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Free CRCM Exam Braindumps
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) Questions 200–202 (page: 121)

Updated On: 9-Feb-2026
Page 121 of 276
PDF with 463 Questions

An error in EFT includes any of the following:

  1. An unauthorized EFT
  2. The omission from a periodic statement of an EFT that should have been included
  3. 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)
  4. All of these

Answer(s): D



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

  1. 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
  2. A request for duplicate copies of statements
  3. The failure to receive a receipt from an electronic terminal when the transaction amount is $25 or more
  4. A returning request for information for tax or recordkeeping purposes

Answer(s): A,B



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

  1. 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
  2. A request for duplicate copies of statements
  3. The failure to receive a receipt from an electronic terminal when the transaction amount is $25 or more
  4. A returning request for information for tax or recordkeeping purposes

Answer(s): A,B



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

  1. 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
  2. A request for duplicate copies of statements
  3. The failure to receive a receipt from an electronic terminal when the transaction amount is $25 or more
  4. A returning request for information for tax or recordkeeping purposes

Answer(s): A,B



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)

  1. Consumer
  2. Financial institution
  3. Reserve Bank
  4. A third party

Answer(s): A



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