American Bankers Association Exam CRCM Topic 6 Question 46 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 46
Topic #: 6

A bank that is a government securities broker accepts money from a customer for the purchase of securities on Monday and does not purchase the securities by the end of the day on Tuesday. Does the bank have any responsibilities under the Government Securities Act?

ANo. The bank has fulfilled its responsibilities under the Act.

BYes. The bank must purchase the securities before the close of business on Wednesday.

CYes. The bank must deposit the money in an account of the customer at the close of business on Tuesday.

DNo. The bank has until the close of business on Wednesday to purchase the securities before being liable to the customer for failure to effect a purchase.

Show Suggested Answer

Suggested Answer: C

by Linn at May 07, 2022, 10:00 AM

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