sams1985 | | 781 posts since 2022"The FDIC’s standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category. It is unclear exactly how larger accounts or credit lines for companies will be impacted by the closure. The FDIC said it will pay uninsured depositors an advanced dividend within the next week, with potential additional dividend payments as the regulator sells SVB’s assets."
Looks like some people will be getting paid above the 250k limit?
h_meister | | 32 posts since 2014Most of the money being withdraw in this run is commercial banking money accounts, accounts where business hold their working capital to fund day to day operations. Business tend to use one primary banker for perceived operational efficiency and also do get better service and rates (Treasury Mgmt, FX, etc.). Put this together with a less experience in the C-Suites in tech companies versus what you'd see in Fortune 2000 companies and the nature of monkey see, monkey do, with tech companies putting their $ in a so called tech bank. Interesting that they weren't able to limit withdrawals from the commercial accounts to lessen speed of their financial freefall.
JeffinEasternFL | | 744 posts since 2020As expected, FDIC will try to make everyone "whole" regardless, pending over course thetakeover and financial conditions of the new owner...
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