Former Silicon Valley Bank customers streaming to large US banks

Sat, 25 Mar 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.

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