American Bankers Association Exam CRCM Topic 8 Question 93 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 93
Topic #: 8

[All CRCM Questions]

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:

AMust 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

BMust promptly provide on request copies of documentation on which institution relied on to determined that no error occurred

CMust pay only items that the institution would have paid if the provisionally credited funds had not been debited

DAny of these

Show Suggested Answer

Suggested Answer: B

by Mose at Jul 14, 2024, 10:59 PM

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Tien

1 months ago

Hmm, this is a tricky one. I'm going to go with B, but I'll be sure to double-check the regulations just in case. Can't be too careful!

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Deangelo

19 hours ago

User3: I agree with User2, A sounds like the right answer.

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Merlyn

5 days ago

User2: I'm leaning towards A, it seems like the most logical choice.

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Afton

18 days ago

User1: I think it's D, any of these options could be correct.

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Sylvie

1 months ago

I'm going to go with C. The institution should only pay the items it would have paid if the funds weren't debited. Seems like the fair approach.

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Myra

1 months ago

D, any of these, sounds like a trap option. I'll go with B to play it safe.

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Samira

17 hours ago

User 3: I'm going with B too, better safe than sorry.

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Alecia

4 days ago

User 2: Yeah, I agree. It's always good to have documentation.

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Jesusa

17 days ago

User 1: I think B is the safest option.

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Jesus

2 months ago

I'm not sure, but I feel like the institution should notify the consumer in writing, as stated in A. That seems like the courteous thing to do.

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Kayleigh

8 days ago

User 3: It's important for transparency and keeping the consumer informed.

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Marcelle

23 days ago

User 2: Yeah, that does seem like the right thing to do.

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Alberta

24 days ago

User 1: I think the institution should notify the consumer in writing.

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Anjelica

2 months ago

I think the correct answer is B. The institution must provide the documentation on request. That's the most straightforward compliance requirement.

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Erasmo

25 days ago

D) Any of these

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Sabina

29 days ago

C) Must pay only items that the institution would have paid if the provisionally credited funds had not been debited

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Denny

1 months ago

B) Must promptly provide on request copies of documentation on which institution relied on to determined that no error occurred

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Kris

1 months ago

A) 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

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Kate

2 months ago

Yes, I also believe the correct answer is D) Any of these, as the institution must pay only items they would have paid if the provisionally credited funds had not been debited.

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Reena

2 months ago

I agree with Ashley, because the institution should notify the consumer in writing and provide documentation upon request.

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Ashley

3 months ago

I think the answer is D) Any of these.

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