[SeekAndFind]

MORE HERE:

Wall Street — not taxpayers — will pay for the SVB and Signature deposit relief plans

Key Points

• The money to fully reimburse depositors of the collapsed Silicon Valley Bank and the shuttered Signature Bank will be furnished by other banks, not taxpayers, Treasury officials said.
• The Deposit Insurance Fund, which will cover the deposits, is funded with quarterly fees assessed on financial institutions and interest on government bonds.
• Using the DIF to shore up depositors is seen by the Biden administration as a way to avoid reigniting the public anger sparked by the 2008 taxpayer-funded Wall Street bailouts.

[DrewsMum]

So the money there to protect other banks also up to 250k is being used to give svb depositors their UNINSURED portions?

Can someone clarify if I interpreted that correctly?

[devane617]

...and other banks gets its money from where?