7 ms·

So my understanding is that ultimately the bank is responsible for any loss on my end as a result of someone breaking into my bank account, therefore I don't re

by jxcl 7y ago

So my understanding is that ultimately the bank is responsible for any loss on my end as a result of someone breaking into my bank account, therefore I don't really care if my banks don't follow best security practices. I guess it's probably more complicated than that, so perhaps someone more knowledgeable can expand on what I can expect to happen if someone steals money from my bank accounts because of one of the vulnerabilities in the article?

inetknght 7y ago
> So my understanding is that ultimately the bank is responsible for any loss on my end as a result of someone breaking into my bank account, therefore I don't really care if my banks don't follow best security practices. Remember that when you need to take a week off of work to deal with your bank after a breach zeroed your account. Remember that when you can't pay your bills during that time and miss a car/house payment.
- cascom 7y ago
  Seems like another checking account with a month's worth of expenses in it could be a prudent idea.
  - rzzzt 7y ago
    Unless it is also broken into...
  - Aloha 7y ago
    Or a month worth of cash.
  - koolba 7y ago
    Multiple accounts are a must. If you’re smart about it, you also won’t set up any kind of electronic transfer between them. Otherwise if one is hijacked the crook could initiate an ACH from the other accounts.
  - stordoff 7y ago
    Without reusing the password, otherwise you've barely spread the risk.
- Consultant32452 7y ago
  Where do you bank that being a week late on a mortgage or car payment is even a problem? I've literally forgotten a car payment for a month and my next statement just had two payments worth. I've had my checking account zeroed, it took a 20 minute phone call and 1-2 business days to get fixed. I certainly did not have to take a week off work.
  - crysin 7y ago
    So this is in the US, but I was looking at car loans just to see what the rates were compared to mine and there were reviews from people stating the bank repossessed their car a day after their first missed payment. Now this is only their side and I don't remember which banks and credit unions were receiving those reviews but I know there were multiple accounts of people with similiar experiences and some of those lenders were nationally known banks. So you mileage may vary with car loan lenders.
    - cgriswald 7y ago
      > Now this is only their side and I don't remember which banks and credit unions were receiving those reviews but I know there were multiple accounts of people with similiar experiences and some of those lenders were nationally known banks It's not just only their side, the stories don't make a lick of sense. A bank doesn't want your car. The value of the loan is much higher than the value of the car, and without the car, you probably can't go to work to pay them the balance. If what those people claimed was true, they're probably leaving out the part about how they missed five payments in a row, and when they finally called the bank back the bank offered them a payment plan, which they also missed, and THEN the car was repossessed.
    - cat199 7y ago
      > car loans Might have gotten results for 'auto title loans' mixed in? I could see this for those, but even then it would be a stretch - the cost of the repo and redelivery upon eventual payment for most of the cases would quickly overwhelm any benefit
  - maccard 7y ago

by jxcl 7y ago

inetknght 7y ago

> So my understanding is that ultimately the bank is responsible for any loss on my end as a result of someone breaking into my bank account, therefore I don't really care if my banks don't follow best security practices. Remember that when you need to take a week off of work to deal with your bank after a breach zeroed your account. Remember that when you can't pay your bills during that time and miss a car/house payment.

cascom 7y ago
Seems like another checking account with a month's worth of expenses in it could be a prudent idea.
- rzzzt 7y ago
  Unless it is also broken into...
- Aloha 7y ago
  Or a month worth of cash.
- koolba 7y ago
  Multiple accounts are a must. If you’re smart about it, you also won’t set up any kind of electronic transfer between them. Otherwise if one is hijacked the crook could initiate an ACH from the other accounts.
- stordoff 7y ago
  Without reusing the password, otherwise you've barely spread the risk.
Consultant32452 7y ago
Where do you bank that being a week late on a mortgage or car payment is even a problem? I've literally forgotten a car payment for a month and my next statement just had two payments worth. I've had my checking account zeroed, it took a 20 minute phone call and 1-2 business days to get fixed. I certainly did not have to take a week off work.
- crysin 7y ago
  So this is in the US, but I was looking at car loans just to see what the rates were compared to mine and there were reviews from people stating the bank repossessed their car a day after their first missed payment. Now this is only their side and I don't remember which banks and credit unions were receiving those reviews but I know there were multiple accounts of people with similiar experiences and some of those lenders were nationally known banks. So you mileage may vary with car loan lenders.
  - cgriswald 7y ago
    > Now this is only their side and I don't remember which banks and credit unions were receiving those reviews but I know there were multiple accounts of people with similiar experiences and some of those lenders were nationally known banks It's not just only their side, the stories don't make a lick of sense. A bank doesn't want your car. The value of the loan is much higher than the value of the car, and without the car, you probably can't go to work to pay them the balance. If what those people claimed was true, they're probably leaving out the part about how they missed five payments in a row, and when they finally called the bank back the bank offered them a payment plan, which they also missed, and THEN the car was repossessed.
  - cat199 7y ago
    > car loans Might have gotten results for 'auto title loans' mixed in? I could see this for those, but even then it would be a stretch - the cost of the repo and redelivery upon eventual payment for most of the cases would quickly overwhelm any benefit
- maccard 7y ago