The collapse of Silicon Valley Bank has investors worried – understand your rights
Some retirement savers may be fretting after the dissolution of Silicon Valley Bank and Signature Bank over the last few days — not only is the market reacting to the news, which likely is affecting their 401 balances, but they may be worried their cash savings are also no longer safe.
The federal government has come to the rescue of depositors at the two banks. In a letter to the public, Treasury Secretary Janet Yellen, along with Federal Reserve Board Chair Jerome Powell and FDIC Chairman Martin Gruenberg said savers at Silicon Valley Bank would have access to their money beginning Monday, and that depositors of Signature Bank would be made whole as well.
Still, a bank closing can be concerning — for personal bank accounts, for retirement investment accounts tied to the markets and for the economy as a whole.
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