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QUESTION: 197

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

Answer(s): C

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QUESTION: 197

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

Answer(s): C

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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?