Module 1 Reg E Overview

24 Questions | Total Attempts: 98

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Module 1 Reg E Overview


Questions and Answers
  • 1. 
    The purpose of Reg E is to protect the ___________.
    • A. 

      Consumer

    • B. 

      Bank

  • 2. 
    Debit Card transactions are counted as Electronic Fund transfers?
    • A. 

      True

    • B. 

      False

  • 3. 
    An unauthorized electronic frund transfer is a transaction that was not authorized by the customer or anyone authorized by the customer?
    • A. 

      True

    • B. 

      False

  • 4. 
    What is an acceptable way for the customer to notify the bank of an error? 
    • A. 

      Mail

    • B. 

      In Person

    • C. 

      Phone

    • D. 

      All of the Above

  • 5. 
    • A. 

      Deny the claim as we did not receive proper notice.

    • B. 

      Advise the customer that since they did not notify us within 60 days of the unauthorized transaction we are only responsible for the first 3 months of charges.

    • C. 

      Give them credit for all of the charges and chargeback what we can.

  • 6. 
    A cardholder contacts the bank in December 2013 and closes their card due to unauthorized transactions since November 2013 to the same merchant for $29.95.
    • A. 

      Issue provisional credit and submit chargebacks for all transactions.

    • B. 

      Deny the claim as we did not receive notice in November.

    • C. 

      Advise the customer that since they did not notify us within 60 days of the unauthorized transaction we are only responsible for the first 3 months of charges.

  • 7. 
    A cardholder is claiming the last charge to a merchant was unauthorized. However the charge has been recurring for the last 4 months and the cardholder is only disputing the last one as fraud.
    • A. 

      Issue provisional credit for all 4 transactions and chargeback for fraud.

    • B. 

      Ask for cancellation information since the charge has been recurring and the others are not in dispute.

    • C. 

      Issue credit for the only transaction in dispute.

  • 8. 
    A cardholder gives their card to a friend to go get gas.  The cardholder then gets upset at the friend because they won't pay them back; the card has not been reported lost or stolen.  Is this a valid fraud claim?
    • A. 

      Yes

    • B. 

      No

  • 9. 
    A cardholder shops at the same Kroger on Cemetery Rd. several times a month. The cardholder claims the last transaction at this Kroger was not authorized. The amount is within the customer's normal shopping pattern and there are two transactions that occurred after that are not in dispute.  Is this a valid dispute?
    • A. 

      Yes

    • B. 

      No

  • 10. 
    A cardholder goes to a store and attempts to make a purchase with their debit card. The cardholder is told the purchase did not go thru so they write a check for the amount of the transaction. Both the Debit Card transaction and the check post to their account. What scenario is this an example of?
    • A. 

      Fraud

    • B. 

      Credit Posted as Debit

    • C. 

      Paid by Other Means

    • D. 

      Double Billing

  • 11. 
    A cardholder lives and works in Columbus, OH. They go out to eat at a local restaurant at 06:00 p.m. That same day and time a transaction occurs in Florida on the cardholder’s account with the same Debit Card number.  This is potentially what type of fraud?
    • A. 

      Stolen

    • B. 

      Lost

    • C. 

      Customer Doesn't Recognize

    • D. 

      Counterfeit

  • 12. 
    A cardholder goes to Target and makes a purchase for $47.82.  When they review their transactions they see that it has posted to the account two times for the same amount and on the same day. What is this an example of?
    • A. 

      Paid by Other Means

    • B. 

      Duplicate Processing

    • C. 

      Wrong Amount

    • D. 

      Customer Doesn't Recognize

  • 13. 
    Cardholder orders a cooking kit, it was to be delivered to them within 7 days. A total of fifteen days have elapsed and they still have not received the kit. What is this an example of?
    • A. 

      Non Receipt of Goods or Services

    • B. 

      Credit Posted as Debit

    • C. 

      Customer Doesn't Recognize

    • D. 

      Stolen Card

  • 14. 
    Which of the following are different types of access devices.
    • A. 

      Debit Card

    • B. 

      PIN

    • C. 

      Checks

    • D. 

      All of the Above

  • 15. 
    Can a customer reassert a claim that an error has occurred?
    • A. 

      Yes

    • B. 

      No

  • 16. 
    A customer has 90 days to report an error has occurred to the bank.
    • A. 

      True

    • B. 

      False

  • 17. 
    How long does the bank have to determine if an error has occurred without issuing provisional credit?
    • A. 

      5

    • B. 

      10

    • C. 

      20

    • D. 

      90

  • 18. 
    If the bank is unable to resolve in 10 business days, how can the time frame be extended?
    • A. 

      Notify the customer in writing

    • B. 

      Issue provisional credit to the customer

    • C. 

      Deny the customer's case

    • D. 

      Nothing

  • 19. 
    If provisional credit has been issued, what are the applicable time frames to resolve a case? Please check all that apply.
    • A. 

      10

    • B. 

      20

    • C. 

      45

    • D. 

      90

  • 20. 
    If the bank determines no error has occurred what should they do next?
    • A. 

      Notify the customer in writing

    • B. 

      Notify the customer by phone

    • C. 

      Issue provisional credit to the customer

    • D. 

      Nothing

  • 21. 
    How many days does the bank have to issue provisional credit after written notice has been received?
    • A. 

      5

    • B. 

      10

    • C. 

      15

    • D. 

      20

  • 22. 
    Every fraud claim is considered a valid fraud claim.
    • A. 

      True

    • B. 

      False

  • 23. 
    Check all valid fraud denial reasons.
    • A. 

      Normal shopping pattern.

    • B. 

      Card on not on CAMS

    • C. 

      Customer frequents the merchant location

    • D. 

      Card not reported Lost/Stolen

    • E. 

      Customer's shopping footprint/vicinity