Certified Regulatory Compliance Manager (CRCM) — Question 187

There is no error in an error in EFT when there is situation as:

Answer options

• A. The reversal of a direct deposit made in error is not considered an unauthorized EFT if the deposit was made to the wrong customer's account, a duplicate was made to the customer's account, or a credit was made in the wrong amount
• B. A request for duplicate copies of statements
• C. The failure to receive a receipt from an electronic terminal when the transaction amount is $25 or more
• D. A returning request for information for tax or recordkeeping purposes

Correct answer: A, B

Explanation

Option A is correct because it specifies situations where incorrect deposits do not classify as unauthorized EFTs. Options B, C, and D do not pertain to errors in EFTs and thus do not meet the criteria outlined in the question.