How to Safely Store Deposits If You Have More Than $250,000
March 14, 2023
6,417
71
16
1.36%
Search the Record
IndexedEvery word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
Bloomberg News Episodes Around March 14, 2023
See what was published immediately before and after this episode.
1:08Now PlayingHow to Safely Store Deposits If You Have More Than $250,000
YouTube Description
as posted by the channelThe collapse of Silicon Valley Bank is raising an uncomfortable question: is it safe to leave a lot of money in a single bank? Bloomberg's Misyrlena Egkolfopoulou explains how to safely store your cash if you have more than $250,000.
The collapse of Silicon Valley Bank, and fear that the pain is spreading to other financial institutions, is raising an uncomfortable question: Is it safe to leave a lot of money in a single bank?
The answer, at least according to financial advisers, is generally yes. Thanks to banking legislation dating back to 1933, the Federal Deposit Insurance Corp. covers up to $250,000 per depositor in qualified accounts at insured banks.
Crucially for savers, US authorities also created a new bank backstop that the Federal Reserve said is big enough to protect the entire nation’s deposits, including those above $250,000 at failed banks like SVB.
Still, savers with deposits higher than that key threshold are feeling jittery.
--------
Subscribe to our YouTube channel
Subscribe to Bloomberg Originals
Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
Connect with us on…
Breaking News on YouTube
Guests & Subjects Covered
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.