CRB Banking Products & Customer Service 2

Question 1

A customer wants to earn interest while maintaining easy access to funds for emergencies. Which product best meets this need?

Accepted Answer

Money Market Account

Answer

Money market accounts offer competitive interest rates with liquidity, typically allowing limited monthly withdrawals.

Question 2

Under Regulation E, how many business days does a bank have to investigate and resolve a consumer's unauthorized electronic fund transfer complaint after receiving notice?

Accepted Answer

10 business days

Answer

Reg E requires banks to investigate unauthorized EFT claims within 10 business days, or provisionally credit the account and extend to 45 days.

Question 3

Which feature distinguishes a Home Equity Line of Credit (HELOC) from a Home Equity Loan?

Accepted Answer

HELOC has a variable interest rate during the draw period

Answer

HELOCs function as revolving credit with variable rates during the draw period, unlike home equity loans which have fixed rates and lump-sum disbursement.

Question 4

A customer complains that an ATM dispensed $100 less than requested but the account was debited for the full amount. What is this called?

Accepted Answer

ATM dispense error

Answer

An ATM dispense error occurs when the machine fails to deliver the full requested amount, requiring a dispute investigation.

Question 5

Which savings vehicle offers a guaranteed fixed return and is FDIC-insured but penalizes early withdrawal?

Accepted Answer

Certificate of Deposit

Answer

CDs offer guaranteed fixed rates and FDIC insurance but impose an early withdrawal penalty if funds are accessed before maturity.

(CRB) Certified Retail Banker Practice Test

(CRB) Certified Retail Banker Practice Test

CRB Banking Products & Customer Service 2