They were the second- and third-biggest bank failures in U.S. history.
It all started last week when too many depositors tried to withdraw their money from Silicon Valley Bank in Santa Clara, California.
That's known as a bank run.
The bank had to sell treasury bonds and other securities at a steep loss and more people kept trying to withdraw money as word of the situation spread, causing the bank to fail. Regulators took control of New York-based Signature Bank soon after, saying it was necessary to protect depositors after too many people withdrew money.
In response, regulators guaranteed all deposits at the two banks and created a program to help shield other banks to shield them from a run on deposits.
Here's what you need to know:
IS MY MONEY SAFE?
Yes, if your money is in a bank insured by the Federal Deposit Insurance Corp. and you have less than $250,000 there. If the bank fails, you'll get your money back.
Nearly all banks are FDIC insured. You can look for the FDIC logo at bank teller windows or on the entrance to your bank branch.
Credit unions are insured by the National Credit Union Administration.
هذه القصة مأخوذة من طبعة March 16, 2023 من AppleMagazine.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة March 16, 2023 من AppleMagazine.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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