SVB's collapse has sparked bank runs at branches across the country, and now ... additional fears are percolating that even more big banks could be next in having the FDIC step in and take over.
The FDIC insures up to $250,000 for any given depositer in federally protected banks -- anything more than that isn't promised back though ... and reports indicate much of SVB's clientele -- typically steeped in the tech startup world, who often have boatloads of assets deposited -- might have way more than just that ... which may be lost when the dust settles.
On top of this, there are now reports of Wells Fargo accounts freezing for people who are trying to withdraw and transfer funds. Bank of America is also getting swept up in this -- both are trending, with a lot of Twitter users suggesting everyone get their cash out ASAP. A "technical issue" is causing some Wells Fargo customers to see missing deposits in their accounts, the bank says.
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