Former Silicon Valley Bank customers streaming to large US banks

Robert Besser
17 Mar 2023, 05:12 GMT+10

Media reports indicate that after the collapse of Silicon Valley Bank, many customers have applied to move their accounts from smaller banks to large US banks
The large lenders are accommodating the transfer requests by taking extra steps, such as assisting with their normal sign-up processes
Meanwhile, the Federal Deposit Insurance Corporation said it will protect deposits of up to $250,000

SAN FRANCISCO, California: Media reports indicate that after the collapse of Silicon Valley Bank, many customers have applied to move their accounts from smaller banks to large US banks, such as JPMorgan Chase, Bank of America and Citigroup.

The large lenders are accommodating the transfer requests by taking extra steps, such as assisting with their normal sign-up processes.

The emergency measures implemented by the US government to prevent the collapse of more banks have not prevented depositors from moving their accounts to larger banks or into money market funds, according to reports.

Meanwhile, the Federal Deposit Insurance Corporation said it will protect deposits of up to $250,000, but those over that amount, which accounted for 85 percent of SVB accounts, are at risk.

Due to fears of possible bank failures following the collapse of SVB and Signature Bank, shares of US regional banks, such as First Republic Bank, Western Alliance and KeyCorp, have declined.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Colorado Star.

More Information

34 ℉

Fair in Aurora/Buckley Afb

International Business

Section

Microsoft president denies super-intelligent AI possible in 12 months

REDMOND, Washington: Microsoft President Brad Smith said there is no chance of super-intelligent artificial intelligence (AI) being developed within the ...

India to become world's third largest economy S&P

The South Asian nation will be the fastest-growing emerging market in the coming years, the rating agency saidIndia is set ...

SIAL India and Vinexpo India set to showcase global culinary diversity in New Delhi exhibition

New Delhi [India], December 5 (ANI): The culinary world is gearing up for a showcase at the 5th edition of ...

ADB, GEAPP and MAS join forces for energy transition finance partnership in Asia

New Delhi [India], December 5 (ANI): The Asian Development Bank (ADB), the Global Energy Alliance for People and Planet (GEAPP), ...

US Commerce Secy Raimondo, Piyush Goyal discuss future collaboration on supply chains

Washington DC [US], December 5 (ANI): US Secretary of Commerce Gina Raimondo and Union Minister for Commerce and Industry Piyush ...

Yellen Heads to Mexico to Boost Work on Fentanyl, Supply Chains

washington - U.S. Treasury Secretary Janet Yellen will travel to Mexico City this week to boost cooperation with Mexican counterparts ...

US

Section