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Do you believe the usual insurance programmes will not help in the event of a hack? https://us.etrade.com/l/f/asset-protection https://us.etrade.com/l/f/asset-
by jzwinck 7y ago
Do you believe the usual insurance programmes will not help in the event of a hack?
https://us.etrade.com/l/f/asset-protection https://us.etrade.com/l/f/asset-protection
Basically everyone has $500k insured in their trading account. Are you concerned about people with more than that, or concerned that it wouldn't cover hacking?
- hedora 7y agoFDIC payouts are extremely rare. As far as I know, it only kicks in if the entire bank fails. I don’t think it covers fraud. Having said that, I’d be surprised if E Trade were not legally required to cover losses in the event of account break ins, regardless of what their customer agreement says.
- deleted 7y ago[deleted]
- xur17 7y agoIt would not be absurd for normal people to have > $500k in their retirement accounts, especially if they are close to retirement.
- enoughalready 7y agoI am guessing you mean 500k cash. Regardless, I'm not sure if your point holds. If I have $1m in stocks, and my account is hacked, the stocks are sold, and the money funneled out, am I protected?