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ABA CRCM Practice Test - Questions Answers, Page 16

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Question 151

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Electronic funds transfers' requirements say that transfers that vary in amount must be communicated to the designated payee within _______________before the scheduled transfer or may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts.

10 days
10 days
20 days
20 days
30 days
30 days
15 days
15 days
Suggested answer: A
asked 16/09/2024
Yunus Emre Akay
38 questions

Question 152

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It is not required for accounts where the only EFT allowed is a preauthorized transfer to an account. If the account is a passbook account, the bank updates the passbook on presentation; if not, the bank it at least quarterly.

A periodic statement
A periodic statement
Change in terms notice
Change in terms notice
Unauthorized transfers
Unauthorized transfers
Error resolution notice
Error resolution notice
Suggested answer: A
asked 16/09/2024
Thao Nguyen
50 questions

Question 153

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Under Unauthorized transfers-12 CFR 205.6 prerequisites for consumer liability are all of the following EXCEPT:

If an access device was used, it must have been an accepted access device
If an access device was used, it must have been an accepted access device
Institution must have provided a means of identifying the consumer to whom the device was issued (for example, by electronic means (PIN), photograph, or fingerprint)
Institution must have provided a means of identifying the consumer to whom the device was issued (for example, by electronic means (PIN), photograph, or fingerprint)
Increased liability for the consumer
Increased liability for the consumer
Institution must have provided the following in writing to the consumer * A summary of consumer's liability for unauthorized transfers * Telephone number and address of person or office to be notified * in case of unauthorized transfer * Institution's business days
Institution must have provided the following in writing to the consumer * A summary of consumer's liability for unauthorized transfers * Telephone number and address of person or office to be notified * in case of unauthorized transfer * Institution's business days
Suggested answer: C
asked 16/09/2024
S Muchobor
42 questions

Question 154

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It must provide in writing to consumer at least 21 days before the effective date of any change in a term or condition disclosed in the initial disclosure statement if the change results in:

* Increased fees

* Increased liability for the consumer

* Fewer types of available EFTs

* Stricter limitations on frequency or dollar amount of EFTs

What is it?

Change-in-terms notice
Change-in-terms notice
Error resolution notice
Error resolution notice
Unauthorized transfers
Unauthorized transfers
Return items document
Return items document
Suggested answer: A
asked 16/09/2024
George Mabry
52 questions

Question 155

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Which of the following is/are NOT limitations on liability in EFT?

$150 liability limit if consumer notifies the institution within two business days of discovery of loss or theft of access device, not including the day the consumer learns of the loss or theft
$150 liability limit if consumer notifies the institution within two business days of discovery of loss or theft of access device, not including the day the consumer learns of the loss or theft
If state law has more generous limitations of liability for the consumer, the state laws will govern
If state law has more generous limitations of liability for the consumer, the state laws will govern
Full liability (up to the amount of the unauthorized transfer) may be imposed if the consumer does not notify the institution within 30 days of the institution's transmission of the statement on which the first unauthorized transfer appears (to raise the liability limit, the institution must first establish that the unauthorized transfers would not have occurred if the consumer had notified the institution within the 30 days). The unlimited liability applies only to the transactions that occur after the 30-day time period
Full liability (up to the amount of the unauthorized transfer) may be imposed if the consumer does not notify the institution within 30 days of the institution's transmission of the statement on which the first unauthorized transfer appears (to raise the liability limit, the institution must first establish that the unauthorized transfers would not have occurred if the consumer had notified the institution within the 30 days). The unlimited liability applies only to the transactions that occur after the 30-day time period
Extenuating circumstances (such as hospital confinements, travel, and so forth) may extend the liability time periods
Extenuating circumstances (such as hospital confinements, travel, and so forth) may extend the liability time periods
Suggested answer: A, D
asked 16/09/2024
Edgar Garcia Tobias
41 questions

Question 156

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An error in EFT includes any of the following:

An unauthorized EFT
An unauthorized EFT
The omission from a periodic statement of an EFT that should have been included
The omission from a periodic statement of an EFT that should have been included
A consumer's request for documentation required to be given on receipts or statements or for clarification of information (does not include routine inquiries about account balances)
A consumer's request for documentation required to be given on receipts or statements or for clarification of information (does not include routine inquiries about account balances)
All of these
All of these
Suggested answer: D
asked 16/09/2024
Reinhard KOhl
42 questions

Question 157

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There is no error in an error in EFT when there is situation as:

The reversal of a direct deposit made in error is not considered an unauthorized EFT if the deposit was made to the wrong customer's account, a duplicate was made to the customer's account, or a credit was made in the wrong amount
The reversal of a direct deposit made in error is not considered an unauthorized EFT if the deposit was made to the wrong customer's account, a duplicate was made to the customer's account, or a credit was made in the wrong amount
A request for duplicate copies of statements
A request for duplicate copies of statements
The failure to receive a receipt from an electronic terminal when the transaction amount is $25 or more
The failure to receive a receipt from an electronic terminal when the transaction amount is $25 or more
A returning request for information for tax or recordkeeping purposes
A returning request for information for tax or recordkeeping purposes
Suggested answer: A, B
asked 16/09/2024
juan manuel torrado
40 questions

Question 158

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Following mentioned are the responsibilities of:

1. Must notify the bank, either orally or in writing, of error within 60 days:

* Of the institution's transmission of a statement or other documentation on which the error first appears or

* Of receiving additional information or clarification provided pursuant to the consumer's request

2. . Consumer's notification should include the following items

* Consumer's name and account number or information that allows the institution to identify the consumer's name or account number

* Consumer's belief and reasons for the belief that an error exists and, if possible, the type, date, and amount of the error (this information does not have to be given if the consumer is simply requesting further information or clarification)

Consumer
Consumer
Financial institution
Financial institution
Reserve Bank
Reserve Bank
A third party
A third party
Suggested answer: A
asked 16/09/2024
Jose Ortuondo Arambalza
44 questions

Question 159

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During a EFT, if the institution determines that no error has occurred or that an error occurred in a manner or amount different than the alleged error, it:

Must notify the consumer in writing of the date and amount of the debit to account and the fact that the institution will continue to honor checks and preauthorized transfers payable to third parties for seven business days
Must notify the consumer in writing of the date and amount of the debit to account and the fact that the institution will continue to honor checks and preauthorized transfers payable to third parties for seven business days
Must promptly provide on request copies of documentation on which institution relied on to determined that no error occurred
Must promptly provide on request copies of documentation on which institution relied on to determined that no error occurred
Must pay only items that the institution would have paid if the provisionally credited funds had not been debited
Must pay only items that the institution would have paid if the provisionally credited funds had not been debited
Any of these
Any of these
Suggested answer: A, B, C
asked 16/09/2024
Sushil Karki
46 questions

Question 160

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For what do ECOA and Regulation B extend coverage?

All types of credit
All types of credit
Only consumer credit
Only consumer credit
Only consumer credit of $25,000 or less
Only consumer credit of $25,000 or less
Only consumer and business credit with gross revenues of $1 million or less
Only consumer and business credit with gross revenues of $1 million or less
Suggested answer: A
asked 16/09/2024
Alex Ng
45 questions
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