Link This |
Email this |
Blog This |
Comments (0)
Is Your Money Safe in Your Bank?
September 15, 2008
After eight bank failures through Aug. 1 this year, business owners are wondering if they can bank on their money being safe, Entrepreneur.com. The Federal Deposit Insurance Corporation (FDIC) offers coverage up to $100,000 for deposits per bank, but many business owners have bigger accounts. Add up all the accounts in your name at a bank, including checking, savings and money-market accounts as well as certificates of deposit. If your funds total more than $100,000, move the excess to another bank. In addition, Entrepreneur.com banking experts and financial planning specialists agree on these tips to help you determine if your bank is sound and what to do if it's not:
- Check out FDIC, Federal Financial Institutions Examination Council (FFIEC) and your state's banking commission websites to determine your bank's rating.
- Know what your bank specializes in, such as leasing or real estate.
- Know your bank's delinquency rates.
Posted by Shanu Singh Guliani on September 15, 2008 | Comments (0)
