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ABA CRCM Practice Test - Questions Answers, Page 15

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List of questions

Question 141

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

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 acti

Question 143

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

Question 144

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

Question 145

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

Question 146

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

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

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:

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 e

Question 150

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Initial disclosure under Electronic funds transfer act includes:

Related questions

Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?

Martha Whitmire, the BSA Compliance Officer for First National Bank, is responsible for monitoring the bank's daily currency activity and wire transfers, for compliance with information retention and reporting requirements. Ms. Whitmire notices during her review on March 10 that, during the previous two weeks, a transaction occurred on the same account several times during the week. The activity appeared at one branch office as cash deposits in dollar amounts under the reporting thresholds. Ms. Whitmire discusses this activity with the branch manager and determines that this same deposit activity occurred several times during the previous six weeks. She then conducts a more extensive examination of the account's activity for several months and discovers that cash deposits were made at one branch office and purchases of bank cashiers checks were made by withdrawals from the same account at a different branch office. All withdrawals and purchases of cashier's checks were for the identical amount as the cash deposits.Which statement best describes Ms. Whitmire's responsibility?

Fastfood, InC. , a nationwide restaurant chain, opened an account at First National Bank last year. Fastfood is making daily deposits in amounts of $15,000 to $20,000. First National needs to determine if this company is an exempt person. What should the bank do first?

Banks must establish and maintain effective risk management and control processes over its DCCs and DSAs, including:

Bob's wife is HIV-positive due to a blood transfusion during an appendectomy 15 years ago. She is not yet sick, but takes medication to prevent the onset of AIDS. Bob occasionally needs to take time off from work to take her for testing at Johns Hopkins in Baltimore. Because of complaints about Bob's exposure to this disease, employees have asked HR to limit his contact with them and with customers. The bank has asked Bob not to eat in the lunchroom with the other employees and has placed Bob in a position where he has limited customer contact. Does this company have any potential ADA liability?

In April Lillian Redmond, the teller supervisor for First National Bank, discovers five counterfeit $20 bills in several teller drawers. In May and in June she discovers two additional counterfeit $20 bills. She has no knowledge of criminal activity on the part of any of the bank's employees or customers. She does not suspect any particular person in this transaction. Which of the following statements is true?

A financial institution may provide a customer with a short form initial notice at the same time as it delivers an opt-notice. The short form notice must:

What insurance disclosures are required in the lease disclosure statement?

The compliance program should address plans to verify adherence to applicable regulations through:

A compliance officer receives a call from a loan officer who asks for adv ice on what she should do with a stock certificate (1,437 shares of IBM) from a new loan customer who wants to pledge it in support of a loan that has been approved at your bank. What should the compliance officer tell her FIRST?

Question 141

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

Fedwire transfers

Interdistrict transfers

Intradistrict transfers

Any one of these

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Question 142

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

Interdistrict transfers

Intradistrict transfers

Any one of these

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Question 143

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

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

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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Question 144

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

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

Reserve Banks, when acting as beneficiary's bank, payment order that identifies the beneficiary

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Question 145

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 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 payment order is debited to the beneficiary's account or when notice of the credit is sent to the beneficiary

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Question 146

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 consumers with limitations on liability for unauthorized electronic fund transfers

Both A and B

None of these

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Question 147

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 F (Electronic Fund Transfers)

Regulation T (Electronic Fund Transfers)

Regulation A (Electronic Fund Transfers)

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Question 148

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

Automated teller machine (ATM) transfers

Transfers initiated by Fax

Withdrawals of funds, including merchant transactions where no electronic terminal is involved, if the customer's account is debited

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Question 149

__________________ 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 postauthorized EFT

A standard format EFT

A customized EFT

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