A Preauthorized Electronic Transfer from a Consumer's Account

question 37

Multiple Choice

A preauthorized electronic transfer from a consumer's account:

• A) may be orally authorized at the time the transfer is to be made.
• B) must be authorized in writing in advance of the time the transfer is to be made.
• C) may be stopped only by written notice to the financial institution at least five business days before the scheduled date of transfer.
• D) is limited to an amount of $500 or less.

---

Definitions:

Facebook

A social networking platform that allows users to create profiles, share pictures, videos, and articles, as well as communicate with friends and family.

Domain Tasting

A practice where individuals or organizations register domains to test their profitability and then cancel the registration within a trial period for a full or partial refund.

Grainger

Grainger typically refers to W.W. Grainger, Inc., a broad-line supplier of maintenance, repair, and operating (MRO) products for businesses and institutions.

Amazon Business

A marketplace on Amazon that caters to the specific needs of businesses by providing business pricing, quantity discounts, and other business-specific features.