Regulation E (Electronic Funds Transfers Act) Exam

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.

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

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

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.

True

False

True

False

Option 1

Option 2

Option 3

Option 4

True

False

Placing a stop payment on a check

Direct deposit

Point-of-sale transaction

ATM transfer

True

False