Practice Quiz

Financial Planner

Category - Professional Conduct and Regulation

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Which regulation requires anyone initiating a debit from a consumer’s bank account to notify the consumer of the type of transaction?
  1. Reserve Requirements of Depository Institutions
  2. Disclosure and Reporting of CRA-Related Agreements
  3. Electronic Fund Transfers
  4. Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire
Explanation
Answer: C - The consumer must be notified of any electronic funds transfer. This includes point-of-sale transfers, ATM transfers, direct deposits or withdrawals of funds, debit card transactions, transfers initiated by telephone, and transfers using information from a check.
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