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Exam CRCM topic 1 question 190 discussion

Actual exam question from ABA's CRCM
Question #: 190
Topic #: 1
[All CRCM Questions]

Which of the following primary purpose/s were behind the Electronic Fund Transfer Act (EFTA)?

  • A. To provide disclosures to consumers who use electronic fund transfer (EFT) systems
  • B. To provide consumers with limitations on liability for unauthorized electronic fund transfers
  • C. Both A and B
  • D. None of these
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Suggested Answer: C 🗳️

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Cam22
4 months ago
Selected Answer: C
The correct answer is C. Both A and B. The Electronic Fund Transfer Act (EFTA) was enacted with the primary purposes of providing consumers with disclosures related to their use of electronic fund transfer (EFT) systems and offering protections, including limitations on consumer liability for unauthorized electronic fund transfers. These provisions ensure that consumers are well-informed about their transactions and rights within electronic banking systems and are protected against the financial implications of unauthorized access and transactions.
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