onlycfo.io · 2023-03-12
· 1180d
Rushing to Set Up Bank Accounts
Following the SVB collapse, many tech companies are hastily establishing secondary bank accounts without implementing proper controls and best practices. The article outlines critical considerations for bank account structure (sweep accounts, concentration accounts, zero-balance accounts), fraud prevention controls (ACH filters, dual administration, wire approvals), and cash management discipline to prevent liquidity crises.
Metrics in this report
FDIC Insurance Coverage Limit
250000USD
regulatory
Per deposit account at federally insured banks