Thanks to technology, the banking systems have been advanced to allow transactions across different accounts electronically. The quiz below focuses and tests your knowledge on electronic funds transfers. Find out what you know below. All the best.
Point-of-sale transfers
Automated teller machine transfers
Direct deposits or withdrawals of funds
Automated transfers initiated by telephone - non-operator assisted
All of the above
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It provides the consumer with the opportunity to minimize their exposure to unauthorized electronic fund transfers.
It requires financial institutions to notify consumer consumers of their rights and responsibilities in connection with electronic fund transfers.
It provides a procedure for dealing with any EFT error on a consumer deposit account.
All of the above.
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True
False
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Resolve the error or provisionally credit the consumer.
Nothing; the financial institution has 45 calendar days to complete investigation.
Debit provisional credit from the consumer's account. Call the consumer and ask for more time to investigate error.
None of the above.
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Placing a stop payment on a check
Direct deposit
Point-of-sale transaction
ATM transfer
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True
False
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True
False
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30 days from the transmittal date of the statement on which the error appeared
45 days from the transmittal date of the statement on which the error appeared
60 days from the transmittal date of the statement on which the error appeared
None of the above
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Option 1
Option 2
Option 3
Option 4
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