An Urgent Solution for Businesses in the Wake of Recent Banking Crisis
The recent banking crisis has left many businesses questioning the safety of their deposits. The FDIC only insures depositors up to $250,000, which did not start until 2008. If you lived during the 2008 crash, you understand why.
With modern business finances, a business's operating account can eclipse a quarter million dollars very quickly. It's crucial for businesses to have a reliable banking solution that can protect their finances.
That's where The IntraFi Network comes in.
When thought in a traditional sense, banking has severe limitations that can and will impact a business’s financial operations. The FDIC limit, which has not kept up with inflation, only protects depositors up to $250,000 per account. When businesses have more than $250,000 in their accounts, they risk losing everything above that amount in the event of bank failure. If you have all your eggs in one basket (being one operating account) you could risk losing everything.
The IntraFi Network has found a way to solve the problem with the FDIC’s minimal coverage without changing the laws.
Let’s say you have 1 million dollars in your business operating account.
What the bank will do is take the overage and plug that money into various money market accounts. These are recorded on their balance sheet in $250,000 increments. Therefore, protects you from any liability that may be present to your account.
The IntraFi Network offers a solution for those running businesses with more than $250,000 on your books at any given time. We did not even know this was an option until we started working more closely with our banking partners as the crisis unfolded.
By providing comprehensive, FDIC-backed deposit insurance coverage, the IntraFi Network is a new era of banking that is changing how businesses manage their finances.
As you are looking to start, buy, or sell a business, this option is well worth looking into as you are on your entrepreneurial journey!
Here to Serve,
Parker Pursell | President of eQRP | LinkedIn