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This is why you should really consider having fraud insurance as a backup, like Zanders or even lifelock. Especially of you have any sizable cash in you bank ac

by tdburn 9y ago

This is why you should really consider having fraud insurance as a backup, like Zanders or even lifelock. Especially of you have any sizable cash in you bank account.

UnoriginalGuy 9y ago
No point, banks are liable for fraud rather than the consumer. I believe consumer's liability is capped at $50-500 depending on how quickly the fraud is reported. Just make sure you don't wait past 60 days to report. Credit cards have even more protections. These plans rarely pay out, and you'll likely spend more on subscription fees than they'd return to you in fraud payments. https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-my-money-back-after-i-discovered-an-unauthorized-transaction-or-money-missing-from-my-bank-account-en-1017/ https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-my-mon...
- tdburn 9y ago
  Thanks for the feedback. You got me thinking I should be more critical of Zanders and whether they actually pay out. I'm gonna check with my insurance agent and see what he offers , at least he would be an advocate for me. FYI: banks are liable only for PERSONAL accounts. If you have a BUSINESS Account that gets hit by fraud, the bank is not liable. Thats where fraud insurance is most important
astura 9y ago
I don't know about Zanders (never heard of them) but LifeLock is nothing but a scam, nobody should every purchase LifeLock for anything ever. To protect against this scam, just don't keep your money in your checking account, simple! My checking account has a balance of zero 99% of the time. If I do a billpayment for $325.45 then I transfer $325.45 to the checking account a minute before I issue the billpay. If I write out a check for my taxes (the only checks I every write) then I transfer the money into the account while I am writing out the check. The only money goes in is when it's already planned to go out. I keep $150 in a separate checking account that I access with ATMs if I need cash on the go.

by tdburn 9y ago

This is why you should really consider having fraud insurance as a backup, like Zanders or even lifelock. Especially of you have any sizable cash in you bank account.

UnoriginalGuy 9y ago

No point, banks are liable for fraud rather than the consumer. I believe consumer's liability is capped at $50-500 depending on how quickly the fraud is reported. Just make sure you don't wait past 60 days to report. Credit cards have even more protections. These plans rarely pay out, and you'll likely spend more on subscription fees than they'd return to you in fraud payments. https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-my-money-back-after-i-discovered-an-unauthorized-transaction-or-money-missing-from-my-bank-account-en-1017/ https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-my-mon...

tdburn 9y ago
Thanks for the feedback. You got me thinking I should be more critical of Zanders and whether they actually pay out. I'm gonna check with my insurance agent and see what he offers , at least he would be an advocate for me. FYI: banks are liable only for PERSONAL accounts. If you have a BUSINESS Account that gets hit by fraud, the bank is not liable. Thats where fraud insurance is most important

astura 9y ago

I don't know about Zanders (never heard of them) but LifeLock is nothing but a scam, nobody should every purchase LifeLock for anything ever. To protect against this scam, just don't keep your money in your checking account, simple! My checking account has a balance of zero 99% of the time. If I do a billpayment for $325.45 then I transfer $325.45 to the checking account a minute before I issue the billpay. If I write out a check for my taxes (the only checks I every write) then I transfer the money into the account while I am writing out the check. The only money goes in is when it's already planned to go out. I keep $150 in a separate checking account that I access with ATMs if I need cash on the go.