Certified Regulatory Compliance Manager (CRCM) — Question 179

EFT provides consumers with limitations on liability for unauthorized electronic fund transfers. It includes the following types of funds transfers EXCEPT:

Answer options

• A. Point-of-sale transfers
• B. Automated teller machine (ATM) transfers
• C. Transfers initiated by Fax
• D. Withdrawals of funds, including merchant transactions where no electronic terminal is involved, if the customer's account is debited

Correct answer: C

Explanation

The correct answer is C because transfers initiated by fax are not considered electronic fund transfers under EFT regulations. The other options, A, B, and D, represent recognized types of electronic fund transfers that are covered by EFT limitations on liability.