The Expedited Funds Availability Act Quiz! Trivia

1. 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

not-available-via-ai

Explanation

not-available-via-ai

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

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.

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.

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

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.

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.

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

False

True

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.

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.

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

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.

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.

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

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

Explanation

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

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.

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.

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.

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

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.

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.

9. Reg CC pertains to all accounts only.

True

False

Transaction acounts only

B & c

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.

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.

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

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.

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.