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March 20, 2023

Is my money safe? What you need to know about bank failures

  • How much of your assets are insured by the FDIC? It might be time to take a look.
    Associated Press

    NEW YORK — The recent failures of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, may have you worried about your money. They were the second- and third-biggest bank failures in U.S. history.

    It all started on March 9, when too many depositors tried to withdraw their money from Silicon Valley Bank in Santa Clara, California. That's known as a bank run.

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