Certified Regulatory Compliance Manager (CRCM) — Question 189

During a EFT, if the institution determines that no error has occurred or that an error occurred in a manner or amount different than the alleged error, it:

Answer options

• A. Must notify the consumer in writing of the date and amount of the debit to account and the fact that the institution will continue to honor checks and preauthorized transfers payable to third parties for seven business days
• B. Must promptly provide on request copies of documentation on which institution relied on to determined that no error occurred
• C. Must pay only items that the institution would have paid if the provisionally credited funds had not been debited
• D. Any of these

Correct answer: A, B, C

Explanation

The correct answer is A, B, C, as they outline the institution's obligations when no error is found. Option D is incorrect because it suggests that any of the actions are acceptable, which is misleading; the institution must specifically notify the consumer and provide documentation as described in A and B.