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Exam CRCM topic 1 question 195 discussion

Actual exam question from ABA's CRCM
Question #: 195
Topic #: 1
[All CRCM Questions]

Electronic funds transfers' requirements say that transfers that vary in amount must be communicated to the designated payee within _______________ before the scheduled transfer or may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts.

  • A. 10 days
  • B. 20 days
  • C. 30 days
  • D. 15 days
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Suggested Answer: A 🗳️
by Cam22 at March 16, 2024, 11:04 p.m.

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Cam22
4 months ago
Selected Answer: A
The correct answer is A. 10 days. For electronic funds transfers that vary in amount, the rule requires that the payee (or the financial institution responsible for executing the transfer) must communicate with the
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