Are your bank deposits FDIC-insured? What to know in the wake of Silicon Valley Bank, Signature Bank closures
Publishing timestamp: 2023-03-13 11:58:11
Summary
The unexpected shutdowns of Silicon Valley Bank and Signature Bank have raised questions about the level of protection for bank deposits. Depositors at these banks have up to $250,000 in protection per account ownership category through the Federal Deposit Insurance Corporation (FDIC). To check if your deposits are FDIC-insured, check your statement or use the FDIC's Electronic Deposit Insurance Estimator. Opening accounts at other banks can also boost your FDIC coverage. FDIC coverage does not cover safe deposit boxes or investments such as U.S. Treasury bills, bonds, or notes. Brokerage accounts opened with a financial advisor are likely covered by the Securities Investor Protection Corporation (SIPC).
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Keywords: online banking, banking and credit regulation, signature bank, personal investing, federal reserve system, personal saving, consumer banking, banks, business news, personal income, personal finance, joe biden, investment banking and brokerage, fdic,