Business Sense

Risks of Online Payments

Thursday, May 31, 2012

Like individual consumers, small businesses are using credit and debit cards to pay bills online in greater numbers every year. While paying online is convenient, business owners should understand that it comes with some risk of liability that individual consumers are not exposed to.

For instance, consumers are somewhat protected by The Truth in Lending Act, but the FDIC points out that businesses are not covered by the regulations.

If your personal debit card is lost or stolen, a consumer has some protection from unauthorized transactions, but a business may not. 

To read more about the implications for your business when paying with plastic Click Here.




NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS 

EFFECTIVE JANUARY 1, 2013

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

For more information about FDIC insurance coverage of noninterest bearing transaction accounts, visit www.fdic.gov.


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