EFT ACT AND REG E Flashcards
The primary purpose of the EFT act and reg e is to
-protect the consumers against unauthorized and erroneous efts.
-encourage consumers to use and rely on electronic payments systems, efts, and access devices.
both a and b (but more a than b)
Telephone transfer are considered eft under reg e. True or False?
Reg e requires initial disclosures be given to the member:
-when she/he contacts for an eft service
-at any time
Reg e must include the location of the CU’s ATMS: True or False?
A. A receipt for a transacion completed at an electronic terminal must disclose the account balance after the transaction. True or False? The receipt must disclose the date, terminal location, and a number that ids the member. True or False?
B. If a surcharge will be imposed on nonmembers for using an ATM operated by your CU, the only notice requirement is to post that fee on the transaction receipt. True or False?
There is no requirement under Reg E for a financial institution to send a periodic statement to a consumer if no eft has been debited or credited to the consumer’s account. True or False?
A consumer has 33, 60, 90, 120 days from the receipt of the periodic statement to notify an institution of an eft error. No resolution 10 days after error notification? you must provisionally recredit the member’s account. True or False?
A financial institution can require consumers to notify if of eft errors in writing. True or False?
A financial institution can require consumers to confirm all notices of eft errors in writing. True or False?
An access device is an “accepted device” when 1. the member request and receives a debit cared, or 2. the member calls the CU to validate an unsolicited debit card, or 3. the member receives a replacement devit card for a broken original card. True or False?
The primary pupose of the Reg E initial disclosures is to summarize the member’s liability for unauthorized eft. True or False? The Reg E initial disclosures must also explain the types of electronic services offered, the member’s right to stop preauthorized payments, and the CU’s business days. True or False?
There are possible tiers of liability that consumers may be responsible for when unauthorized efts are debited against their accounts at a financial institutio.
If a consumer has a debit card, and writes her or his PIN on the debit card, and the card is subsequently stolen and unauthorized efts are made to the consumer’s account, the consumer’s negligence affects her or his liability for unauthorized efs. True or False?
a. If a consumer notifies her or his financial institution within two business days after learning of the loss or theft of her or his debit card, her or his liability for unauthorized efts is: 0, 50, 500, 1000, or unlimited
b. If a consumer notifies her or his financial institution after two business days after learning of the loss or theft of her or his debit card, her or his liability for unauthorized efts is: 0, 50, 500, 1000, or unlimited
a. If a consumer notifies her or his financial institution of unauthorized eft debits made to the consumer’s account (that occurred without an access device) that appear on her or his statement within 60 days of the transmittal of the statement, her or his liability for the unauthorized efts is: 0, 50, 500, 1000, or unlimited.
b. a. If a consumer notifies her or his financial institution of unauthorized eft debits made to the consumer’s account (that occurred without an access device) that appear on her or his statement after 60 days of the transmittal of the statement, her or his liability for the unauthorized efts is: 0, 50, 500, 1000, or unlimited.
a. Under Reg E, a non benefical change in terms (such as increased or new fees) requires 21 days advanced notice to your members. True or False?
b. Reg CC and TISA require 30 days advanced notice for non- beneficial changes in terms to members, which does not make sense given the answer in “a” until you remember who is writing all these rules. True or False?
