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