Piermont Bank的动态

Community bank drama never ends. Catching up on New York Community Bank: 1. Q4 losses $2.4B worse than previously mentioned 2. They fired the CEO & a related board member 3. Material weaknesses were found in internal controls. Bringing back some FDIC insurance info: - NYCB deposits are FDIC insured, meaning you have $250k coverage PER account holder (per account type) per bank. - For those unaware, that means if you and your spouse share a joint checking account, you are EACH covered for $250k on that account. Also, if you EACH have your own separate savings account at that same bank, each of those accounts is covered to $250k. ... So a married couple with a joint bank account and one separate savings account each, at the same bank, can be covered to $1m. If you do that again, replicate it at another bank, you're covered for $2m. By the FDIC. - People who have all of their money or deposit accounts at one bank may want to ensure they have enough money for 2 payroll cycles at two unrelated banks so if one is ever in trouble, they still have enough liquidity to continue operations while the FDIC sorts things out - If you take all of your money out of NYCB, even if it's fully FDIC insured, even if you have enough money to make payroll... then you're contributing to a run on the bank even though you're not actually at risk of losing anything. Are you the one managing your company's cash in these crazy times? - Make decisions with your head, not your heart. - Stay informed and cautious, not surprised and making fire-drill decisions. - Look into the availability of FDIC insured cash sweeps at your bank .... and now you get to fight me in the comments ?? #TovaTalks?#NYCB?#FightMe P.S. I am not a financial advisor, lawyer, or your consultant. These are my personal opinions only and not meant to constitute business or legal advice.

The Surprising Superpower of Credit Unions: Protecting Your Financial Legacy. In a world where financial institutions often prioritize profits, credit unions stand out as champions of community support and member well-being. Here's why credit unions play a crucial role in safeguarding your financial future and leaving a lasting legacy for your loved ones: 1. Community-Centric Approach: - Unlike big banks, credit unions are owned and operated by their members. - Their focus isn't just on profits; it's on ensuring the financial safety of their community. 2. Loan Protection Insurance: - Did you know that credit unions offer Loan Protection Insurance? - If you pass away, this insurance covers your remaining loan balance, relieving your family from financial stress. 3. Life Savings Insurance: - As a credit union member, you automatically receive free Life Savings Insurance coverage. - Your loved ones receive a lump sum payment based on your savings balance, helping with end-of-life expenses. 4. No Extra Cost to You: - Both Loan Protection Insurance and Life Savings Insurance come at no additional cost. - It's peace of mind without any financial burden. 5. Legacy Building: - By saving regularly, you're not only securing your future but also creating a meaningful legacy. - Bequeath your savings and benefits to support your loved ones. Remember, credit unions aren't just financial institutions; they're your partners in prosperity. Join a credit union today and protect your financial legacy! ???? --- Feel free to share this post with your network! Let's spread the word about the incredible impact credit unions have on our financial lives. ????

Exciting News for South African Bank Depositors! ?? Big changes have arrived for anyone with a bank account in South Africa! As of April 1, 2024, your deposits are now protected! This is a huge step forward in financial security and stability, a journey that began back in 2014 as part of South Africa's commitment to the G20. After extensive consultations and legislative efforts, the Financial Sector Laws Amendment Act has paved the way for the Corporation for Deposit Insurance (CODI) to safeguard your hard-earned money. CODI, a subsidiary of the South African Reserve Bank, ensures that if a bank faces difficulties, you'll have quick access to your funds. Here's what you need to know: ? Coverage: Your current accounts, savings, and even specific Islamic banking products are insured. Unfortunately, investment accounts are not covered. ? Who's Protected?: Individuals, non-financial companies, charities, non-profits, and religious organizations automatically benefit from this scheme. No need to sign up! ? Coverage Limit: Up to R100,000 per depositor, per bank. Foreign currency? No problem—it'll be converted to Rand for coverage. Remember, all commercial, cooperative, and mutual banks are part of this program. It's a new era of financial peace of mind for South Africans! #FinancialSecurity #DepositInsurance #SouthAfricaBanking #CODI #FinancialStability #AllenOvery

What Does the FDIC Do Weegy? By?carinsurance-blog ? The Federal Deposit Insurance Corporation (FDIC) insures deposits in banks and thrift institutions. It aims to maintain public confidence and encourage stability in the financial system. The FDIC is an independent agency established by the U. S. Congress to support the banking system’s health and protect depositors. Since its creation in 1933 in response to the bank failures of the Great Depression, the FDIC has been a cornerstone of public confidence in the country’s financial institutions. (What Does the FDIC Do Weegy?) By insuring deposits up to a specified limit ($250,000 per depositor, per insured bank, as of my knowledge cutoff date in 2023), the FDIC helps?ensure that consumers’ money is safe?even if their bank fails. This crucial function stabilizes the economy by facilitating trust between consumers and financial institutions. It also helps make the country’s payment system more efficient, checks institutions for safety and soundness and consumer protection, and tries to lessen the impact on the economy and financial system when a thrift or bank fails.

A recent CNBC survey reveals that 63% of millionaires support raising Federal Deposit Insurance Corp. (FDIC) coverage limits. The wealthiest millionaires, with $5 million or more in assets, are even more supportive, with 67% in favor of the change. The survey included 764 respondents with $1 million or more in investable assets. ?? Currently, the FDIC insures $250,000 per depositor for each ownership category for deposits held at an insured bank. However, it seems that millionaires are looking for more coverage given recent bank failures. ?? While waiting for potential reform, there are actions investors can take right now to increase their deposit coverage. Here's what you can do: ? Add beneficiaries: Instead of opening multiple bank accounts, consider adding beneficiaries, such as your children, to your existing accounts. Each beneficiary adds another $250,000 in coverage based on current limits. ?? Account titling matters: Remember, the way your bank accounts are titled will take precedence over your will, so ensure your accounts are properly structured. ?? Diversify your accounts: Having various types of accounts, including savings accounts, individual retirement accounts (IRAs), or trust accounts, can amplify the amount of insured balances you have. ?? Stay tuned for potential FDIC reform: The FDIC released three options for the future of the deposit insurance system, including limited coverage, unlimited coverage, and targeted coverage. Congressional action would be necessary for any expansion of FDIC insurance. #FDIC #Millionaires #DepositInsurance #FinancialSecurity Source: https://lnkd.in/gxiCgShN

Back today with another bite sized action you can quickly take to guard yourself from telemarketers, scammers and identity theft. Yesterday we opted out of the credit reporting agencies selling our data to companies who want to loan us money. But the phone is still ringing off the hook with other cold sales calls! Today's top: add all of your phone numbers to the National Do Not Call Registry! (link in the comments) This is going to take you five minutes, max. While you're at it, make sure that your older and vulnerable family members' phone numbers are on there as well. Now this isn't going to eliminate all unsolicited calls. Generally, charities, political groups, debt collectors and survey companies can still reach out. But you can request that they put you on THEIR do not call list. Speaking of vulnerable adults, keep an eye on the phone numbers that are calling them and the length of those calls. Be on the lookout for repeat and long phone calls. That could be a sign that they're being scammed. Next up is signing up for a credit freeze!

In an inspiring story of success, a local credit union has achieved nearly 20% growth in deposits, significantly surpassing the regional average! The secret? Enhanced insurance coverage that fostered member confidence. Discover how they did it here: https://okt.to/FdTncH

Changes to the FDIC insurance coverage amounts went into effect April 1. FDIC is an independent agency that insures up to $250,000 in bank accounts per depositor and per bank institution. The new changes may only effect those bank accounts that are registered in a Trust (both Irrevocable and Revocable) and are as follows: * Trust Accounts are now limited to $1.25 million in FDIC insurance coverage per Trust owner per bank institution. Each beneficiary of the Trust may have a $250,000 insurance limit, for up to 5 beneficiaries. For those who have a Trust Account with a balance north of $1.25 million, you need to be aware of this change.

There may be a need to restructure some deposits or open new accounts at other banks to ensure that funds are protected. The new rules, that in some cases significantly reduce the FDIC coverage, were implemented last month. The new rule limits the number of trust beneficiaries that receive the $250K FDIC insurance. It also lumps together the irrevocable and revocable trusts.

Should the FDIC insurance limit be raised? It's an idea that's gaining ground among some financial experts. Find out why they're considering the idea, and what it could mean for banks and depositors. #FDIC #DepositInsurance #FDICLimits #CashManagementStrategy #DepositManagement #TreasuryManagement #Ampersand