary's account or when notice of the credit is sent to the beneficiary
The payment order is credited to the beneficiary's account or when notice of the credit is sent to the beneficiary
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
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
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
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
The payment order is debited to the beneficiary's account or when notice of the credit is sent to the beneficiary
The payment order is debited to the beneficiary's account or when notice of the credit is sent to the beneficiary
Suggested answer: A
asked 16/09/2024
Geoffrey Vd Molen
44 questions

Question 146

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

To provide disclosures to consumers who use electronic fund transfer (EFT) systems
To provide disclosures to consumers who use electronic fund transfer (EFT) systems
To provide consumers with limitations on liability for unauthorized electronic fund transfers
To provide consumers with limitations on liability for unauthorized electronic fund transfers
Both A and B
Both A and B
None of these
None of these
Suggested answer: C
asked 16/09/2024
eswar raj
38 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.

Regulation E (Electronic Fund Transfers)
Regulation E (Electronic Fund Transfers)
Regulation F (Electronic Fund Transfers)
Regulation F (Electronic Fund Transfers)
Regulation T (Electronic Fund Transfers)
Regulation T (Electronic Fund Transfers)
Regulation A (Electronic Fund Transfers)
Regulation A (Electronic Fund Transfers)
Suggested answer: A
asked 16/09/2024
Arash Farivarmoheb
45 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:

Point-of-sale transfers
Point-of-sale transfers
Automated teller machine (ATM) transfers
Automated teller machine (ATM) transfers
Transfers initiated by Fax
Transfers initiated by Fax
Withdrawals of funds, including merchant transactions where no electronic terminal is involved, if the customer's account is debited
Withdrawals of funds, including merchant transactions where no electronic terminal is involved, if the customer's account is debited
Suggested answer: C
asked 16/09/2024
Ben Clark
37 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 preauthorized EFT
A preauthorized EFT
A postauthorized EFT
A postauthorized EFT
A standard format EFT
A standard format EFT
A customized EFT
A customized EFT
Suggested answer: A
asked 16/09/2024
Brian Carlo Hubilla
39 questions

Question 150

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Initial disclosure under Electronic funds transfer act includes:

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