Former Silicon Valley Bank customers streaming to large US banks

Mon, 20 Mar 2023

Former Silicon Valley Bank customers streaming to large US banks

Robert Besser
17 Mar 2023, 05:12 GMT+10

Media reports indicate that after the collapse of Silicon Valley Bank, many customers have applied to move their accounts from smaller banks to large US banks
The large lenders are accommodating the transfer requests by taking extra steps, such as assisting with their normal sign-up processes
Meanwhile, the Federal Deposit Insurance Corporation said it will protect deposits of up to $250,000

SAN FRANCISCO, California: Media reports indicate that after the collapse of Silicon Valley Bank, many customers have applied to move their accounts from smaller banks to large US banks, such as JPMorgan Chase, Bank of America and Citigroup.

The large lenders are accommodating the transfer requests by taking extra steps, such as assisting with their normal sign-up processes.

The emergency measures implemented by the US government to prevent the collapse of more banks have not prevented depositors from moving their accounts to larger banks or into money market funds, according to reports.

Meanwhile, the Federal Deposit Insurance Corporation said it will protect deposits of up to $250,000, but those over that amount, which accounted for 85 percent of SVB accounts, are at risk.

Due to fears of possible bank failures following the collapse of SVB and Signature Bank, shares of US regional banks, such as First Republic Bank, Western Alliance and KeyCorp, have declined.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Japan Herald.

More Information

15 ℃

Mostly Cloudy in Shinagawa City

Asia Pacific

Section

Deloitte agrees to pay $31 mln fine to China after mistakes in audit

BEIJING, China: Following the inability of China Huarong Asset Management Co Ltd to release financial reporting obligations in 2020, China ...

Search in Blue Mountains ends after discovery of body

BLUE MOUNTAINS, Sydney, NSW, Australia - A search in the Blue Mountains for a man that was launched on Sunday ...

German visitor to talk computer chips in Taiwan

BERLIN, Germany: Germany will send a cabinet minister to visit Taiwan next week, at a time when Berlin is reviewing ...

SpaceX, Netflix, Boeing join largest US business mission to Vietnam

HANOI, Vietnam: SpaceX, Netflix and Boeing will join what is described as the "biggest-ever" U.S. business mission to meet in ...

After winning Apple contract, Foxconn to build factory in India

TAIPEI, Taiwan: Reuters reported that after winning an order to manufacture wireless AirPods earphones for Apple for the first time, ...

US will seek jail sentence for Chinese businessman Guo Wengui

WASHINGTON D.C.: The US government has charged exiled Chinese businessman Guo Wengui with being the mastermind behind a complex conspiracy ...

Business

Section

US loans $300 billion to banks following closing of SVB bank

WASHINGTON D.C.: The US Federal Reserve Bank has announced that cash-strapped banks throughout the US borrowed some $300 billion during ...

Deloitte agrees to pay $31 mln fine to China after mistakes in audit

BEIJING, China: Following the inability of China Huarong Asset Management Co Ltd to release financial reporting obligations in 2020, China ...

UBS to buy Credit Suisse for fraction of its value, Swiss government to underwrite losses

ZURICH, Switzerland - Depositors will be fully protected, shareholders will have their equity dwarfed, while bond holders will be largely ...

SpaceX, Netflix, Boeing join largest US business mission to Vietnam

HANOI, Vietnam: SpaceX, Netflix and Boeing will join what is described as the "biggest-ever" U.S. business mission to meet in ...

After winning Apple contract, Foxconn to build factory in India

TAIPEI, Taiwan: Reuters reported that after winning an order to manufacture wireless AirPods earphones for Apple for the first time, ...

Blocking China's chip industry will raise costs, warns founder of TSMC

TAIPEI, Taiwan: The founder of chip manufacturer TSMC, Morris Chang, said that he supports the efforts of the US to ...

Movie Review

Desert One