ABA CRCM Practice Test - Questions Answers, Page 16

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.

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

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?

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

An error in EFT includes any of the following:

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

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)

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:

For what do ECOA and Regulation B extend coverage?