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Comment by jxcl | Hacker News Reader

So my understanding is that ultimately the bank is responsible for any loss on my end as a result of someone breaking into my bank account, therefore I don't really care if my banks don't follow best security practices.

I guess it's probably more complicated than that, so perhaps someone more knowledgeable can expand on what I can expect to happen if someone steals money from my bank accounts because of one of the vulnerabilities in the article?

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> So my understanding is that ultimately the bank is responsible for any loss on my end as a result of someone breaking into my bank account, therefore I don't really care if my banks don't follow best security practices.

Remember that when you need to take a week off of work to deal with your bank after a breach zeroed your account. Remember that when you can't pay your bills during that time and miss a car/house payment.

Seems like another checking account with a month's worth of expenses in it could be a prudent idea.

Multiple accounts are a must. If you’re smart about it, you also won’t set up any kind of electronic transfer between them. Otherwise if one is hijacked the crook could initiate an ACH from the other accounts.

Without reusing the password, otherwise you've barely spread the risk.

Or a month worth of cash.

Unless it is also broken into...

Where do you bank that being a week late on a mortgage or car payment is even a problem? I've literally forgotten a car payment for a month and my next statement just had two payments worth. I've had my checking account zeroed, it took a 20 minute phone call and 1-2 business days to get fixed. I certainly did not have to take a week off work.

I had a "minor" issue with a transaction a few weeks back. My bank froze my card and wouldn't unfreeze it unless I called into a branch with photo ID. Said bank didn't have a branch on the right side of town, and the branches are only open 10-4 Monday through Friday, and the queues are 30+minutes. I took a half day, and it took them 5 days to send me out a replacement card (which I had to phone for, twice, because it's handled by a different department to the ID department).

It's not quite week off work, but definitely worth the hassle of using a password manager to avoid simple breaches.

So this is in the US, but I was looking at car loans just to see what the rates were compared to mine and there were reviews from people stating the bank repossessed their car a day after their first missed payment. Now this is only their side and I don't remember which banks and credit unions were receiving those reviews but I know there were multiple accounts of people with similiar experiences and some of those lenders were nationally known banks. So you mileage may vary with car loan lenders.

> Now this is only their side and I don't remember which banks and credit unions were receiving those reviews but I know there were multiple accounts of people with similiar experiences and some of those lenders were nationally known banks

It's not just only their side, the stories don't make a lick of sense.

A bank doesn't want your car. The value of the loan is much higher than the value of the car, and without the car, you probably can't go to work to pay them the balance.

If what those people claimed was true, they're probably leaving out the part about how they missed five payments in a row, and when they finally called the bank back the bank offered them a payment plan, which they also missed, and THEN the car was repossessed.

> car loans

Might have gotten results for 'auto title loans' mixed in?

I could see this for those, but even then it would be a stretch - the cost of the repo and redelivery upon eventual payment for most of the cases would quickly overwhelm any benefit

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