Loan Sharks With Stadiums: What Your Bank Hopes You Never Check

And look, once you learn these 10 things about how your bank actually works, you become very, very hard to rob.

And nobody at the bank is going to teach you these because why would they? You see, last year, Americans reported losing $15.9 billion to fraud, a record.

And the number one business a con artist pretended to be? was your bank.

So there are two ways money leaves your account without your permission.

Somebody steals it or the bank's own rule book quietly takes it.

And I've got five of each for you.

So let's start with the one that could take the most.

Number one, you have two business days.

If someone gets into your account with a stolen card or a stolen login, Federal law caps what you can lose at $50 if you report it within two business days of finding out.

If you wait longer than that and your exposure goes up, if you let it ride to the next statement and stop paying attention for 60 days, and the bank that can now put the whole thing on you, meaning those little transaction alerts on your phone, they're not a convenience.

That's the bank telling you they're starting the clock.

So you want to turn them on, all of them, every transaction, every login, every new device.

And here's the thing about that clock.

Nobody at the bank gets paid to watch your account for you.

The bank makes the most money off the customer who never checks.

So hold on to that sentence.

It's gonna explain the entire second half of this video.

Number two, nobody has permanent access to your checking account.

If you ever gave a company permission to pull money automatically, like the gym, the insurance company, the subscription you forgot about, you probably feel like they own that permission until they decide to give it back.

They do not.

It's your checking account, not the Hotel California.

You can revoke it.

You tell the company in writing, and you tell your bank to stop the payment at least three business days before the next scheduled pull.

Under federal rules, the bank has to honor that.

They might ask you to confirm it in writing within 14 days, so do it.