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ABA CRCM Practice Test - Questions Answers, Page 20

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List of questions

Question 191

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A sender and any prior collecting banks grant a security interest to the sender's administrative Reserve Bank in all of their respective assets in the possession of the Reserve Bank to secure any of

Question 192

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The Reserve Bank may recover by charging any account on its books maintained by the sender if:

Question 193

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____________ is an agent or a subagent of the owner of an item; agency terminates when it receives payment for an item in finally collected funds and makes the proceeds available to the sender, and

Question 194

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By presentation or transmission of an item a Reserve Bank warrants to a subsequent collecting bank and paying bank that:

Question 195

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Time to bring action against a Reserve Bank:

Question 196

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While Presenting items for payment:

Question 197

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A Reserve Bank may present a noncash item for payment if instructed to do so by the sender and if the:

Question 198

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A ____________ must settle for an item with its administrative bank, whether or not it received the item from that bank. Settlement with its administrative bank is deemed to be settlement with the R

Question 199

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Cash items' payment proceeds must be available to the Reserve Bank by the latest of:

Question 200

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When returning items to a Reserve Bank, the paying and returning banks:

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 191

A sender and any prior collecting banks grant a security interest to the sender's administrative Reserve Bank in all of their respective assets in the possession of the Reserve Bank to secure any of their obligations to the Reserve Bank. This security interest attaches when any warranty is breached or any obligation to the Reserve Bank is incurred. The Reserve Bank may take any action under applicable law to enforce its security interest; including exercising its right to set off amounts against any funds it holds. This situation holds true when:

Item is sent to a Reserve Bank

Reserve Bank recovers

Bank makes for a substitute check

Sender identifies liability to Reserve Bank

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Question 192

The Reserve Bank may recover by charging any account on its books maintained by the sender if:

The Reserve Bank makes written demand to sender to assume defense of the proceeding

Any action by the Reserve Bank within is the scope of its authority in handling the item

The sender has not made any other payment arrangement acceptable to the Reserve Bank

There is any warranty made by the Reserve Bank

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Question 193

____________ is an agent or a subagent of the owner of an item; agency terminates when it receives payment for an item in finally collected funds and makes the proceeds available to the sender, and the time for commencing all actions against it has expired.

Clearing agent

The Reserve Bank

Foreign bank

Foreign banker

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Question 194

By presentation or transmission of an item a Reserve Bank warrants to a subsequent collecting bank and paying bank that:

The Reserve Bank has good title to the item

The item has not been altered

The item bears all endorsements applied by parties that have previously handled the item in paper or electronic form

All of these

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Question 195

Time to bring action against a Reserve Bank:

Claims against Reserve Banks for failure to act in good faith or exercise ordinary care must be brought within two years

Claims against Reserve Banks for warranties given on electronic items that are not substitute checks must be brought within one year

Claims against Reserve Banks for guarantees given on electronic items that are not substitute checks must be brought within one year

Claims against Reserve Banks for failure to act in good faith or exercise ordinary care must be brought within three years

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Question 196

While Presenting items for payment:

A Reserve Bank or a subsequent collecting bank may present an item for payment but doesn't send the item for presentment and payment

A Reserve Bank may send an item to a collecting bank with authority to present it for payment or send it for presentment and payment

A Reserve Bank may present an item for payment at the place requested by the paying bank, at a place requested by the nonbank payor, through a clearinghouse, or under a special collection agreement

Within a Reserve Bank's district, the Reserve Bank may present the item indirectly to the paying bank or a nonbank payor, as applicable

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Question 197

A Reserve Bank may present a noncash item for payment if instructed to do so by the sender and if the:

Item provides that it must be presented for acceptance

Item is payable elsewhere than at the residence or business of the payor

Item sent directly to the paying bank or the nonbank payor

Date of payment of the item depends on presentment for acceptance

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Question 198

A ____________ must settle for an item with its administrative bank, whether or not it received the item from that bank. Settlement with its administrative bank is deemed to be settlement with the Reserve Bank that sent the item.

Paying bank

Clearing Agent

Regulation J

Regulation CC

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Question 199

Cash items' payment proceeds must be available to the Reserve Bank by the latest of:

The next clock hour that is after the hour the paying bank receives the item

9:30 A.M. Eastern time

Such other time as provided in the Reserve Bank's operating circulars

Both A and B

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Question 200

When returning items to a Reserve Bank, the paying and returning banks:

Cannot disclaim the warranties, authorizations, and agreements whether or not the returned check bears an endorsement of the paying bank or returning bank

Authorize the Reserve Bank to handle the item in accordance with Regulation J and the operating circulars

Warrant that the check bears all endorsements applied by all parties that handled the check in paper or electronic form

will not be liable for the failure of a paying bank, collecting bank, or a nonbank payer to pay for an item

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Total 463 questions

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