During a EFT, If the Institution Determines That No Error

question 182

Multiple Choice

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:

• 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

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Definitions:

Significant

In statistics, it refers to results that are unlikely to have occurred by chance alone, according to a predefined threshold of probability (the significance level).

Marginal Means

The means of subsets of data, taking into account the influence of one or more other variables.

Main Effect

The direct impact of an independent variable on a dependent variable in an experiment or study.

Significant

Indicating that the observed findings in data are unlikely to have occurred by chance, according to a predetermined threshold.