According to the Electronic Fund Transfer Act of 1978, Which

question 45

Multiple Choice

According to the Electronic Fund Transfer Act of 1978, which of the following is true in case of recourse for loss or theft?

• A) Is a customer fails to notify the issuer about a missing or stolen EFT card, within two working days, the liability is $500.
• B) If the loss or theft of an Electronic Fund Transfer card is reported after sixty days of receipt, the customer's liability is $5000.
• C) If a customer notifies the issuer of the Electronic Fund Transfer card within two business days after learning that their card is missing or stolen, their liability is limited to $50.
• D) A customer would have fifty percent liability if he/she notifies the financial institution for funds withdrawn from a missing or lost Electronic Fund Transfer card after the sixtieth day.
• E) Under Electronic Fund Transfer Act Section 903(6), a customer can have ninety percent of the liability if he/she notifies the financial institution about the missing or lost EFT card after ninety days.

Know the effects of bank obligations and customer rights regarding check deposits and withdrawals.

Recognize the implications of bank insurance coverage and the Electronic Fund Transfer Act.

Understanding of the definition and treatment of stale checks and the effectiveness of stop payment orders.

Grasp the procedural and legal aspects of the bank's duty to honor checks.

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Definitions:

Malnutrition

A condition resulting from an insufficient, excessive, or imbalanced intake of nutrients.

Vector

An agent, such as an insect or rodent, that carries and transmits a disease-causing organism from one host to another.

Disease Transmission

The mechanism by which a disease spreads from one individual to another, either through direct contact, vectors, or environmental factors.

Parasitic Organism

An organism that lives on or within a host species, deriving nutrients at the host's expense, often causing harm but occasionally living in an otherwise harmless relationship.