How does bank get paid for fraud claims? and Bank of America & Olympic torch

How does bank get paid for fraud claims?

If there was a fraud where someone used your personal info to open a paypal account and used your own bank account and took your money (by transferring it from bank to paypal, then pocketing the money), and you told both paypal and bank about the fraud, and your bank took charge and put the claim and gave you the money back. Who pays the bank for that money? Does the bank make paypal give them the money? Or do banks get so much money per year (or whatever) for fraud claims?


bank best answer:

Answer by charles w
First, Paypal is not a bank and they are not bound by any banking laws. Your bank will likely get the money back from Paypal.

Make sure that you file a police report. The fact that someone was able to get your banking information is a problem and you want to make sure that there is a paper trail (police report) for the next time.

I would suggest that you close the account and open one at another bank.

bank

Bank of America & Olympic torch


Image by ucumari
The Bank of America Plaza is a skyscraper located in Midtown Atlanta named for its largest tenant, the Bank of America. Standing 1023 ft (312 m), it ranks as the 26th tallest building in the world. It is also the tallest building in the United States outside of Chicago and New York City, and the tallest building in any U.S. state capital. It has 55 stories of office space and was completed in 1992, when it was called the NationsBank Building. Originally intended to be the headquarters for C&S/Sovran Bank, it became NCNB/NationsBank's property following the 1991 merger of C&S/Sovran and NCNB[1].The Bank of America Plaza was the last American skyscraper built to be one of the ten tallest in the world (in the 14 years since its construction all new entries onto the top ten list have been in Asia).

Source:Wikipedia

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