By this time, you have probably already heard the news about the two banks, both the second and third largest bank failures in U.S. history; That was the Silicon Valley bank and as well as the Signature Bank in New York. In both of these situations the federal government has stepped in and is covering those depositors for $250,000 through the FDIC insurance but in this rare scenario they’re actually covering those depositors potentially more than that. That’s not something that we can expect in any of these situations moving forward so if you are one of those individuals that happens to have $250,000 in the bank, again per depositor, you may want to consider one, making sure that the bank that you’re have your funds in does carry that insurance is FDIC insured, but then maybe spread it out between multiple banks or consider other alternatives like treasury bonds or things like that.
For more information about the bank failures or how you should respond in your particular situation to this news please feel free to reach out to us at Next Step Financial Transitions. We’d love to have a chat with you. Have a good one!