Hypothetical Bank Robbing Question

Question

OK, say you're depositing $1000 cash at the bank. You are just about to hand the money and the slip to the teller when a bank robber comes in and takes your money while robbing the bank. So my question is, is that money insured? At what point is your money insured? It would be pretty effed up if the bank didn't refund that money, but I don't know...

Answer 1

Show me a bank that really cares about you.

Answer 2

I'm not sure but here's my guess. As soon as the teller receives your money it becomes their responsibility to store the the money and refund it if stolen.

Answer 3

If you're talking about FDIC insurance, the bank only offers that in case the bank fails, not if it gets robbed. There's separate insurance for that, that the bank gets from individual companies. Since they have no official record of your money in their account, the company the bank got the insurance from has no reason to cover it, and so the bank won't, either.

Answer 4

Well, hypothetically, if would be pretty messed up for the teller to simply take your word that you had $1,000 in your hand.  If they had counted the money out but not put it in the drawer yet, you could probably claim it was in their possession and they would probably take responsibility.  After that point, the bank got robbed, before that point, you and the bank were robbed.

Answer 5

Not insured until you get a receipt.

Answer 6

The bank could provide insurance if it were a Civic Bank . Civic Currency and Civic ATMS at street corners . Automatic Bank Tellers that is.  The Currency would be designed by citizens for citizens and the currency would be done to a specific design so there would no problem with robbery. Another way would be to teach school children to make Civic Currency in schools. If they do not already know how to.

Maybe not what sought but could provide adequate security