Chase - Treating Customers Fairly - 2013

14 Questions | Total Attempts: 184

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Chase - Treating Customers Fairly - 2013

Machol and Johannes, LLC Compliance Department Chase - Treating Customers Fairly Review the Chase - Treating Customers Fairly PDF slideshow before taking this test.


Questions and Answers
  • 1. 
    One of your responsibilities is to listen carefully to customers and ensure they are not confused about whether they have enrolled in a product or service.
    • A. 

      A. True

    • B. 

      B. False

  • 2. 
    It is not your responsibility to present potential limits and restrictions about our products and services to customers. It is their responsibility to research and read the fine print.
    • A. 

      A. True

    • B. 

      B. False

  • 3. 
    Which of the following examples would not earn the consumers trust? Select all that apply.
    • A. 

      A. Declining a loan application based on information in the customer’s credit report.

    • B. 

      B. Charging a late fee when a customer was not given a reasonable amount of time to make a payment.

    • C. 

      C. Telling customers about a change in loan terms after they paid non-refundable fees

    • D. 

      D. Assessing an annual fee that was prominently displayed as part of the terms and conditions when applying for a credit card.

  • 4. 
    Which of the following examples do not offer clear disclosure of material features, costs, terms and limitations? Select all that apply.
    • A. 

      A. Promoting a loan at a low initial interest rate without offering that the rate is adjustable and how often it may change.

    • B. 

      B. Placing information about an annual fee that will be charged after the first year of the loan in small print and in a location where the customer might reasonably not notice the information

    • C. 

      C. Reducing the Annual Percentage Yield on a savings account by properly disclosing the change.

    • D. 

      D. Charging service fees when a checking account balance falls below a minimum balance that was clearly disclosed when the account was opened.

  • 5. 
    Ensuring that you know how to escalate a customer complaint is helping meet our mandate to Treat Customers Fairly.
    • A. 

      A. True

    • B. 

      B. False

  • 6. 
    Determine if this example could possibly convey different meanings to a customer. Marketing materials use the term "FREE" in huge letters in the headline but when you read the small print, there are possible fees associated with the product.
    • A. 

      A. No, the customer should read the fine print before making a final decision for enrolling or selecting the product or service.

    • B. 

      B. Yes, fine print or disclosures should not be used to correct a potentially misleading headline.

  • 7. 
    Is this example in agreement with the Treating Customers Fairly Principles? Sales scripts only need to include the words, "You can cancel at any time." Select the best answer.
    • A. 

      A. Yes, since we are open 24 hours a day, the customer can call and cancel at anytime.

    • B. 

      B. No, this example doesn’t include the required conditions for cancellation.

  • 8. 
    One of the Treating Customers Fairly Principles is to earn and retain customers’ trust by treating them the way we would want to be treated ourselves- in an open, honest and respectful manner.
    • A. 

      A. True

    • B. 

      B. False

  • 9. 
    In this example, select the best answer: The customer calls in to request information about an unfamiliar charge on their account. The service representative immediately attempts to sell the Fraud Protection product and does not address his/her concern about the unfamiliar charge.
    • A. 

      A. That’s an acceptable approach and is fair because the additional product sold would protect the customer.

    • B. 

      B. The service representative helps the customer with his/her service request and asks if he/she needs any other assistance. After the service portion of the call is complete, the service representative clearly introduces the sale of the fraud product.

  • 10. 
    An example of where we would not earn the customer's trust is:
    • A. 

      A. Advertising one product with the intention of persuading the customer to purchase another, more expensive product.

    • B. 

      B. Providing important information about a product before the customer has committed to purchase the product

    • C. 

      C. Advertising a product or service that is available and easily understood.

  • 11. 
    An example where clear disclosure was not offered is:
    • A. 

      A. Offering a verbal disclosure that a rate is only in effect for a short period of time and with limits and restrictions.

    • B. 

      B. Stating there are no “out of pocket costs” without disclosing that substantial costs are financed as part of the principal balance.

  • 12. 
    Treating Customers Fairly only applies to selling a product or service.
    • A. 

      A. True

    • B. 

      B. False

  • 13. 
    If you see something in a script, advertisement, brochure, procedure or anything else that "doesn’t look right" you should:
    • A. 

      A. Don’t worry about it because someone else will report it.

    • B. 

      B. Tell your manager or designated person in your line of business.

  • 14. 
    When reading a scripted disclosure, you introduce the required text by stating, "This will just take a minute, bear with me because they make me read this." Select the best answer.
    • A. 

      A. This approach is acceptable as long as I read each word verbatim.

    • B. 

      B. Another approach is to explain the importance of legal disclosures, for example, “let me offer important points to consider about this offer.”

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