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Free CRCM Exam Braindumps (page: 152)

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PDF with 463 Questions

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



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



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:

  1. Must notify the consumer in writing of the date and amount of the debit to account and the fact that the institution will continue to honor checks and preauthorized transfers payable to third parties for seven business days
  2. Must promptly provide on request copies of documentation on which institution relied on to determined that no error occurred
  3. Must pay only items that the institution would have paid if the provisionally credited funds had not been debited
  4. Any of these

Answer(s): A,B,C



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:

  1. Must notify the consumer in writing of the date and amount of the debit to account and the fact that the institution will continue to honor checks and preauthorized transfers payable to third parties for seven business days
  2. Must promptly provide on request copies of documentation on which institution relied on to determined that no error occurred
  3. Must pay only items that the institution would have paid if the provisionally credited funds had not been debited
  4. Any of these

Answer(s): A,B,C






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