Money Matters: Banking Failures

COLUMBIA, S.C. (WIS) - With two big bank failures recently, some are left wondering, what do you do when your bank goes bankrupt?

The failures of Silicon Valley Bank and Signature Bank have left a lot of people wondering about this same question. Concerns about how safe money in the bank is and the security of deposits are rising as well.

While these situations are extremely rare, it’s always better to be informed and aware of your coverage.

Do the majority of people not need to worry about their banks or deposits?

Right, every American should feel confident in the safety of their money as this is not looking to become a financial crisis.

In the worst-case scenario, banks are covered by the FDIC. This ensures up to $250,000 per depositor per account. If you have more than this deposited at any one bank, private bankers or split accounts may be good options to consider.

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