The 100K is against bank default. If your account is hacked from your side, you might have trouble getting the bank to pay you. It would be on you to prove you were hacked.
In the US at least, the semi-governmental FDIC automatically publicly insures accounts, not banks, up to $250,000.
In addition most banks are privately insured against fraud.
I've dealt with an 8k fraudulent charge on my card before. The bank investigated, sent over a sworn affidavit to sign, and they refunded my money in less than 24 hours.
I had a $20 error charge on my card and it took a month for the refund. This is with the vendor stating in writing it was their error. I no longer bank there.
This is factually incorrect. If you didn't authorize the transfer, the bank is legally required to make you whole.
This only applies to personal accounts, not business accounts.
There is a reason why scammers work so hard to find someone to "cash checks" or "withdraw funds" or do that kind of nonsense. Electronically stealing funds is easy. Keeping those funds is hard.
