Banking Customer Service 4 — Questions and Answers
Question 1: A customer calls to report their debit card lost. What is the FIRST action the representative should take?
- Order a replacement card
- Ask the customer to file a police report
- Immediately deactivate the lost card to prevent unauthorized use (Correct answer)
- Review recent transactions with the customer
Correct answer: Immediately deactivate the lost card to prevent unauthorized use
Deactivating the card immediately limits exposure to fraud, which takes priority over replacement or transaction review.
Question 2: Under the Bank Secrecy Act (BSA), which transaction type automatically triggers a Currency Transaction Report (CTR)?
- Any electronic funds transfer over $1,000
- Any cash transaction exceeding $10,000 in a single business day (Correct answer)
- Any wire transfer to a foreign country
- Any check deposit over $5,000
Correct answer: Any cash transaction exceeding $10,000 in a single business day
The BSA requires banks to file a CTR for cash transactions (deposits, withdrawals, or exchanges) exceeding $10,000 in a single business day.
Question 3: A customer is upset that a transfer they initiated online did not post as expected. What should the representative do BEFORE offering solutions?
- Immediately credit the account as a goodwill gesture
- Verify the transaction details in the system to understand exactly what occurred (Correct answer)
- Assume it was user error and walk the customer through the online portal again
- Escalate to IT without explaining anything to the customer
Correct answer: Verify the transaction details in the system to understand exactly what occurred
Verifying the actual transaction record ensures the representative understands the root cause before proposing any solution.
Question 4: What is 'structuring' in the context of banking compliance and customer service?
- Organizing loan repayment schedules for customers
- Breaking up large cash transactions to avoid triggering a CTR, which is illegal (Correct answer)
- Setting up automatic recurring transfers for a customer
- Structuring a CD ladder to maximize interest earnings
Correct answer: Breaking up large cash transactions to avoid triggering a CTR, which is illegal
Structuring (smurfing) is the illegal practice of splitting cash transactions to stay below the $10,000 CTR reporting threshold.
Question 5: A customer with a disability requires accommodation to access banking services. What law primarily requires banks to provide reasonable accommodations?
- The Americans with Disabilities Act (ADA) (Correct answer)
- The Fair Credit Reporting Act (FCRA)
- The Community Reinvestment Act (CRA)
- The Gramm-Leach-Bliley Act (GLBA)
Correct answer: The Americans with Disabilities Act (ADA)
The ADA requires banks to make reasonable accommodations so customers with disabilities have equal access to banking services and facilities.
Question 6: When should a bank representative refer a customer to a licensed financial advisor rather than answering directly?
- When the customer asks about their account balance
- When the customer asks for specific investment or tax advice beyond the banker's licensed scope (Correct answer)
- When the customer asks about CD interest rates
- When the customer asks how to set up direct deposit
Correct answer: When the customer asks for specific investment or tax advice beyond the banker's licensed scope
Providing specific investment or tax advice without proper licensing exposes the bank to regulatory risk; referral to a licensed professional is appropriate.
Question 7: A customer mentions they have recently retired and asks what they should do with their 401(k). The banker is not a licensed investment advisor. What is the BEST response?
- Explain all the rollover options in detail based on general knowledge
- Congratulate them, acknowledge the importance of the decision, and offer to connect them with the bank's licensed financial advisor (Correct answer)
- Recommend they leave the money in the 401(k) plan to avoid taxes
- Tell the customer the bank cannot help with retirement accounts at all
Correct answer: Congratulate them, acknowledge the importance of the decision, and offer to connect them with the bank's licensed financial advisor
Acknowledging the milestone and facilitating an introduction to a qualified advisor provides value while staying within appropriate boundaries.
Banking Customer Service 4
A customer calls to report their debit card lost.
What is the FIRST action the representative should take?