CCSR - Certified Customer Service Representative Compliance and Banking Basics Questions and Answers

Question 1

A customer makes several cash deposits over a few days, with each deposit being $9,500. As a customer service representative, you notice this pattern. This activity is a potential indicator of:

Accepted Answer

Structuring, an attempt to evade Currency Transaction Report (CTR) requirements.

Answer

A common savings strategy to earn more interest.

Answer

A standard procedure for a small business owner.

Answer

An error in the bank's transaction monitoring system.

Question 2

Under the Gramm-Leach-Bliley Act (GLBA), which of the following is considered Non-Public Personal Information (NPI) that a CSR has a duty to protect?

Accepted Answer

A customer's account balance and social security number.

Answer

The bank's publicly posted hours of operation.

Answer

A list of mortgage products offered by the bank.

Answer

The address of the bank's corporate headquarters.

Question 3

What is the primary purpose of the Customer Identification Program (CIP) that banks are required to implement when opening a new account?

Accepted Answer

To form a reasonable belief that the bank knows the true identity of the customer.

Answer

To determine the customer's eligibility for credit products.

Answer

To enroll the customer in the bank's marketing and promotional campaigns.

Answer

To verify that the customer has a sufficient opening deposit.

Question 4

A person calls claiming their mother is a customer and is too ill to call herself. The person asks for the mother's checking account balance to ensure a check will clear. The caller is not listed on the account. What is the most compliant action for the CSR to take?

Accepted Answer

Politely state that due to privacy regulations, you can only share account information with the authorized account holder.

Answer

Provide the balance to be helpful in a difficult situation.

Answer

Ask for the mother's date of birth to verify the caller's identity.

Answer

Suggest the caller use the mobile app on the mother's phone.

Question 5

A customer reports that their debit card was stolen yesterday and that two unauthorized transactions of $150 each have been posted to their account today. They report it immediately upon discovery. According to Regulation E, what is the customer's maximum liability?

Accepted Answer

$50

Answer

$500

Answer

$300

Answer

$0, because the bank's insurance covers it.

Question 6

Which of the following scenarios would MOST LIKELY require a bank to file a Currency Transaction Report (CTR) with FinCEN?

Accepted Answer

A customer withdraws $15,000 in cash from their checking account.

Answer

A customer deposits a $12,000 cashier's check into their savings account.

Answer

A customer wires $25,000 to an overseas account.

Answer

A customer uses their debit card to make a $10,500 purchase.

A customer makes several cash deposits over a few days, with each deposit being $9,500.As a customer service representative, you notice this pattern.This activity is a potential indicator of:

A customer makes several cash deposits over a few days, with each deposit being $9,500.
As a customer service representative, you notice this pattern.
This activity is a potential indicator of: