"Depositors at Silicon Valley Bank will have access to all their money on Monday, regulators said, as part of an emergency plan to stem potential spillovers from the bank’s swift collapse. The regulators also closed Signature." Cover of the WSJ about 10 minutes ago.
Breaking: Signature Bank closed by New York banking authorities The New-York-based bank, which is also known to serve a number of crypto firms, was shut down by state regulators, according to a Federal Reserve announcement. 494Total views Listen to article 1:01 BREAKING NEWS The Board of Governors at the United States Federal Reserve has taken immediate action to close down Signature Bank. The Federal Reserve explained in a Mar. 12 press release that the decision was made in order to to protect the U.S. economy by strengthening public confidence in the banking system. "This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth." "Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," according to the statement.
So this is the second bank related to crypto that has failed. Silvergate voluntarily liquidated itself four days ago. Again, these are banks that failed over a particular segment of business that's not really representative of the banking industry as a whole.
I have a $5,000. CD (through Schwab) at First Republic Bank (FRC). The Fed had to backstop this bank over the weekend!! (Reuters) - U.S. private bank First Republic Bank said on Sunday it had secured additional financing through JPMorgan Chase & Co, giving it access to a total of $70 billion in funds through various sources. First Republic's announcement came after its share price was hit last week in the aftermath of a run on SVB Financial Group. Silicon Valley Bank's collapse on Friday prompted U.S. Federal Reserve and other regulators to announce a series of emergency measures to shore up confidence in the banking system. In a statement, First Republic said additional borrowing capacity from the U.S. Federal Reserve as well as that from JPMorgan had boosted the amount of liquidity it had available.
That is because they are afraid that you, and the millions of other customers like you, will be puling your money out of the CD, because of fear.