Photographer: David Paul Morris/Bloomberg via Getty Images David Paul Morris/Bloomberg/Getty Images SVB Financial Group bonds are plunging alongside its shares after the company moved to shore up capital after losses on its securities portfolio and a slowdown in funding. ![]() Silicon Valley Bank headquarters in Santa Clara, California, US, on Thursday, March 9, 2023. If you bank through a federally insured credit union, your deposits are insured at least up to $250,000 by the National Credit Union Administration, which, like the FDIC, is backed by the full faith and credit of the US government.īanking customers in Europe also have deposit protections. ![]() In short, if you have less than $250,000 in your account at an FDIC-insured US bank, then you almost certainly have nothing to worry about.Įach deposit account owner will be insured up to $250,000 - so, for example, if you have a joint account with your spouse, your money will be insured up to $500,000. Foreign deposits reached at least $13.9 billion and are also uninsured.īut before markets opened this week, the Biden administration took an extraordinary step, guaranteeing that SVB and Signature customers would have access to all their money starting Monday, even their uninsured deposits.ĭo I have to worry about cash stored in my bank? US customers held at least $151.5 billion in uninsured deposits by the end of 2022, SVB’s latest annual report said. The FDIC insures depositors up to $250,000, but many companies used SVB as their bank and so had a lot more than that in their accounts. Two days later, the FDIC also took over Signature Bank. Global banking crisis: What just happened?Ī bank run on Silicon Valley Bank led the Federal Deposit Insurance Corporation to take control of the bank last Friday in the second-largest bank failure in US history. Traders work on the floor of the New York Stock Exchange (NYSE) on Main New York City.
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