NCCO EXAM #2 | 114 QUESTIONS |
WITH 100% SOLVED ANSWERS!!
1 of
114
Term
What are the permissible names for these accounts in CU land?
Checking
Money Market
Savings
Certificate
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, a) Share Draft
b) Money Market Share Accounts
c) Share
d) Term Share Accounts
1) No deceptive subject lines
2)must ID the message as an advertisement
3) opportunity to unsubscribe and way to opt out via working email or other
comparable method
4) physical address
5) must honor within 10 days
Provides CU with a safe harbor against any possible civil liability under the RFPA.
Can be 2:00 pm or later: if deposited @ branch location
Can be 12:00 pm or later for ATMs, shared branches or off-premise locations
Don't know?
2 of 114
Term
TISA: What types of accounts are covered?
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, 1) Deposit related fees (monthly service fees, opening/closing
fees, dormant/inactivity fees, ATM, w/d fees, NSF fees, stop
payment fees
2)Fees not covered by TISA: services like travelers checks, wires, ACH transfers,
incidental fees like escheat, attorneys' fees, etc.
Deposit account
Transaction
accounts
Certificates
IRAs
Must be a consumer purpose account held by a natural person (not
corporate, formal trust or decedent accounts)
Must have legal authorization to request records.
includes: member auth, subpoena/summons, search warrant, formal request by a
gov't agency
ANY EFT from an account initiated by a person other than the consumer WITH
NO authority and from which consumer gets NO benefit.
Don't know?
3 of 114
Term
Triggered Disclosures-Bonus--> name all 5
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, 1) annual percentage yield,
2)time requirements to obtain the bonus,
3) min balance to obtain the bonus,
4) min opening deposit if greater than min balance needed to obtain the
bonus;
5) when the bonus will be provided
1) Add new category being disclosed to non-affiliates
2)Add new category of 3rd party non-affiliates
3) Disclose NPI of former members that have not had chance to opt out
1) No deceptive subject lines
2)must ID the message as an advertisement
3) opportunity to unsubscribe and way to opt out via working email or other
comparable method
4) physical address
5) must honor within 10 days
1) if any term required to be disclosed at account opening changes
and such change negatively impacts the member (ex. fee increase/rate
decrease)
CIT must be provided @ least 30 days in advance
Don't know?
4 of 114
Term
E-Sign Act: how must consent occur?
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WITH 100% SOLVED ANSWERS!!
1 of
114
Term
What are the permissible names for these accounts in CU land?
Checking
Money Market
Savings
Certificate
Give this one a try later!
, a) Share Draft
b) Money Market Share Accounts
c) Share
d) Term Share Accounts
1) No deceptive subject lines
2)must ID the message as an advertisement
3) opportunity to unsubscribe and way to opt out via working email or other
comparable method
4) physical address
5) must honor within 10 days
Provides CU with a safe harbor against any possible civil liability under the RFPA.
Can be 2:00 pm or later: if deposited @ branch location
Can be 12:00 pm or later for ATMs, shared branches or off-premise locations
Don't know?
2 of 114
Term
TISA: What types of accounts are covered?
Give this one a try later!
, 1) Deposit related fees (monthly service fees, opening/closing
fees, dormant/inactivity fees, ATM, w/d fees, NSF fees, stop
payment fees
2)Fees not covered by TISA: services like travelers checks, wires, ACH transfers,
incidental fees like escheat, attorneys' fees, etc.
Deposit account
Transaction
accounts
Certificates
IRAs
Must be a consumer purpose account held by a natural person (not
corporate, formal trust or decedent accounts)
Must have legal authorization to request records.
includes: member auth, subpoena/summons, search warrant, formal request by a
gov't agency
ANY EFT from an account initiated by a person other than the consumer WITH
NO authority and from which consumer gets NO benefit.
Don't know?
3 of 114
Term
Triggered Disclosures-Bonus--> name all 5
Give this one a try later!
, 1) annual percentage yield,
2)time requirements to obtain the bonus,
3) min balance to obtain the bonus,
4) min opening deposit if greater than min balance needed to obtain the
bonus;
5) when the bonus will be provided
1) Add new category being disclosed to non-affiliates
2)Add new category of 3rd party non-affiliates
3) Disclose NPI of former members that have not had chance to opt out
1) No deceptive subject lines
2)must ID the message as an advertisement
3) opportunity to unsubscribe and way to opt out via working email or other
comparable method
4) physical address
5) must honor within 10 days
1) if any term required to be disclosed at account opening changes
and such change negatively impacts the member (ex. fee increase/rate
decrease)
CIT must be provided @ least 30 days in advance
Don't know?
4 of 114
Term
E-Sign Act: how must consent occur?
Give this one a try later!
