Are my deposits insured from theft?

Home Forums Need Advice Are my deposits insured from theft?

This topic contains 3 replies, has 2 voices, and was last updated by Stacy Johnson Stacy Johnson 1 year, 4 months ago.

Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • #138988
    Notafarmer
    Participant

    I recently found out I could set up a code word to be used when accessing my credit union accounts by phone, internet or in person. I asked the representative if my money was insured against loss and she said to refer to the NCUA information (National Credit Union Administration.) So I understand that my funds are insured should the credit union fail but what happens if a thief gets my checking account number and withdraws money? Do banks/credit unions reimburse account holders in any instances?

    #139670
    Stacy JohnsonStacy Johnson
    Moderator

    Hi Notafarmer,
    Did you see last week’s story Ask Stacy: What Happens If My Investment Account Is Hacked? http://www.moneytalksnews.com/ask-stacy-what-happens-investment-account-hacked/
    It will answer this question.

    #139716
    Notafarmer
    Participant

    Thanks Stacy, I just happen to have read that story yesterday. I guess the answer is that if my negligence contributed to someone fraudulently accessing my funds, I should not expect my credit union to come to my rescue and replace them. And if I was not found to be negligent, it’s still possible I would not be reimbursed.

    #139722
    Stacy JohnsonStacy Johnson
    Moderator

    Right you are! I was surprised that consumers aren’t better protected.

Viewing 4 posts - 1 through 4 (of 4 total)

The forum ‘Need Advice’ is closed to new topics and replies.