Bank Archives | Cheqly

FDIC vs. NCUA Insurance: What’s the Difference?

by Cheqly team | December 6, 2024 | FDIC Insurance , NCUA Insurance

The National Credit Union Administration (NCUA) and the Federal Deposit Insurance Corporation (FDIC) are separate federal organizations that provide deposit insurance to their members. The FDIC usually protects bank deposits up to $250,000, with some exceptions; the NCUA offers similar protection but for credit unions instead of banks. FDIC or NCUA member institutions provide this … Continued

Online Payments for Small Businesses: What You Need to Know

by Cheqly team | November 4, 2024 | Online Payments

Selecting an online payment processing system that refuses to take the payment methods your clients want to use is like trying to communicate in Chinese at a market in Marrakech: neither strategy is likely to work. Similarly, a merchant’s point-of-sale system should match the payment options their customers prefer. Physical stores offer different payment methods … Continued

Bank Reconciliation: Why It’s Important & How to Do It

by Cheqly team | October 10, 2024 | Bank Reconciliation

Business owners frequently cross-reference their records with bank transactions to ensure everything runs smoothly. They can verify that the figures on their balance sheet match the bank statement, which is a best practice. The balance sheet is adjusted if any discrepancies or fraudulent charges are found. The month-end close procedure involves examining the balance sheet, … Continued

Can I Make Personal Expenses Using My Business Debit Card?

by Cheqly team | September 20, 2024 | Business Debit Card

As a business owner, you might wonder if you can use your business debit card for personal expenses since the money is technically yours. Also, for small business owners, it’s common to confuse personal and business expenses. When is it okay for your business to handle costs like coffee, and when should you use your … Continued

Business Bank Statements: What They Mean and How to Utilize Them

by Cheqly team | August 8, 2024 | Business Bank Statements

A business bank statement is a record of the transactions you conducted during a given time frame. It usually includes details about your business savings or checking account and covers a month. The statement shows your deposits and withdrawals, as well as any transactions made with the debit card linked to the business account. Let’s … Continued