Expensive Liz: My spouse retains over $60,000 in her checking account at a brick-and-mortar financial institution. I believe that could be a dangerous concept. Too simple for doable fraud. I’ve tried to persuade her the most secure place to maintain the majority of her money is in a financial savings account, ideally in a web-based financial institution, which I consider supplies added safety in opposition to fraud so long as we preserve good laptop well being. What do you suppose?
Reply: Many individuals have the alternative conviction, which is that on-line banks are by some means much less protected than brick-and-mortar variations. In actuality, each sorts provide encryption and different security measures to discourage fraud. Accounts are insured by the Federal Deposit Insurance coverage Corp. and lined by federal banking rules designed to guard customers in opposition to fraud.