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FDIC Insurance Covers $100K. Who has more than that in cash? You do.

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Christopher S Penn
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An important note for you.

If your employer has a payroll account at a bank that exceeds 100,000 in cash, anything over the100,000 is at risk if the bank that manages your payroll pulls an IndyMac and goes broke.

Ask your employer today if there’s a backup plan to ensure that payroll funds are covered by FDIC insurance (kept in accounts less than $100K in cash) – because if your bank goes belly up and your payroll account is over the insurance limit, your paycheck goes with it.

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FDIC Insurance Covers $100K. Who has more than that in cash? You do. 1 FDIC Insurance Covers $100K. Who has more than that in cash? You do. 2 FDIC Insurance Covers $100K. Who has more than that in cash? You do. 3

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Comments

6 responses to “FDIC Insurance Covers $100K. Who has more than that in cash? You do.”

  1. Daniel Johnson, Jr. Avatar
    Daniel Johnson, Jr.

    The company where I work processes payroll for other clients. Several hundreds of thousands of dollars a day. The amount of time that the payroll from our clients stays in our accounts before it is disbursed into paychecks is very short: 2 to 3 days max.

    That the company handles several hundred thousand dollars' worth of payroll may be one reason we have multiple accounts.

    Reply
  2. Pittsburgh News Avatar
    Pittsburgh News

    Thanks for the heads up!

    Reply
  3. Daniel Johnson, Jr. Avatar
    Daniel Johnson, Jr.

    The company where I work processes payroll for other clients. Several hundreds of thousands of dollars a day. The amount of time that the payroll from our clients stays in our accounts before it is disbursed into paychecks is very short: 2 to 3 days max.

    That the company handles several hundred thousand dollars' worth of payroll may be one reason we have multiple accounts.

    Reply
  4. Daniel Johnson, Jr. Avatar
    Daniel Johnson, Jr.

    The company where I work processes payroll for other clients. Several hundreds of thousands of dollars a day. The amount of time that the payroll from our clients stays in our accounts before it is disbursed into paychecks is very short: 2 to 3 days max.

    That the company handles several hundred thousand dollars' worth of payroll may be one reason we have multiple accounts.

    Reply
  5. Pittsburgh News Avatar
    Pittsburgh News

    Thanks for the heads up!

    Reply
  6. Pittsburgh News Avatar
    Pittsburgh News

    Thanks for the heads up!

    Reply

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