An important note for you.
If your employer has a payroll account at a bank that exceeds $100,000 in cash, anything over the $100,000 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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