Multiple Choice
Which of the following statements is not true regarding Electronic Funds Transfer Systems (EFTS) ?
A) EFTS eliminates "float."
B) Congress and the Federal Reserve Board have enacted legislation to protect EFTS users.
C) A customer has unlimited liability for the unauthorized use of a lost or stolen EFTS debit card.
D) A bank is liable for a wrongful dishonor if it fails to make an EFTS payment when funds are available.
E) One major advantage to EFTS is that they are "online" so the transactions take effect immediately.
Correct Answer:
Verified
Correct Answer:
Verified
Q37: What steps must a drawer take in
Q38: In connection with a checking account at
Q39: The Electronic Fund Transfer Act regulates consumer
Q40: Which of the following is a characteristic
Q43: Under the most recent version of the
Q44: A payee has the right to demand
Q45: Kenny has a checking account at Local
Q46: When a bank has wrongfully dishonored a
Q46: What options does a payee have who
Q47: When a drawee bank is presented with