Do You Have More Than $100K in Indy Mac?

Over the weekend there was some pretty disturbing news in the Banking/Financial industry. A very large bank, Indy Mac was deemed undercapitalized which resulted in the FDIC coming in to take over the bank. Many of us are of the mindset, "So what, my money is in ABC Bank." Well, think about it the way I do. If one is deemed insolvent and must be taken over, there may be consumer/depositor sentiment that causes a run on the deposits of highly capitalized banks. You may look at face value in NY and say, ABC Bank is secure. Riddle me this, if there are 50 states in the USA and the run on Indy Mac took place 3,000 miles away, why were the ramifications felt here in NY on Wall Street? Think big picture ladies and gents. Remember the S & L debacle of 20 years ago? Not all S & L's were insolvent and entangled in shady business deals, offshore shelters or off balance sheet agreements. Most were doing rather well financially, but UH-OH, one went under and the financial stampede/domino effect began. Everyone started to demand that their money be forked over, no matter the relative strength of the institution. (All of this is just my opinion, but I am opinionated after all…) If the same occurs at more of our financial institutions, where will YOUR financial balance be? Will you be smart enough to unravel the FDIC rules on deposit insurance? Have you sheltered your accounts with 100K thresholds? Are you insured supplementally by the financial institutions brokerage agreements? Don't get me wrong, I'm just throwing the information out into the arena.

What I WILL do however, is put this information in your hands. If you need an attorney for on-going consultation, assistance in restructuring your accounts, explanation of the FDIC insurance law, information on how brokerage contracts provide additional protection, where to get your brokerage contracts and account contracts interpreted, take a look at this service Prepaid Legal Services Inc.

In order to be totally transparent, I am a member of this service and I am also an associate that markets this protection. I am only placing the information in your hands, what you do with it is totally up to you and your personal situation. However, I would like to leave you with this thought:

You have medical insurance IN CASE you are taken to the hospital

You have auto insurance IN CASE you have an accident

You have life insurance IN CASE you pass away

You have dental insurance IN CASE you have a cavity

WHAT DO YOU HAVE TO COVER YOUR LEGAL ISSUES like FDIC Insurance and what it covers?

Take Care and Be Safe

William D. Calloway Jr., CITRMS

New Laws Affecting YOUR Business!!

Small Business Owners -
New Laws Affecting YOUR Business!!
I went down to the local automotive repair place in my neighborhood and had the fortune to speak to the owner rather off-handedly about some things taking place in the small business market and found her (YES HER!! What ?!?! a woman can’t own an auto repair business sheesh….) somewhat dismayed by the subject of our conversation. As I was giving her my registration to do the inspection, I asked her “Have you had any of your employees trained in the handling of non-public information?” She replied, “Well, no, but what is that necessary for?” That is when I told her about legislation that is making mandatory compliance with FACTA, Graham-Leach-Bliley and the Red Flag Rules a reality. Needless to say, she was appalled that her attorney, accountant and advisors hadn’t informed that these programs require compliance. As we spoke for about an hour, I informed her that our service provides trainings and compliance alternatives to gain compliance with what the FTC (Federal Trade Commission) has requested.
In thinking about the dilemma that she faces, I came to the realization that research is the bain of every small biz owner. Ladies and gents, DO YOUR RESEARCH! If you don’t have the ability or knowledge of what is going on in your small biz arena, you open yourself and your livelihood up to a chasm of liability. If you find you need some assistance with getting your questions answered, or you simply don’t know what questions to ask, try joining a service that provides over 40,000+ small business owners a wealth of resources. GoSmallBiz.com and Prepaid Legal Services have a program that will give you not only access to advisors but will give you a website for your internet presence, a searchable listing within GoSmallBiz.com, access to attorney’s for consultation and other business related advice and a wealth of additional services.
Please feel free to look into these laws and do what is best for you and your small business, I did and I sleep more comfortable for it!
My website for additional information or to enroll is: www.prepaidlegal.com/biz/williamdcalloway
You can tour Go Small Biz here: http://www.gosmallbiz.com/
\Fair Credit Reporting Act as amended by FACTA (Paragraph 616 – 621 are especially important) www.ftc.gov/os/statutes/031224fcra.pdf
My email is: William.Calloway@CallowayPPL.com
I hope you find the information useful

Take Care and be safe,
Mr. William D. Calloway Jr., CITRMS