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ABA CRCM Practice Test - Questions Answers, Page 16

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List of questions

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 consu

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

Question 153

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

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: * Incr

Question 155

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

Question 156

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An error in EFT includes any of the following:

Question 157

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

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 document

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:

Question 160

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For what do ECOA and Regulation B extend coverage?

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:

Of the following actions, which one is NOT recommended by the OCC's advisory letter as a necessary tool of management oversight of insurance and annuity sales?

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:

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

What insurance disclosures are required in the lease disclosure statement?

Question 151

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

20 days

30 days

15 days

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Question 152

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

Change in terms notice

Unauthorized transfers

Error resolution notice

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Question 153

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

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

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

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Question 154

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

Error resolution notice

Unauthorized transfers

Return items document

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Question 155

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

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

Extenuating circumstances (such as hospital confinements, travel, and so forth) may extend the liability time periods

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Question 156

An error in EFT includes any of the following:

An unauthorized EFT

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)

All of these

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Question 157

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

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

A returning request for information for tax or recordkeeping purposes

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Question 158

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

Financial institution

Reserve Bank

A third party

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Question 159

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 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

Any of these

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