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Home >> Accounts >> Online Banking/BillPay
Online Account Hacked - Who Pays?
If my online checking account is hacked and funds are withdrawn, would I get reimbursement from a bank?
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 You could. It depends on how the funds were removed, when, when you reported the loss, as well as by whom, if known.
Consumer accounts are generally protected by Regulation E, the same law that protects you if your ATM/debit card is lost and used or skimmed and used. You wouldn't be protected if you allowed someone else to access your account and then didn't tell your bank the person was no longer authorized. If you wait too long to notify your bank, your liability increases. You could, in that instance, have liability of anywhere from $50 to all the funds removed.
More than likely though, you are protected. We recommend however, that if you have suffered a loss, you call your bank immediately.
Published on BankingQuestions.com 5/21/09
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