How Safe Is Your Company's Money in the Bank?
Written by Elizabeth Wilson of Entrepreneur.com
After eight bank failures through Aug. 1 this year, business owners are wondering if they can bank on their money being safe. The Federal Deposit Insurance Corporation offers coverage up to $100,000 for deposits per bank, but many business owners have bigger accounts.
"Security for the business owner is the No. 1 priority," says Peter Miralles, president of Atlanta Wealth Consultants. "They don't want to be doing payroll and find out the bank just shut their doors, and they're only insured for $100,000 -- that may lead them into bankruptcy. Businesses have to be very careful."
According to the FDIC, when it seized IndyMac Bank in July, there was almost $1 billion in uninsured deposits. ...
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