Certified Regulatory Compliance Manager (CRCM) — Question 186

An error in EFT includes any of the following:

Answer options

• A. An unauthorized EFT
• B. The omission from a periodic statement of an EFT that should have been included
• C. A consumer's request for documentation required to be given on receipts or statements or for clarification of information (does not include routine inquiries about account balances)
• D. All of these

Correct answer: D

Explanation

The correct answer is D because all listed options describe valid errors that can occur in EFT transactions. Option A refers to an unauthorized transfer, Option B highlights a missing transaction on a statement, and Option C involves a consumer's rights to request necessary documentation, all of which are considered errors in EFT processes.