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Christopher S. Penn's Awaken Your Superhero

Christopher S. Penn's Awaken Your Superhero
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FDIC Insurance Covers $100K. Who has more than that in cash? You do.

Started by Christopher S. Penn · 11 months ago

An important note for you.

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

Ask your employer today if there’s a backup plan to ensure that payroll funds are covered by FDIC insurance - because if your bank [...]SHARETHIS.addEntry({ ... Continue reading »

2 comments

  • 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.
  • Thanks for the heads up!

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