The recent health issues of some of the less-diversified banks have initiated conversations about the protection and safety of consumer and business financial assets.

Under FDIC rules, all deposits owned by a corporation, partnership, or unincorporated entity at the same bank are added together and insured up to $250,000.

“We know that $250,000 is a low ceiling for small businesses and that threshold is very easily passed,” said WSFS Bank Senior Vice President Phil Corradino.

Corradino and his colleague, Ray Abbott, WSFS Bank’s Cash Management Division Manager, discussed how small business owners can protect themselves from asset loss and fraud at a recent NoonZOOM hosted by American Community Journals.

NoonZOOMs are a series of informal sessions that are both interesting and insightful and dive into issues and topics suburban Philadelphians want to know more about.

For those who tuned into the latest NoonZOOM, Corradino and Abbott shared several ways to safeguard against asset loss threats like fraud or market volatility.

The collapse of Silicon Valley Bank in March brought a lot of awareness into the realm of FDIC coverage. Having the right banking partner can make all the difference in safeguarding your money and giving you peace of mind.

“We’ve had some products in our portfolio that provide extra FDIC coverage up to $150 million, due to a network of more than 3,000 banks,” said Abbott. “The way it works is, it’s a network where we share our customers to provide FDIC coverage throughout the entire network. The big difference here is, rather than having customers go to four or five different banks to get FDIC coverage for their assets, they come to one bank. And we provide the extra FDIC coverage through this network of banks, and we set the rates — each bank sets their own interest rates — but the safety is coming from the FDIC.”

Drawing from their combined 60-plus years of experience in the financial services industry, Corradino and Abbott also discussed staying updated on fraud trends and adopting advanced technologies like encryption and secure payment systems.

“What we’re seeing now is an influx of stolen checks in the mail,” said Corradino. “These checks are made payable to businesses, not individuals. What these scammers are doing, they’re seeing who the check is made payable to and creating a business with the same name. They register a business with the state, then take that state-issued paperwork, go to a bank, and open up a business account, where they deposit the check. They wait a few days, and the minute the check clears, they withdraw the funds.”

Corradino and Abbott touted ACH Positive Pay as a secure and powerful way to give small business owners peace of mind. They also emphasized the importance of vigilance and monitoring your accounts. If something seems amiss, you should immediately contact your financial institution.

“Check fraud is alive and well,” said Abbott. “There really isn’t any silver bullet in stopping check fraud, but speed (in notifying your bank of potential fraud) is our weapon. Look at your accounts every single day. If you’re not doing that account reconciliation, you’re not going to see fraudulent activity.”

Click on the video above to watch the NoonZOOM in its entirety.

Learn more about WSFS Bank.