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 Breaking Property News.

More Information

30 ℃

Light Rain with Thunder in Seletar

International Business

Section

As supply chain problems ease, UK assembles 13.1% more autos

LONDON, England: As supply chain disruptions eased and output picked up in domestic and overseas markets, British car production rose ...

Germans pull money from foreign banks, fears financial crisis

BERLIN, Germany: Reuters has reported that despite potentially higher interest rates, Germans are placing fewer deposits abroad, due to fears ...

To prevent embargoes, US and Japan agree on access to battery minerals

WASHINGTON D.C.: The US and Japan have signed a trade memo on electric vehicle (EV) battery minerals.US Trade Representative Katherine ...

Bank of Ireland interest rate up 0.5% following Europe rate increases

DUBLIN, Ireland: Bank of Ireland has announced that it has raised fixed mortgage rates following a cumulative 3.5 percent rate ...

Apple to disrupt fintech with 'Apple Pay Later' consumer service

CUPERTINO, California: In a move aimed at disrupting the fintech sector dominated by Affirm Holdings and Sweden's Klarna, this week ...

After business slowdown, Disney moves forward in firing 7,000 staff

BURBANK, California: Walt Disney has begun its planned lay off of 7,000 staff, which was announced earlier this year.A letter ...

Construction

Section