Payment to a beneficiary is made at the earlier of the time when:

The payment order is credited to the beneficiary's account or when notice of the credit is sent to the beneficiary
The amount is credited to the receiving bank's account at the Reserve Bank or when the payment order is sent to the receiving bank
The amount is debited to the receiving bank's account at the Reserve Bank or when the payment order is sent to the receiving bank
The payment order is debited to the beneficiary's account or when notice of the credit is sent to the beneficiary

Answer(s): A

Payment to a beneficiary is made at the earlier of the time when:

The payment order is credited to the beneficiary's account or when notice of the credit is sent to the beneficiary
The amount is credited to the receiving bank's account at the Reserve Bank or when the payment order is sent to the receiving bank
The amount is debited to the receiving bank's account at the Reserve Bank or when the payment order is sent to the receiving bank
The payment order is debited to the beneficiary's account or when notice of the credit is sent to the beneficiary

Answer(s): A

Payment to a beneficiary is made at the earlier of the time when:

The payment order is credited to the beneficiary's account or when notice of the credit is sent to the beneficiary
The amount is credited to the receiving bank's account at the Reserve Bank or when the payment order is sent to the receiving bank
The amount is debited to the receiving bank's account at the Reserve Bank or when the payment order is sent to the receiving bank
The payment order is debited to the beneficiary's account or when notice of the credit is sent to the beneficiary

Answer(s): A

Which of the following primary purpose/s were behind the Electronic Fund Transfer Act (EFTA)?

To provide disclosures to consumers who use electronic fund transfer (EFT) systems
To provide consumers with limitations on liability for unauthorized electronic fund transfers
Both A and B
None of these

Answer(s): C

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