Economic fears are growing after Silicon Valley Bank and Signature Bank collapsed within days of each other. The failures sent bank stocks into a tailspin and spooked customers now afraid of what might happen if their bank fails, too. As federal regulators work to clean up the mess, Axios’ Business Editor Dan Primack and New York Times Columnist Ron Lieber spoke with Crystal Haynes about what went wrong with those banks and how the rest of us can keep our money safe.

GBH News is a premier source for in-depth local news and original story telling based in Boston, Massachusetts.
Subscribe to the GBH YouTube channel:
Follow GBH News on Instagram:
Like GBH News on Facebook:
Follow GBH News on Twitter: …(read more)

LEARN MORE ABOUT: Bank Failures

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

The recent failures of Silicon Valley Bank (SVB) and Signature Bank have left many individuals wondering how to keep their money safe. While these failures are rare, they do happen, and it is important to take necessary steps to prevent such an instance in the future. Here are some ways to protect your finances and ensure that they are secure.

1. Diversify your assets

While investing in a single bank or financial institution may seem like the best way to grow your money, it also makes it more vulnerable to risk if that bank fails. Therefore, it is important to diversify your assets across multiple banks, CDs, and other investment channels.

2. Check your bank’s FDIC insurance coverage

The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 per account holder, per bank. Hence, if you have more than $250,000 in deposits in one bank, it is recommended that you open additional accounts at different FDIC-insured banks to maximize your coverage.

3. Research the bank’s reputation and rating

Before you choose a bank or financial institution, it is important to check their reputation and rating. You can find information on their stability and financial strength from reliable sources like Moody’s, the Financial Stability Oversight Council, or the FDIC website.

4. Keep an eye on your account activity

Keeping a close eye on your account activity is important. Check your statements regularly for any unauthorized transactions or withdrawals, as these can be signs of fraud or identity theft.

5. Limit the amount of cash and deposits

Banks and financial institutions that hold large amounts of cash on hand can be a target for robbery. Therefore, it is recommended that you limit the amount of cash you keep in your accounts or at your home.

In a nutshell, while bank failures are rare, it is important to take necessary precautions to ensure that your finances are secured. By diversifying your assets, researching the bank’s reputation and rating, monitoring your accounts, and limiting cash and deposits, you can keep your money safe and minimize the risk of such failures.