Customers scramble for money after collapse of Silicon Valley Bank

It's the largest bank failure since 2008. WBZ-TV's Tammy Mutasa reports.

[redwoodtrail]

You know you’re screwed if the bank is closed and you’re informed by a run on sentence printed on cheap printer paper without a company header 😂 oh boy. Good luck everyone.

[dagsauce]

I think we need to send 200 billion dollars more to other countries to fix this

[tylerlambe]

The failure of Silicon Valley Bank has torn into global markets, with investors ripping up their forecasts for further rises in interest rates and dumping bank stocks around the world. I'm at a crossroads deciding if to liquidate my dipping 200k stocck portfolio, what’s the best way to take advantage of this bear market?

[donaldsexton]

People should have known SVB was going to tank about a month ago when Jim Cramer was telling people to buy their stock.

[WatchRichRebuildsChannel]

Just tell your bill collectors that you can’t pay because cash in is unavailable at the time and on back order. Sorry for the inconvenience.

[dbarton]

This is exactly why I do not keep my money in a bank. Plus, it sucks when you want to pull out $5, 000 cash for a trip, and they treat you like a criminal or drug dealer.

[econempresses]

If we all took our money out of the bank at the same time, it would shut down any bank.

[roythousand]

Never hold more than $250, 000.00 in a bank account. If you have more than $250, 000.00 in a bank account, open another account at another bank and put your surplus money in that account.

[barryjulianwaldron]

It’s indeed a free man who can carry his possessions on his right shoulder!
The less you have is the more you have.
🇦🇺💯%

[lemontadams]

There are thousands of US startups that banked at SVB, often as their *sole bank*. $250K per account is not going to last long.
The #1 pressing issue for these startups is *payroll* - you can't have people work if you can't pay them.
This means mass furlough.
.This is an *extinction level event* for startups and will set startups and innovation back by 10 years or more.

[michaelharrison]

Actually, there was another spate of bank closures sometime around 1990-1991. I know this because the FDIC and the "Resolution Trust Corporation" bailed me out on my paltry savings ( I had to borrow $100 from my parents so I could get by for the next week or so.) I certainly won't forget that.
Frightening.

[strongchallenger]

Just remember this. None of the executives will go to jail. Make them go bankrupt and live in the park.

[bengolfs]

These are the types of things that can cause a wave of panic and mass withdrawals.

[vicO]

SVB gave out their annual bonuses on March 10th the day before the FDIC took over the bank. These were managers, mid managers and upper managers, evidently they did such a great job of running the bank for the previous year. They say the bonuses were in process since the first of the year. Yeah, because they knew that SVB was in trouble.

[Raven]

Insane. A sign of things soon to come.

[Robin-mmmo]

My employer's payroll vendor is Rippling and they unfortunately banked with SVC. That said, our payroll didn't go through yesterday, so our CEO had to pay us out of the company checking account after they had already ACH'd/wired the money to Rippling on Thursday. Basically, took a payroll hit twice in two days. Our CEO is awesome, but poor thing had to deal with all this mess yesterday. Grr...

[oliviaortiz]

IT'S STARTED ☹️🥺 EVERYONE IS GOING TO LINE UP EVERYWHERE TO GET THIER CASH OUT 😭😬🥺

[genxx]

The FDIC insures deposits up to $250K. People who have more than that need to split it among different banks. How do they not know that? It would also be ethical for banks to advise them, and any customer whose account increases to that level. Notification should go out automatically, and the bank should call them.

[zelilee]

This will definitely expose how many startups are struggling with higher interest rates…yet more to come and more aggressive.

[kirilk]

America is collapsing faster then we think 🤦‍♂️