Certified Regulatory Compliance Manager (CRCM) — Question 182

It is not required for accounts where the only EFT allowed is a preauthorized transfer to an account. If the account is a passbook account, the bank updates the passbook on presentation; if not, the bank it at least quarterly.

Answer options

• A. A periodic statement
• B. Change in terms notice
• C. Unauthorized transfers
• D. Error resolution notice

Correct answer: A

Explanation

The correct answer is A, as a periodic statement is typically required for accounts that do not have frequent transactions. Options B, C, and D do not pertain to the requirement for statements in the context of accounts with limited electronic funds transfers.