Tips for Maine bank depositors worried about turmoil
Photos / Courtesy of Spinnaker Trust
Jessamyn Norton and Tony Alaimo
If Maine bank depositors are worried about their accounts in the wake of the current industry turmoil, what can they do?
“If you have more than $250,000 with one bank, look to diversify,” suggests Jessamyn Norton, chief investment officer at Spinnaker Trust in Portland.
She also recommends anyone with a brokerage account look to move extra cash onto those platforms to maximize yields, since brokerage money market funds are now paying above 4%.
“Those are the two steps that can and should be taken to protect your cash,” adds her colleague, Tony Alaimo, an investment professional at Spinnaker.
Andrea Shaw, a Portland-based partner at virtual law firm Practus LLP, agrees that it’s a good idea to have more than one bank account.
“It may make managing your accounts a little more complex,” but also “gives businesses additional FDIC insurance coverage,” she says. She also recommends that depositors educate themselves on what to do in case they are ever caught up in a bank failure and points to the FDIC website as a useful starting point.
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