[Shimpy]

Courious, does FDIC cover losses that were due to someone getting your pin number and cleaning out your bank acc't? Will they cover identity theft?

[Jayhawk]

Originally Posted by Shimpy

Courious, does FDIC cover losses that were due to someone getting your pin number and cleaning out your bank acc't? Will they cover identity theft?

The FDIC does not insure the losses, but there are some protections based on federal law:

ATM or Debit Card Loss or Fraudulent Transfers.
If you report an ATM or debit card missing before someone uses it, the EFTA (Electronic Funds Transfer Act) says you are not responsible for any unauthorized transactions. If someone uses your ATM or debit card before you report it lost or stolen, your liability depends on how quickly you report it:

If you report: Your maximum loss:
Before any unauthorized charges are made. $0
Within 2 business days after you learn about the loss or theft. $50
More than 2 business days after you learn about the loss or theft, but less than 60 calendar days after your statement is sent to you, $500
More than 60 calendar days after your statement is sent to you. All the money taken from your ATM/debit card acount, and possibly more; for example, money in accounts linked to your debit account.
If someone makes unauthorized transactions with your debit card number, but your card is not lost, you are not liable for those transactions if you report them within 60 days of your statement being sent to you.

[Shimpy]

Good info. Thanks Jayhawk.