Quiz for Understanding Regulation E and Unauthorized Transactions

1. Which of the following are examples of an Electronic Funds Transfer:

1. When the bank aims to change terms or conditions required to be disclosed in the initial disclosures, the bank must mail or deliver a written or electronic notice to the consumer at least ________ days prior to the change effective date.

1. The term “error” includes which of the following:

Initial disclosure requirements should disclose the terms and conditions of EFT services and should be given to the consumer after the first EFT is made or at the time the consumer contracts for an EFT

1. Notice of error may be given

1. What are a financial institution’s error resolution obligations under Regulation E?

1. Unauthorized EFTs include transfers initiated by a person who obtained a consumer’s access device through fraud or robbery and consumer transfers at an ATM that were induced by force.

1. The bank is prohibited from imposing greater liability than allowed under the regulation for things such as

1. A financial institution may NOT make, without investigation, a final correction to a consumer’s account in the amount or manner alleged by the consumer to be in error, but must comply with all other applicable requirements of § 1005.11

1. _____________________________ is any means of access to a consumer’s account that may be used by the consumer to initiate an electronic funds transfer.