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I have some money in BOA savings/checking, and I am afraid if someone steals that money, through credit card or if someone gets access to my online account credentials, and transfers all the money out. What are my options.

I have talked to customer care specialist in BOA and they say your money is safe and we will cover entire amount. I also asked if this is written somewhere and they say it is written in your package when you opened your account. Are they lying? or trying not to give me enough documentation so in case if this happens they can show some contract which says they are not responsible.

Please be kind with me, as I am not familiar with how money works as I never had any money in my accounts worth enough to worry about. Now that I have something I am afraid if some one steals it.

Edited to add:
Seems like this is something what BOA customer service pointed to? https://www.fdic.gov/deposit/deposits/

How does this work, and is there something I need to do so I am covered by it? Should I be getting a certificate or something?Is BOA under the scope of this Deposit insurance? Where can I find that BOA is covered by it. I am so in dark about it that I feel like if my money becomes a victim, I will not be able to recover it. I am looking for some kind of assurance from BOA but all they say is "yes your money is safe" and ask me to go to FDIC. Moreover(most their customer service team, say they don't know anything)

Does it cover me if someone steals my money?(cash?, or if someone hacks my computer and transfers all my money?)

Thanks in advance!

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    "they say it is written in your package when you opened your account. Are they lying?" The best person to answer this is you, who has the package. – DJClayworth Sep 14 '17 at 3:01
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    A credit card can not draw from a bank account (although you can choose to pay your credit card bill from your bank account). A debit card issued by the bank, sometimes called or labelled a 'check' card, does do so -- but if done fraudulently in USA and you report it promptly you are protected by regulation E. Although they look almost identical credit and debit cards (and other types like gift/prepaid and charge) are not the same and you should pay attention to the differences. – dave_thompson_085 Sep 15 '17 at 21:54
  • @DJClayworth I will go through my package again. Thanks for your response! – NAASM Sep 17 '17 at 2:24
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how safe is my money

As safe as it can get. Most Banks would be registered under FDIC. See the list here if a specific bank is covered or not. Bank of America is covered.

How does this work, and is there something I need to do so I am covered by it? Should I be getting a certificate or something?Is BOA under the scope of this Deposit insurance?

It only covers if the bank fails, i.e. goes bankrupt. The FDIC steps in and either oversees a merger of the failed bank with another bank, or in the worst case, pays the depositors upto $250,000.

Does it cover me if someone steals my money?

The FDIC does not cover if someone steals your money.

if someone hacks my computer and transfers all my money?

This will be determined on a case to case basis. If the loss of money is because of your negligence, i.e. you gave your password etc to someone else or did not take enough precautions to safegaurd ... including allowing someone to hack you computer ... in such cases it is a crime and you would need to file police complaint and the bank will on best effort basis try and reverse the transfer.

If this was due to the bank's error; i.e. Bank did not ensure right controls/security was in place resulting in loss of your money, the bank is liable and will pay you back. So cases like someone forged your signature on a check etc. are the bank's responsibility.

  • thanks!. you said"in such cases it is a crime and you would need to file police complaint and the bank will on best effort basis try and reverse the transfer." This is scary, what if someone really hack my account? can I save my money in a form which cannot be stolen. Like a certificate or something? I do not want a very liquid/easily accessible form of money, and if I have to fill a couple of forms to withdraw. Its fine with me. Better to be safe than (to have convenience of withdrawing money whenever you need it, which also raises the risk of someone having opportunity to steal it) – NAASM Sep 17 '17 at 2:20
  • even waiting for a couple of days is not a big deal. This way I can save my lumpsum amounts , and keep only needed money with some buffer in my savings/checking account. Not sure if there is any form of money like that? I heard there are certificates given by US govt.not sure what exactly are those.,and what are its terms and conditions, and where can I find information about it? there should be other options as well? Thanks in advance! if you have some information, please share. I don't want to have blind faith in banks, even if they say I am covered 100%. – NAASM Sep 17 '17 at 2:30
  • I am of Indian nationality, so I believe that will also play a factor if I can buy US govt certificates? and if they are actually useful for me?/along with pros and cons..Sorry, if these are lot of questions and stupid questions. – NAASM Sep 17 '17 at 3:04
  • @NAASM You can keep the money as certificate deposits or govt bonds. However the risks are similar. One has to be careful in giving personal details. – Dheer Sep 17 '17 at 4:17
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In most cases of fraud, your liability is limited to $50 if you report it within certain number of days (I think 2). After that the liability grows to something like $500. You are covered even if your negligence has caused the breach.

In addition VISA guarantees credit cards - in most cases you have 0 liability.

Finally checking & savings accounts are FDIC insured up to $250,000 in case the bank goes bankrupt. The $250,000 is a total for all accounts at the given bank.

It's up to you to report and ask for refund though and sometimes you have to jump through hoops to get it but usually it's fairly straightforward and it usually takes only 2 or 3 days.

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