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American Bankers Association Exam CRCM Topic 8 Question 93 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 93
Topic #: 8
[All CRCM Questions]

During a EFT, if the institution determines that no error has occurred or that an error occurred in a manner or amount different than the alleged error, it:

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Suggested Answer: B

by Mose at Jul 14, 2024, 10:59 PM

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Tien
23 days ago
Hmm, this is a tricky one. I'm going to go with B, but I'll be sure to double-check the regulations just in case. Can't be too careful!
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Afton
2 days ago
User1: I think it's D, any of these options could be correct.
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Sylvie
26 days ago
I'm going to go with C. The institution should only pay the items it would have paid if the funds weren't debited. Seems like the fair approach.
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Myra
27 days ago
D, any of these, sounds like a trap option. I'll go with B to play it safe.
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Jesusa
1 days ago
User 1: I think B is the safest option.
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Jesus
1 months ago
I'm not sure, but I feel like the institution should notify the consumer in writing, as stated in A. That seems like the courteous thing to do.
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Marcelle
7 days ago
User 2: Yeah, that does seem like the right thing to do.
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Alberta
8 days ago
User 1: I think the institution should notify the consumer in writing.
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Anjelica
1 months ago
I think the correct answer is B. The institution must provide the documentation on request. That's the most straightforward compliance requirement.
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Erasmo
9 days ago
D) Any of these
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Sabina
13 days ago
C) Must pay only items that the institution would have paid if the provisionally credited funds had not been debited
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Denny
19 days ago
B) Must promptly provide on request copies of documentation on which institution relied on to determined that no error occurred
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Kris
23 days ago
A) Must notify the consumer in writing of the date and amount of the debit to account and the fact that the institution will continue to honor checks and preauthorized transfers payable to third parties for seven business days
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Kate
2 months ago
Yes, I also believe the correct answer is D) Any of these, as the institution must pay only items they would have paid if the provisionally credited funds had not been debited.
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Reena
2 months ago
I agree with Ashley, because the institution should notify the consumer in writing and provide documentation upon request.
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Ashley
2 months ago
I think the answer is D) Any of these.
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