Exam CRCM topic 1 question 208 discussion

Actual exam question from ABA's CRCM

Question #: 208
Topic #: 1

As an alternative to providing a periodic statement, a financial institution holding payroll card accounts may make available:

A. The account balance, accessed through a readily available telephone line
B. An electronic history of the account that covers a period of at least 60 days preceding the time the consumer electronically accesses the account
C. A written history of account transactions, available on request that covers a period of at least 15 days preceding the date of the consumer request
D. A written history of account transactions, available on request that covers a period of at least 30 days preceding the date of the consumer request

Show Suggested Answer

Suggested Answer: AB 🗳️

by Cam22 at March 17, 2024, 12:31 a.m.

Comments

Submit Cancel

Edoli93

4 months ago

Selected Answer: AB

A and B. (1) A financial institution need not furnish periodic statements required by § 1005.9(b) if the institution makes available to the consumer: (i) The consumer's account balance, through a readily available telephone line; (ii) An electronic history of the consumer's account transactions, such as through a Web site, that covers at least 60 days preceding the date the consumer electronically accesses the account; and

upvoted 1 times

...

Cam22

8 months, 3 weeks ago

Selected Answer: B

Financial institutions holding payroll card accounts may make available an electronic history of the account that covers a period of at least 60 days preceding the time the consumer electronically accesses the account. This provides consumers with access to their account history and balances, ensuring transparency and easy monitoring of their transactions.

upvoted 1 times

...