Certified Regulatory Compliance Manager (CRCM) — Question 181

Electronic funds transfers' requirements say that transfers that vary in amount must be communicated to the designated payee within _______________ before the scheduled transfer or may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts.

Answer options

• A. 10 days
• B. 20 days
• C. 30 days
• D. 15 days

Correct answer: A

Explanation

The correct answer is A, as electronic funds transfer regulations specify that any variation in the transfer amount must be communicated 10 days in advance. The other options (B, C, D) do not comply with the regulatory requirement for notification timeframes, making them incorrect.