>The US government shut down Signature Bank on Sunday.
>On Friday, regulators closed Silicon Valley Bank, sparking panic among startups and VCs.
>Both banks had a huge amount of customer deposits that were not insured by the FDIC. There are others.

A second bank was shut down by the US government on Sunday. This time it was Signature Bank.

What does this financial institution have in common with Silicon Valley Bank? They both had huge amounts of customer deposits that were not insured by the FDIC.

The FDIC insures US bank deposits up to $250,000 per account to prevent bank runs and failures. The demise of SVB, and now the collapse of Signature Bank, have stretched this system to a breaking point.

On Sunday, the US Treasury, Federal Reserve, and FDIC said in a joint statement that all depositors of SVB will be made whole on Monday. The authorities are completely ignoring the $250,000 insurance limit. SVB had $173 billion in total deposits and roughly 88% of that was not covered.

https://www.msn.com/en-us/money/personalfinance/us-banks-have-well-over-1-trillion-of-uninsured-deposits-signature-bank-was-among-the-most-exposed/ar-AA18xzKL?ocid=winp1taskbar&cvid=23d293e001d74487953a5dfd204ec486&ei=27

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