After SVB and Signature failures, what small businesses should look for when choosing a bank
Publishing timestamp: 2023-03-13 15:57:01
Summary
Federal regulators have announced that they will cover customer deposits at Silicon Valley Bank and Signature Bank up to their full amount instead of the typical $250,000 limit. Small businesses are advised to check the financial stability of banks they do business with, look for banks that offer specialized services for small businesses, and ask other business owners who they bank with. It is also suggested that small businesses consider having accounts at different banks and to understand their online and mobile interface.
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Keywords: commercial banking, small business financing, signature bank, svb financial group, business news, consumer banking, banks, personal finance, investment strategy, small business,