The Expedited Funds Availability Act Quiz! Trivia

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  • 1/10 Questions

    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?

    • 5 days
    • 5000.00 2 days and 5000.00 7 days
    • No hold ( he is Piles)
    • 5000.00 no hold and 5000.00 5 days
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About This 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.

The Expedited Funds Availability Act Quiz! Trivia - Quiz

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  • 2. 

    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.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Financial institutions may extend holds when there is a problem with a check or the member's account history. This means that if there is an issue with the check or if the member has a history of account problems, the financial institution has the authority to hold the funds for a longer period of time. However, it is important to note that checks cannot be held longer than what is stated in the regulation. Therefore, the statement is true.

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  • 3. 

    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?

    • 5000.00 2 days and 20,000.00 7 days

    • 5000.00 no hold and 20,000.00 7 days

    • 3000.00 no hold (his mother is so sweet) 22,000.00 2 days

    • Dont hold to check he is premium

    Correct Answer
    A. 5000.00 2 days and 20,000.00 7 days
    Explanation
    The correct answer is 5000.00 2 days and 20,000.00 7 days. This means that James' check of $5,000 will be held for 2 days before it is processed, while the remaining $20,000 will be held for 7 days. This is likely because larger amounts require a longer hold period for verification and to ensure that the funds are available.

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  • 4. 

    Financial institutions are required to disclose their hold policy at the time an account is closed.

    • False

    • True

    Correct Answer
    A. False
    Explanation
    Financial institutions are not required to disclose their hold policy at the time an account is closed. Disclosure of hold policies typically occurs when an account is opened or during the course of the account's operation, but not specifically at the time of closure.

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  • 5. 

    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?

    • 2 days because she is select the first 2500. is avaiable

    • No hold payroll

    • 3 days

    • 7 days

    Correct Answer
    A. No hold payroll
    Explanation
    The correct answer is "no hold payroll." This means that Jessica, being a select member, does not need to wait for any specific period of time to access the funds from her payroll check. She can immediately use the full amount of $2700.00 without any delay or hold.

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  • 6. 

    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?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The correct answer is True because as a basic member, Jordan is subject to a 2-day hold period for his check deposit.

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  • 7. 

    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?

    • I dont hold money orders.

    • 7 days

    • 2 days

    • The first $250.00 2 days, and the other $250.00 7 days.

    Correct Answer
    A. 2 days
    Explanation
    The correct answer is 2 days. This suggests that the person holding the money order does not hold it for a specific period of time, but rather for a short duration of 2 days.

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  • 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.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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. However, items deposited at proprietary ATMs are not subject to next-day availability requirements. Therefore, the given statement is false.

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  • 9. 

    Reg CC pertains to all accounts only.

    • True

    • False

    • Transaction acounts only

    • B & c

    Correct Answer
    A. B & c
    Explanation
    The correct answer is "b & c" because Reg CC, which stands for Regulation CC, pertains to both transaction accounts and all accounts. Transaction accounts refer to accounts that are used primarily for conducting transactions, such as checking accounts. Therefore, the answer options "transaction accounts only" and "b & c" are both correct.

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  • 10. 

    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. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Reg CC does not stipulate 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. Therefore, the correct answer is False.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • May 24, 2010
    Quiz Created by
    JBRITTANY
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