ABA Journal



Stunned by $45M cyberheist, banks have limited options for trying to recover money

May 13, 2013, 04:35 pm CDT


This is the kind of thing that should cause everyone to read their banking agreements carefully. I have seen several forms of agreement that would purport to leave losses of this type (not covered by FDIC) with account holders. The banks have pushed all this electronic, don't-examine-anything mode of payment processing, and now that it is out of control, many of them have boilerplate account agreements saying depositors will not only hold the bank harmless from its own negligence, but pay its legal costs and attorney fees as well. It completely undermines the notion of a safe or sound banking system, and the unwary depositor can lose the entire account balance and owe indemnities to the bank on top of it.

By B. McLeod on 2013 05 13, 11:36 pm CDT

they will ask the federal government for a "reimbursement" of all losses like all their other fraud and waste

By DsiInc on 2013 05 14, 12:43 am CDT

Bless DuPont and his inventions .

By Docile Jim Brady – Columbus OH 43209 on 2013 05 14, 3:14 pm CDT

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