Finance expert Mike Periu on measures you need to take now to protect your money against future bank failures.
The Transaction Account Guarantee (TAG) program extension bill has died in the Senate. This means that the TAG renewal program will expire at the end of the year. Beginning on January 1, non-interest bearing accounts at participating banks will no longer have the unlimited protection that the TAG program provided against bank failure. Small banks and small business owners lobbied for the extension of the program while large banks and credit unions lobbied against the extension. It’s estimated that $1.5 trillion is currently held in accounts with TAG protection and approximately 20 percent of that money will move to different types of accounts given the expiration of TAG. Check to see what type of protection your small-business accounts have and determine before the end of the year if you need to move all or some of your money to a different type of account.
About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.
