Did you know your COMPANY’S bank account doesn’t enjoy the same protections as a personal bank account when it comes to fraud? If a hacker takes money from your business account, the bank is NOT responsible for replacing your funds. (Don’t believe me? Go ask your bank what their policy is on refunding you money stolen from your account!) Many people erroneously believe the FDIC protects you from fraud; it does not. It protects you from bank insolvency.
Tip: Step 1: Invest in insurance to protect you from fraud. Step 2: Set up e-mail alerts to receive notifications any time money is withdrawn from your account. In some cases, you can set it to alert you only for larger withdrawals. The FASTER you catch fraudulent activity, the better your chances are of keeping your money. If you contact the bank IMMEDIATELY after money is taken (same day), you have a very high probability of stopping them from robbing you.
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