Do you need to worry about your bank account with Silicon Valley Bank closing last week and Signature Bank on Sunday? It raises the question of will more banks have to close and is my money safe.
Experts say yes, your money is safe, and don’t panic.
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The Federal Reserve, U.S. Treasury, and FDLC say they are taking actions that will fully protect the people who deposited their money into silicon valley bank or signature bank.
As for investors, they will not be protected, but experts say your bank isn’t next.
WINK News spoke with the former managing director and chief economist of Wells Fargo, John Silvia.
Silvia says what happened to Silicon Valley Bank or Signature Bank were specific issues to the two banks, not the economy as a whole, and your money in banks in our area is safe.
“The banks in this region are mostly into health care, construction, leisure and hospitality, hotels, restaurants. We are not into the sector that is really being hit the most, which is the high tech and crypto,” Silvia said.
The U.S. government also launched an emergency lending program to banks to prevent people from pulling their money out of the banks. Essentially giving the banks money so customers would be confident that they could access their accounts whenever needed.