Consumers Have the Responsibility to Examine Periodic Statements Provided by Their

question 19

Multiple Choice

Consumers have the responsibility to examine periodic statements provided by their financial institutions. If a loss would not have occurred but for the failure of a consumer to report within __________ of the transmittal of the statement any unauthorized transfer, the loss is borne by the consumer.

• A) fourteen (14) days
• B) thirty (30) days
• C) sixty (60) days
• D) six (6) months

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Definitions:

Printed Check

A preprinted form used to make payment from a bank account, containing the details of the payee and the amount.

Upper-Right Corner

A term often used to describe the location at the top right portion of a page, screen, or area.

Reconciling

The process of ensuring that two sets of records (usually the balances of two accounts) are in agreement.

Bank Statement

A record of an account sent to the account holder, usually on a monthly basis, showing the beginning balance, all deposits made, all checks drawn, all bank service charges and interest earned, and the closing balance.