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Question 194

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)

    Correct Answer: A

    The responsibilities described pertain to actions that a consumer must take when they suspect an error in an electronic fund transfer. Regulation E (Electronic Fund Transfer Act) outlines these responsibilities, including the timeframe for notifying the bank and the details that should be included in the notification, to ensure that consumers are protected and that errors can be addressed promptly and efficiently by the financial institution.

Discussion
Cam22Option: A

The correct answer is A. Consumer. The responsibilities listed pertain to actions that a consumer must take when they suspect an error in an electronic fund transfer. Regulation E (Electronic Fund Transfer Act) outlines these responsibilities, including the timeframe for notifying the bank and the details that should be included in the notification, to ensure that consumers are protected and that errors can be addressed promptly and efficiently by the financial institution.