On the banking crisis: What just happened?
Silicon Valley Bank’s customers were frantically pulling their money from the California-based lender before US regulators intervened to take control. But the collapse panicked markets, piling pain on weaker financial institutions already struggling with the unintended consequences of soaring interest rates and self-inflicted wounds.
has reportedly committed more than $2 billion to SVB’s UK business, which it bought on Sunday for £1. Is my money safe? If you have less than $250,000 in an account at a US bank insured by the FDIC, then you almost certainly have nothing to worry about. Joint accounts are insured up to $500,000. European countries operate similar programs. In Switzerland, up to 100,000 Swiss francs is insured per depositor.
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