FDIC insured?

[mostsmooth]

ok if a bank gets robbed, or goes out of business or whatever, our money is protected up to a certain amount, yes?
now, suppose somebody cracks into your computer and steals your online info and empties your account, still FDIC insured?
if not, why ?

[ColdCaller]

No.

You do not carry FDIC insurance, do you?

[mostsmooth]

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No.

You do not carry FDIC insurance, do you?

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i dont think so
so why isnt it covered?

[Sniper]

You may have some protection under the "Electronic Fund Transfer Act"... depending on how the funds were removed from your account. There may also be other laws or bank procedures that apply.

If you are a victim you should contact your bank immediately! In general, the sooner a bank is alerted to the problem, the faster the issue can be cleared up.

[Uglyowl]

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ok if a bank gets robbed

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How much cash do you think banks have "in house"?

[mostsmooth]

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ok if a bank gets robbed

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How much cash do you think banks have "in house"?

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trillions?

[Nomad84]

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ok if a bank gets robbed

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How much cash do you think banks have "in house"?

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IIRC, our local small-town branch has something like $250k in the vault. I may not be right on with that number, but that's at least the right ballpark. It's been a while since I was told that, but a good friend of mine used to work there. I think it was something like X% of all funds on deposit there or something like that. Obviously, at a bigger bank, this number will be higher. I remember working backwards from the dollar amount and the % and being somewhat surprised with how small the total amount on deposit really was. It's easy to forget how many people have so little money in their checking account at any given time.

[ColdCaller]

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ok if a bank gets robbed

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How much cash do you think banks have "in house"?

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trillions?

[/ QUOTE ]

hahahhahahah

[Dazarath]

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trillions?

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I really hope you're kidding.

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It's easy to forget how many people have so little money in their checking account at any given time.


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Yes, this is true, but for two different reasons I think. One reason would just be due to people's tendencies to spend, rather than save. But the second reason would be, because there's not much reason to keep that much in a bank in the first place. If you had $10M in cash (or cash equivalents), how much would you be keeping in your bank account? My guess is that almost all of it would be in a brokerage account, as leaving 10M in a bank is like lighting money on fire.

[csuf_gambl0r]

I have a similiar question about FDIC.

FDIC only insures accounts UP TO $100,000. So how do rich people bank their moneys? im talking like the super rich. Say if someone had $100 million locked up, they would need 1000 bank accounts if they wanted all of it to be insured.