Silicon Valley Bank — a California-based bank that largely catered to technology, venture capital and startup-focused customers — made news as it swiftly collapsed, creating great concern over the billions of dollars it held in deposits.
The bank was insured by the Federal Deposit Insurance Corp., and on Monday, the FDIC took over SVB’s operations so customers wouldn’t lose their funds, even those above the insurable limit. These customers, some of which were businesses that needed to be able to pay their employees, have likely been spared from financial catastrophe.
The FDIC is working to resolve things for SVB’s customers, but you may still be wondering what you should do