The Expedited Funds Availability Act Quiz! Trivia

10 Questions | By JBRITTANY | Updated: Mar 21, 2022 | Attempts: 1231

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The Expedited Funds Availability Act Quiz! Trivia - Quiz

The expedited funds availability act quiz trivia. This act has made it possible for banks to ensure that clients are able to access their money at any given point where the bank cannot hold onto ca deposit for over a certain period which in most cases does not exceed seven business days. By taking this quiz you will get to test out how this act is applied in everyday life when it comes to client funds.

Questions and Answers

1.

Brandy, a known member comes in and deposits a $500.00 money order from a premium member, how long do you hold the money order?
- A.
  
  I dont hold money orders.
- B.
  
  7 days
- C.
  
  2 days
- D.
  
  The first $250.00 2 days, and the other $250.00 7 days.
2.

James has a premium account and he brings a $25,000.00 personal check from his mother who you think is such a sweet lady, how long do you hold his check?
- A.
  
  5000.00 2 days and 20,000.00 7 days
- B.
  
  5000.00 no hold and 20,000.00 7 days
- C.
  
  3000.00 no hold (his mother is so sweet) 22,000.00 2 days
- D.
  
  Dont hold to check he is premium
3.

Piles is a superstar rapper and is also a valued member, he brings in a check for $10,000.00 from his record label how long do you hold his check?
- A.
  
  5 days
- B.
  
  5000.00 2 days and 5000.00 7 days
- C.
  
  No hold ( he is Piles)
- D.
  
  5000.00 no hold and 5000.00 5 days
4.

Jessica is a select member, she brings a payroll check from the City of Sunrise, the check is for $2700.00, how long do you hold the check?
- A.
  
  2 days because she is select the first 2500. is avaiable
- B.
  
  No hold payroll
- C.
  
  3 days
- D.
  
  7 days
5.

Jordan is a basic member and wants to deposit his $300.00 check from his grandmother into his savings account you only hold the check for 2days. Did you do the right hold?
- A.
  
  True
- B.
  
  False
6.

Reg CC stipulates that money orders, wire transfers, certain ‘low risk’ checks, and the first $100.00 ($200.00 at CCCCU) of checks generally be made available for withdrawal on a next-day basis.
- A.
  
  True
- B.
  
  False
7.

Financial institutions may extend holds when there is a problem with a check or the member’s account history. Checks cannot be held longer than the regulation states.
- A.
  
  True
- B.
  
  False
8.

Reg CC recognizes that credit unions may not be able to distinguish between cash and check deposits made at ATMs quickly enough to meet the availability schedule. Items deposited at proprietary ATMs are subject to next-day availability requirements.
- A.
  
  True
- B.
  
  False
9.

Reg CC pertains to all accounts only.
- A.
  
  True
- B.
  
  False
- C.
  
  Transaction acounts only
- D.
  
  B & c
10.

Financial institutions are required to disclose their hold policy at the time an account is closed.
- A.
  
  False
- B.
  
  True