Alternative Options for Payroll Card Accounts

AB

Sure, I'd be happy to explain the answer options for the question related to CRCM (Certified Regulatory Compliance Manager) exam.

The question is asking about an alternative to providing a periodic statement for financial institutions holding payroll card accounts. Payroll cards are a type of prepaid card that employers can use to pay employees' wages. These cards can be used like a debit card to make purchases or withdraw cash from ATMs.

Here are the answer options:

A. The account balance, accessed through a readily available telephone line This option suggests that instead of providing a periodic statement, the financial institution can make the account balance available to the consumer by phone. This means that the consumer can call a telephone number provided by the financial institution and get their current account balance. However, this option doesn't provide any information about recent transactions or account activity.

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 This option suggests that the financial institution can provide an electronic history of the account that covers a period of at least 60 days. This means that the consumer can log in to their account online or through a mobile app and view a record of their recent transactions and account activity. This option provides more information than Option A, but it requires the consumer to have internet access and to be able to use the financial institution's online or mobile banking platform.

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 This option suggests that the financial institution can provide a written history of account transactions upon request from the consumer. The written history would cover a period of at least 15 days preceding the date of the consumer request. This means that the consumer would need to contact the financial institution and request a written record of their recent account activity. This option provides more information than Option A, but it requires the consumer to make a request and wait for the written record to be provided.

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 This option is similar to Option C, but it requires the financial institution to provide a written record that covers a period of at least 30 days preceding the date of the consumer request. This option provides more information than Option C, but it also requires the consumer to make a request and wait for the written record to be provided.

In summary, all of the answer options provide alternatives to providing a periodic statement. Option A provides the least amount of information, while Option B provides the most information. Options C and D provide more information than Option A but less than Option B, and they require the consumer to make a request and wait for the information to be provided in writing. Ultimately, the best option will depend on the specific needs and preferences of the consumer and the financial institution's policies and capabilities.