According to the Electronic Fund Transfer Act of 1978, which of the following is true in case of recourse for loss or theft?
A) Is a customer fails to notify the issuer about a missing or stolen EFT card, within two working days, the liability is $500.
B) If the loss or theft of an Electronic Fund Transfer card is reported after sixty days of receipt, the customer's liability is $5000.
C) If a customer notifies the issuer of the Electronic Fund Transfer card within two business days after learning that their card is missing or stolen, their liability is limited to $50.
D) A customer would have fifty percent liability if he/she notifies the financial institution for funds withdrawn from a missing or lost Electronic Fund Transfer card after the sixtieth day.
E) Under Electronic Fund Transfer Act Section 903(6) , a customer can have ninety percent of the liability if he/she notifies the financial institution about the missing or lost EFT card after ninety days.
Correct Answer:
Verified
Q26: Darcy's checking account is insufficient to pay
Q27: Electronic funds transfers do not eliminate the
Q28: Section 4-213(1) spells out that it will
Q29: An office where banks exchange checks and
Q30: A bank is liable for paying out
Q32: A _ bank handles checks, but not
Q33: Which of the following holds true in
Q34: Article 4A addressed the frequently occurring legal
Q35: A collecting bank is one _.
A) that
Q36: If the depository bank is also the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents