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SVB was shut down by the FDIC on Friday. Depositors can’t withdraw their money yet.
That’s creating a cash crunch across startups and other businesses in Silicon Valley and beyond.
If you are a depositor of SVB, how much money will you get back in the end?
Silicon Valley Bank was shut down on Friday and customers can’t withdraw their money for now. There’s a cash crunch happening, so how much will depositors get back in the end?
It’s an important question, as many startups and other businesses that relied on SVB have to make payroll and pay other bills soon.
The FDIC insures US bank deposits up to $250,000 per account. But almost 88% of SVB’s customer deposits were not insured. So what will happen to this money?
The rating agency Moody’s estimated the future of these funds in a note shared late Friday.
