Different programs were created to insure cash and securities assets.
The second largest bank failure since the 2008 financial crisis occurred on Friday, March 10, with the collapse of California-based Silicon Valley Bank . This regional bank, which had over $200 billion in assets, catered to a niche tech market. After a bank run on Thursday, it was officially shut down by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as the receiver.
Insurance coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. This coverage is applicable to almost all types of accounts, including individual accounts, joint accounts, business accounts, payable-on-death accounts, employee benefit plans, certain retirement plans and revocable and irrevocable trusts.
To help you understand your own bank coverage, the FDIC has a calculator named EDIE. Access to this calculator is available at. If you have more than $250,000 at any one bank, EDIE will help you understand your FDIC coverage limits. Eventually, some of the uninsured deposits may be recovered from the proceeds as the failed bank’s assets are sold. In other words, for the bank customer, it may take years of receiving periodic payments based on their initial claim to receive some of their uninsured funds back.Credit union customers are not covered by FDIC insurance but by National Credit Union Administration insurance instead.
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