Quote from: Huskerz1 on June 01, 2019, 04:05:00 PM

American Banks are federally insured. It's called FDIC. If your American Bank account gets hacked and money stolen, the bank changes your account and puts the stolen amount right back in.

FDIC only covers up to $250k per account in cases of bank failure.

this looks like lots of individual cases of fraud linked to one bank manager. in cases of fraud, major retail banks in the USA would normally compensate customers although i'm not sure how that works with accounts worth millions of $. it does appear that monex has "settled" most of the fraud cases (70% per the article) so customers are at least clawing some money back---

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Cory Gray, 86, says she opened a Monex account six years ago and has recently had a tough time getting regular statements. She last heard from Zavala on Dec. 18 and was later told by Monex that she has next to nothing in her account. Monex offered her 70¢ on the dollar. She took it, afraid that fighting Monex would leave her with no cash. I thought I would get nothing, Gray says. Thats why I settled.

Bruce Brown, a retired sound engineer from Australia, says he got his full $250,000 back after filing a complaint against Zavala with the Procuraduria General de Justicia. But after Brown got his check, a Monex representative called and asked for $50,000. The bank, the man said, had overpaid. I told them to shove it, Brown says.