Common Errors in Electronic Funds Transfers (EFT)

AB

The term "EFT" stands for "Electronic Funds Transfer," which is the electronic movement of money between different bank accounts. CRCM stands for "Certified Regulatory Compliance Manager." The question is asking which situation does not constitute an error in EFT.

A. The reversal of a direct deposit made in error is not considered an unauthorized EFT if the deposit was made to the wrong customer's account, a duplicate was made to the customer's account, or a credit was made in the wrong amount. This means that if a direct deposit was made to the wrong customer's account, or if multiple deposits were made to the same customer's account in error, or if the amount of the deposit was incorrect, reversing the transaction would not be considered an unauthorized EFT. This answer option is correct.

B. A request for duplicate copies of statements is not related to EFT and is not relevant to the question.

C. The failure to receive a receipt from an electronic terminal when the transaction amount is $25 or more is not an error in EFT, as long as the transaction was completed and the funds were transferred as intended. A receipt is not required by law in this situation, and the failure to receive a receipt does not indicate that an error occurred in the transfer of funds. However, if the funds were not transferred as intended, or if there was a discrepancy between the amount transferred and the amount intended to be transferred, then this would constitute an error in EFT.

D. A returning request for information for tax or recordkeeping purposes is not relevant to the question, as it does not relate to the transfer of funds between bank accounts.

Therefore, the correct answer to the question is A. The reversal of a direct deposit made in error is not considered an unauthorized EFT if the deposit was made to the wrong customer's account, a duplicate was made to the customer's account, or a credit was made in the wrong amount.