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Exam CRCM topic 1 question 193 discussion

Actual exam question from ABA's CRCM
Question #: 193
Topic #: 1
[All CRCM Questions]

__________________ is a transfer that is authorized in advance to occur at substantially regular intervals. Payments that require the consumer to take specific actions to initiate them (such as by entering instructions on a touch-tone telephone or on the Internet) are not such type of EFTs.

  • A. A preauthorized EFT
  • B. A postauthorized EFT
  • C. A standard format EFT
  • D. A customized EFT
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Suggested Answer: A 🗳️
by Cam22 at March 16, 2024, 11 p.m.

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Cam22
4 months ago
Selected Answer: A
The correct answer is A. A preauthorized EFT. A preauthorized electronic fund transfer is one that the consumer authorizes in advance to recur at substantially regular intervals. This type of EFT does not include payments that require the consumer to take specific actions to initiate each transfer, such as entering instructions via a touch-tone telephone or online.
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