To Stop a Payment of a Preauthorized Transfer, Consumer Must

question 159

Multiple Choice

To stop a payment of a preauthorized transfer, consumer must notify the institution or in writing at least:

• A) Three days before the transfer is to occur
• B) Within 14 days of oral notice
• C) Binding after 14 days if no written confirmation is received
• D) None of these

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Definitions:

GAAP

Generally Accepted Accounting Principles, a common set of accounting rules and standards used in financial reporting.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, essential for assessing financial health.

Audited

The process of officially inspecting an individual's or organization's accounts by an independent body to ensure accuracy and compliance with laws and regulations.

Non-cash Items

Expenses or incomes recorded in the income statement which do not involve actual cash flow, such as depreciation, stock-based compensation, or provisions.