3-21-23 – Protect Your Deposits Over $250,000

Small Biz Flash

FEATURE
Chances are, few of the commercial depositors had checked into these banks’ health before doing business with them. But even if they had, the Wall Street Journal reports that SVB’s trouble wasn’t reflected in credit ratings.
What can you as a small business owner or manager do to protect your assets, especially if you must keep high amounts of operating capital?
One option is to spread your funds across multiple banks so your accounts do not exceed $250,000 at any one institution.
Another option is to utilize programs called ICS and CDARS by a company called IntraFi.
A third option is a program called MaxSafe offered by Wintrust Community Banks.
https://www.wsj.com/articles/silicon-valley-banks-distress-wasnt-reflected-in-credit-ratings-93cd9dff
https://www.intrafinetworkdeposits.com/
https://www.wintrust.com/maxsafe.html
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NEWS ROUNDUP
1
The vast majority of small business owners – 90% – lack confidence they have adequate insurance coverage.
https://www.nextinsurance.com/blog/survey-small-businesses-lack-confidence-adequate-insurance/
2
The Federal Trade Commission has launched an inquiry into the small business credit reporting system.
https://www.ftc.gov/business-guidance/blog/2023/03/taking-closer-look-small-business-credit-reporting-system
3
Three anti-trust advocates have launched the Responsible Online Commerce Coalition to push back against Amazon’s influence over the e-commerce ecosystem.
https://news.yahoo.com/amazon-targeted-businesses-relying-online-163957958.html
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