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> BMO has a strict only 6 characters (no more, no less) policy. At what point can you start suing for negligence of proper precautions protecting your money?
by duaneb 14y ago
> BMO has a strict only 6 characters (no more, no less) policy.
At what point can you start suing for negligence of proper precautions protecting your money?
- cbhl 14y agoIIRC, most of these banks have insurance to cover that case, so in theory you shouldn't lose any money provided you notify them in a timely manner of unauthorized transactions.
- snowwrestler 14y agoThis is an absolutely critical point that often gets missed in discussions of online banking. It is extremely rare that customer money is at stake when it comes to banking website security. If someone guesses your password and empties your account, the bank will cover the loss--same as if someone held up the teller with a gun. Online banking security measures--and the regulations that govern them--are more about helping/forcing banks to mitigate the financial risk to themselves, not to their customers.