Protecting your corporate or small business bank accounts from the possibility of a bank failure seems like one of those worries that shouldn’t keep a small business owner or C-suite executive up at night.
Then came the failure of Silicon Valley Bank. And Signature Bank. And the rescues of First Republic Bank and Credit Suisse.
Jamie Dimon, the Chief Executive Office of JPMorgan Chase who rallied big banks to rescue First Republic, said in his annual letter to shareholders that it ain’t over yet. Even when the current crisis ends, he wrote, “there will be repercussions from it for years to come.”
Suddenly, a good night’s sleep is just as much at risk as your company’s cash.
So we asked four of our RED Team CFOs to share their advice about how small business owners and executives at lower middle market and middle market companies can protect their business bank accounts in an uncertain banking environment where the next bank failure is as close as the next viral tweet that sends depositors scrambling to make immediate withdrawals.
Please note that these experienced CFOs offered advice based on their personal opinions – it should not be considered tax or legal advice.
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