The stunning collapse of two failing banks in the span of three days has many Americans wondering: Is my money safe? The government takeovers of Silicon Valley Bank (SVB) on Friday and Signature Bank on Sunday sent shockwaves across the banking system and financial markets—not least because both were respected banks that unraveled so quickly. But the short answer for the vast majority of Americans with bank accounts is that your money is safe and insured.
Here’s What To Know If You’re Worried About Whether Your Money Is Safe In The Bank
Nik Popli, Time: Business
Mon, 03/13/2023 - 4:54pm
Topics: americans major u.s anat admati federal reserve s darrell duffie ldquo;a what&rsquo the federal deposit insurance corporation fdic deposit insurance fund cds clients will get funds&mdash those that weren t government says president joe biden the fed dania maxwell&ndash los angeles times getty imagesdozens march francisco jpmorgan chase pacwest bancorp los angeles phoenix zions salt lake city duffie silicon valley s here s what that means customers when svb slack whatsapp ldquo;most greg mcbride treasury secretary janet yellen silicon valley bank signature u.s federal reserve at ldquo;the stanford federal deposit insurance corporation in read insured the los angeles republic first republic fed&rsquo western alliance svb s money is safe billion accounts cash access monday regional tech losses stock sunday system announced unrealized lose reported million smaller run market problems don depositors companies failures liquidity&rdquo allowed lost risk friday chief startups full problem millions lead based health large demise quickly cover collapse reassured shareholders fell small dollars loans assets bonds venture professor year stashed months due withdrawals
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