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CFPB MCT EXAM WITH CORRECT SOLUTIONS 2024
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Reg E Overdraft 12. The opt-in notice for overdraft services does NOT have to be: A. In writing (or electronic with permission) B. In a form the consumer can keep. C. Clear and readily understandable. D. Sent with a periodic statement. correct answers D. Sent with a periodic statement. ...

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  • August 21, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
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  • CFPB MCT 5
  • CFPB MCT 5

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CFPB MCT 5

Reg E Overdraft
12. The opt-in notice for overdraft services does NOT have to be:
A. In writing (or electronic with permission)
B. In a form the consumer can keep.
C. Clear and readily understandable.
D. Sent with a periodic statement. correct answers D. Sent with a periodic statement.

Reg E Overdraft
11. Which is not a reasonable method for consumers to opt in to overdraft services?
A. A form for consumers to fill out and mail in or drop off at a branch.
B. A telephone number that consumers may call.
C. A form on a Web site on which consumers click a check box and click a button to
confirm.
D. A signature card with a pre-selected check box for opting in correct answers D. A
signature card with a pre-selected check box for opting in

Reg E Overdraft
16. Which is a prohibited practice under Regulation E's overdraft services
requirements?
A. Providing consumers who opt in to overdraft services with different account offerings
than consumers who do not opt in
B. When a transaction will overdraw the account of a consumer who has not opted in,
paying the overdraft without charging fees
C. Declining to pay a transaction that would overdraw the account of a consumer who
has not opted in
D. Automatically enrolling consumers in overdraft services that do not charge any fees
correct answers A. Providing consumers who opt in to overdraft services with different
account offerings than consumers who do not opt in

Reg E Overdraft
5. Sammy goes to the ballgame with his little brother and pulls up to an ATM machine to
get some cash for hotdogs and popcorn. Sammy withdraws $100.00. If he does not
actually have that much in his account, is this transaction covered?
A. Covered transaction
B. Non-covered transaction correct answers A. Covered transaction

Reg E Overdraft
3. Dr. Cole Anderson purchased a new car and wants his online checking account to be
set up to automatically pay his car loan amount each month. Is Dr. Anderson's bill pay
for his car loan covered?
A. Covered transaction

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