Treasury Management: Protecting Your Business in Times of Banking System Failures.🏢
In light of the recent failure of Signature Bank and Silicon Valley Bank, it’s important to take steps to minimize the impact of a bank run on your finances.✅ Here are 5️⃣ practical and actionable tips that our customers can take:
1️⃣ Have cash reserves: With the recent bank failures, it’s always a good idea to have cash reserves on hand. Keep enough cash in a safe and easily accessible place to cover your expenses for at least a week.
2️⃣ Explore alternative banking options: In case of a bank run, consider opening accounts with alternative banking options such as credit unions, online banks, or community banks. These institutions may offer more stability during a bank run.
3️⃣ Keep track of FDIC insurance: Make sure you are familiar with FDIC insurance and keep track of your account balances to ensure that your funds are within the coverage limits. It will help you minimize the risk of losing your funds in case of a bank failure.
4️⃣ Stay informed: Stay informed about the financial health of your bank and keep track of any news about the bank’s stability; it will help you make informed decisions about your money and take action if necessary.
5️⃣ Consult a CPA: Finally, it’s always a good idea to consult a CPA who can help you evaluate your options and make informed decisions about your money in case of a bank run.
Please don’t wait until it’s too late to protect your business.⏰ 👉Schedule your Cash Risk Assessment today and take control of your financial future👈 Our team is here to support you every step of the way.