Losses due to unauthorized transaction on business checking

[Neil Aggarwal]

I friend of mine told me that if someone hacks my business bank account and transfers the money out of it, the bank will not cover the losses.  I just checked Chase Bank's online service agreement and the language for business checking accounts does not say they will cover losses due to unauthorized transactions. This is in contrast to the section which talks about consumer checking accounts.

Does anyone know of any major bank that will cover a loss due to unauthorized transactions on business checking accounts?

[Alexander Felice]

banker here - if you are the victim of theft in which you did not inadvertently help the criminal then you will be reimbursed.

The banks are pretty lenient in fraud assistance. Unless you are giving your password out or being overtly irresponsible with your bank security, then it's unlikely you have anything to worry about.