The Expedited Funds Availability Act Quiz! Trivia

Approved & Edited by ProProfs Editorial Team

The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.

Learn about Our Editorial Process

| By JBRITTANY

JBRITTANY

Community Contributor

Quizzes Created: 1 | Total Attempts: 1,248

Questions: 10 | Attempts: 1,248 | Updated: Mar 21, 2023

Questions

Settings

Create your own Quiz

Share on Facebook Share on Twitter Share on Whatsapp Share on Pinterest Share on Email Copy to Clipboard Embed on your website

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.
Correct Answer
C. 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.

Rate this question:

1
0
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
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.

Rate this question:
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
Correct Answer
B. 5000.00 2 days and 5000.00 7 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
Correct Answer
B. 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.

Rate this question:
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
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.

Rate this question:
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
Correct Answer
B. 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.

Rate this question:
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
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.

Rate this question:
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
Correct Answer
B. 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.

Rate this question:
9.

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

Rate this question:
10.

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

Rate this question:

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
May 24, 2010

Quiz Created by
JBRITTANY

The Expedited Funds Availability Act Quiz! Trivia

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?

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?

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?

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?

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?

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.

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.

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.

Reg CC pertains to all accounts only.

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