4 ms·
Why do you think you have a guarantee of your money back? In the US FDIC insurance insures against the bank going under. If the bank refuses to believe there
by jmount 14y ago
Why do you think you have a guarantee of your money back? In the US FDIC insurance insures against the bank going under. If the bank refuses to believe there was fraud I bet you have very little recourse (i.e. they have a huge interest in claiming you transferred the money). In the US you can dispute credit card charges- but that is due to a separate act of congress.
- wootie 14y agoFraud happens, the bank knows it, and if they have a system flaw they won't just blame the customer. The reputational risk isn't worth it. Also, it isn't FDIC insurance at issue, read up on Reg E claims. Retail customers have a generous route by which they can dispute electronic charges to their bank accounts.
- jmount 14y agoDefinitely more informed than I am (upvoted). However, I would emphasize- the consumer remain concerned about their bank's security. You don't want to rely on the coverage and speed of dispute and remediations.