Former Silicon Valley Bank customers streaming to large US banks

Thu, 07 Dec 2023

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 Sydney Sun.

More Information

21 ℃

Partly Cloudy in Sydney

Business

Section

73,000 Chevrolet Volt cars being probed in US over loss of power

WASHINGTON D.C.: A U.S. auto safety regulator said this week it is opening an investigation into 73,000 Chevrolet Volt plug-in ...

New York state decides case, opens door for more marijuana clinics

NEW YORK: This week, a New York judge approved legal settlements to end lawsuits that halted the state's legal cannabis ...

Tech stocks outperform Tuesday, Nasdaq Composite gains

NEW YORK, New York - U.S. stocks spent most of Tuesday meandering, with the major indices closing out the day ...

Strike cost Ford 100,000 vehicles in sales, $1.7 billion in profit

DEARBORN, Michigan: This week, Ford said a six-week United Auto Workers (UAW) strike cut its sales by some 100,000 vehicles ...

Biden administration introduces new rule to reduce methane emissions

WASHINGTON D.C.: This week, the Biden administration adopted a new rule aimed at reducing methane emissions, which targets the role ...

Tesla to start delivering Cybertrucks: Musk

AUSTIN, Texas: During an event held this week in Austin, Texas, Tesla CEO Elon Musk said the electric vehicle (EV) ...

International

Section

12th century leaning tower in Bologna secured to save it from collapse

BOLOGNA, Italy: Due to fears of a collapse, local officials have secured the area around one of two 12th century ...

Flights, trains cancelled in Bavaria after heavy snowfall

MUNICH, Germany: The heavy snow and icy conditions that hit Bavaria, Germany, canceled flights and long-distance trains out of Munich, ...

North Carolina to add thousands of people to Medicaid rolls this week

RALEIGH, North Carolina: After a decade of discussions and hesitations, North Carolina has expanded Medicaid coverage by offering government-funded health ...

Pentagon secretly providing bombs for Israeli bombardments

The U.S. has supplied Israel with scores of BLU-109 bunker-buster bombs since October 7, the Wall Street Journal has reported, ...

Biden administration says EPA to replace lead water pipes in 10 years

WASHINGTON D.C.: This week, the Biden administration announced a proposal by the Environmental Protection Agency (EPA) that would require U.S. ...

Cyberattack hits Japan space agency, rocket and satellites unaffected

TOKYO, Japan: Japan's space agency recently fell victim to a cyberattack, but reassuringly, the compromised information did not pertain to ...

Movie Review

Polyester