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I don't understand how banks can claim to have federal FDIC-insured protection of $250,000 per depositor if they don't actually reimburse you when a simple wire
by remmargorp64 6y ago
I don't understand how banks can claim to have federal FDIC-insured protection of $250,000 per depositor if they don't actually reimburse you when a simple wire transfer fraud happens??
- dragonwriter 6y agoBecause the insurance is against the bank being unable to pay deposits due to bank insolvency. The FDIC does not insure depositors against wire transfer fraud.
- deleted 6y ago[deleted]
- remmargorp64 6y agoI did some more research and it looks like the EFTA (Electronic Fund Transfer Act) protects electronic funds transfers (EFTs) in bank accounts, not the FDIC. https://www.thebalance.com/banking-fraud-protection-315828 https://www.thebalance.com/banking-fraud-protection-315828