Wealthy Hit Hard | More than 85% of Silicon Valley's Bank's Deposits Were Not Insured. Here's What That Means for Customers

---

More than 85% of Silicon Valley's Bank's Deposits Were Not Insured. Here's What That Means for Customers

'the second largest bank failure in U.S. history after a rapid run on its deposits. Some $175 billion in customer accounts were taken over by the Federal Deposit Insurance Corporation (FDIC), which is now tasked with returning money to the bank’s customers. ...more than 85% of the bank’s deposits were uninsured, according to estimates in a recent regulatory filing. That’s because FDIC deposit insurance is meant for everyday bank customers and maxes out at $250,000. Many Silicon Valley startups had millions, or even hundreds of millions of dollars deposited at the bank...'

Reference: time.com
Tags: Federal Deposit Insurance Corporation (FDIC), Risky Investments, FDIC Protection Limit ($250,000),Woke Bank, ESG, Venture Capital Investing Risks,

---