Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation,
Stay calm d'not panic
Depositors should remain calm and not panic. While the situation may be concerning, panicking will not help resolve the issue.
Monitor the situation
Depositors should keep a close eye on news and updates related to the SVB crisis. This will help them stay informed and make well-informed decisions.
Review your accounts
Depositors should review their accounts to ensure that they have a clear understanding of their deposits and any potential risks
Deposits are insured
your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per account type.
FDIC Toll free No
have any questions or concerns, they should contact the FDIC toll-free at 1-866-799-0959
Main office, branches, Internet banking of SVB will reopen on Monday, March 13, 2023. with normal business hours, and banking activities
Be prepared for potential disruptions in banking services or delays in accessing your funds as the situation unfolds.
Keep records and documentation
This will help in case there are any issues or discrepancies in the future.
While the situation is still evolving, there are steps you can take to mitigate any potential risks and protect your business.