Ever wondered why board members need to provide personal information to be a signer on the association’s bank accounts? In the wake of the September 11 terrorist attacks, the USA PATRIOT Act was enacted to help combat future threats to the United States. The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct…
Deposit insurance, as the name implies, covers the depositor’s funds in the case of a bank failure. In the US, deposits of up to $250,000 per bank are insured by the FDIC (Federal Deposit Insurance Corporation), an independent agency created by Congress to maintain stability in the banking system. In some cases, clients have deposits…
Did you know that FirstService Financial accesses independent bank-rating systems to help select financial partners? In order to safeguard clients’ deposits and funds, we use information from unbiased, third party sources to identify, research, and cultivate partnerships with the best available banks and financial institutions. Banks and financial institutions are required to file a detailed…