You may remember in 2010 that the Dodd-Frank Act temporarily increased the FDIC (Federal Deposit Insurance Corporation) insurance limit to an unlimited threshold.  As of January 1, 2013 this provision has expired.  The current maximum insurance allowed by law is $250,000 per ownership category.

Here is a FAQ from the FDIC regarding this change.  At a minimum a business owner should consider the following:

 How much money do I have in my bank accounts?  Is it over the $250,000 FDIC amount?

  1. How much money do I need in my account to cover my monthly obligations?
  2. Does it make sense to move funds to another institution?
  3. Would my money be better employed in another use?  Should I invest in assets for my business?  What are the tax consequences of such a change?

To answer these and many more questions, contact your Trusted Business Advisers at JamisonMoneyFarmer PC.  We are here to help!