I Have an Internet Banking Account

question 22

Multiple Choice

I have an internet banking account.Last week I mislaid my wallet that included the password to my account.I phoned my bank two days later when I realised I must have dropped the wallet in the street,Then I found out that someone accessed my account using my password and removed $5000.Based on the Electronic Funds Transfer (EFT) Code what legal rights does my bank have in this situation?

• A)It has the right to refuse to refund my losses.
• B)It is obliged to refund my losses minus $150.
• C)It is obliged to refund my losses provided it has not proof that I have committed any fraud.
• D)It has the right to claim back any legal or administrative costs involved in investigating the fraud.

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Definitions:

FUTA Tax

Federal Unemployment Tax Act tax, an employer-paid tax used to fund state workforce agencies.

Maximum Credit

Refers to the highest amount of credit a taxpayer can claim on their tax return, which directly reduces their tax liability.

Taxable Payments

Payments received that are subject to income tax, including wages, salaries, and interest income.

Taxpayer Identification Number

A unique number assigned to taxpayers for identification purposes by the IRS or Social Security Administration, such as a Social Security Number (SSN) for individuals.