Recently, several US-based banks heavily focused on serving the technology and innovation sectors have been in the news due to closures and asset seizures. We are aware that many of the clients we assist keep their deposit accounts with these banks. In response to the recent issues at these banks, the US government has taken steps to help affected customers by providing guarantees for their deposits. However, some customers may be seeking information on other banks that may better suit their needs.

Here are a few resources we wanted to share:

• Joint Statement by Treasury, Federal Reserve, and FDIC
• American Bankers Association – The ABA website offers a wealth of information on banking services and can help you find other banks in your area.
• Bankrate – This website allows you to compare rates and features of different banks and financial institutions.
• NerdWallet – NerdWallet offers personalized financial advice and recommendations on banking services.
• Consumer Financial Protection Bureau – The CFPB is a government agency that helps consumers make informed decisions about financial products and services.
• Federal Deposit Insurance Corporation – The FDIC is an independent agency created to maintain stability and public confidence in the nation’s financial system.
• Council For Entrepreneurial Development – CED connects North Carolina-based entrepreneurial companies with high-value resources to accelerate business growth.

Bottom line – It’s essential to research, read the small print and find a bank that meets your specific needs and preferences.

Neil Bagchi, Ravila Gupta, and Tim DeBone are available to answer any questions.