JOURNAL ARTICLE

Bank failures aren't as uncommon as you think. Here's what happens when a bank fails and how to know if your money is safe.

  • Published In: Fortune.com, 2023. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Pino, Ivana 3 of 3

Abstract

The article discusses the recent failures of Signature Bank and Silicon Valley Bank (SVB), highlighting concerns about the safety of consumer deposits. Signature Bank's collapse, with over $110 billion in assets, marks the third-largest bank failure in U.S. history. The Federal Deposit Insurance Corporation (FDIC) provides insurance coverage up to $250,000 per depositor, and the article outlines steps consumers can take to protect their funds, such as banking with FDIC-insured institutions and considering alternative account types. It emphasizes the importance of understanding the limits of FDIC insurance and exploring options like credit unions for additional coverage. [Extracted from the article]

Additional Information

  • Source:Fortune.com. 2023/03, pN.PAG
  • Document Type:Article
  • Subject Area:History
  • Publication Date:2023
  • Accession Number:162414336
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