I heard most customers had over $250,000 in Deposits so many will lose money and yet still vote for Biden.
I wonder if SVB had a disproportionate number of wealthy foreigners in the tech sector holding accounts there. Many of them probably can’t even spell “FDIC.”
Usually the FDIC will try to sell the assets to other banks. So, the money isn’t gone yet. But it’s at risk.
A married couple can set up three separate accounts and be insured up to $750,000-$250,000 each: husband, wife, and husband and wife.
SVB said it estimates that at the end of 2022 the amount of deposits in its U.S. offices that exceed the FDIC insurance limit was $151.5 billion.
Is it safe to presume the SVB is one of the many banks that haven't been paying squat for interest on deposits? Plenty of us have been moving our hard earned money to institutions which appreciate customers by paying fair interest.
90% of the bank’s deposits were uninsured.