SVB Depositors Will Get All Their Money After Frantic Weekend
- Both insured and uninsured deposits will be made available
- No losses at Silicon Valley Bank will be borne by taxpayers
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Silicon Valley Bank customers have spent three tense days wondering if millions of dollars they entrusted to the now-failed bank were lost. They got their answer Sunday night: All their funds — even amounts not insured by the FDIC — will be available.
“Depositors will have access to all of their money starting Monday, March 13,” the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. said in a joint statement. “No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”