Certified Regulatory Compliance Manager (CRCM) — Question 180

Initial disclosure under Electronic funds transfer act includes:

Answer options

• A. A summary of the consumer's liability for unauthorized transfers
• B. Telephone number and address of person or office to be notified in case of any authorized transfer
• C. The type of EFT the consumer may make and any limitations on EFTs
• D. A summary of institution's liability to consumer for failure to make or stop transactions

Correct answer: A, C, D

Explanation

The correct answers, A, C, and D, outline the necessary information that must be disclosed to consumers under the Electronic Funds Transfer Act, including their liability and the institution's responsibilities. Option B is incorrect as it does not pertain to the required initial disclosures, focusing instead on contact information, which is not mandated in this context.