Do banks pay back stolen money?

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asked Nov 27, 2019 in Other-Finance by dabve123 (580 points)
Do banks pay back stolen money?

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answered Nov 27, 2019 by JackVu (630 points)
No a bank does not pay back stolen money that is not a result of the banks fault for the money being stolen.

If the banks system was hacked and your money was stolen then the money might be or should be paid back by the banks FDIC insurance.

But if someone just hacked into your bank account or had access to your bank account then no they won't pay back the stolen money.

If someone gets into your bank account and steals your money then making a police report is needed as well and then contact the bank.

Sadly though if someone hacked into your bank account or had access to your bank account and stole money from your bank account then you likely will never get that money back.

The banks will not pay back the stolen money because the FDIC insurance is only for if the bank goes under and not if someone gets into your bank account unless it was the banks fault that someone got into your bank account.

If you're not sure who stole your money you're sadly likely to never get it back unless you know who did it.

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