It is not required for accounts where the only EFT allowed is a preauthorized transfer to an account. If the account is a passbook account, the bank updates the passbook on presentation; if not, the bank it at least quarterly.
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A. B. C. D.A
The term "CRCM" is not familiar to me as a specific concept related to banking or financial regulations. However, based on the given question and answers, it appears that the question is related to the regulatory requirements for electronic funds transfers (EFTs) and the corresponding disclosures that banks must provide to their customers.
Of the four answers provided, the correct one is (A) "a periodic statement."
Under Regulation E of the Electronic Fund Transfer Act (EFTA), banks are required to provide periodic statements to their customers for accounts that are subject to EFT transactions. This statement must contain certain information about the account activity, including the date and amount of each transaction, the type of transaction, and the name of the recipient or payee.
However, there are some exceptions to this requirement. One such exception is for accounts where the only EFT allowed is a preauthorized transfer to an account. In this case, the bank is not required to provide a periodic statement to the customer. Instead, if the account is a passbook account, the bank updates the passbook on presentation, and if not, the bank updates the account at least quarterly.
Therefore, the correct answer to the question is (A) "a periodic statement," as this disclosure is not required for accounts where the only EFT allowed is a preauthorized transfer to an account.
The other answers listed - (B) change in terms notice, (C) unauthorized transfers, and (D) error resolution notice - are also required disclosures under Regulation E, but they are not relevant to the specific situation described in the question.