March 23, 2023
CBS Boston recently published an interview featuring Jay Zagorsky, Associate Professor of Markets, Public Policy, and Law on consumers’ growing concerns on the safety of their money following the collapse of Silicon Valley Bank.
While the demise of SVB has contributed to many losing faith and trust in the banking system entirely, there are steps consumers and businesses can take to remain safe. When depositing over $250,000, some ideas for business owners are to split up their money, consider investing, and choose a bank with extra insurance.
Zagorsky adds, “The government is not going to let, in my opinion, major banks, like Bank of America, or Chase, or Wells Fargo go under.”
Despite having good reasons, the implications of the SVB collapse should not send consumers into a panic concerning all banks.