US banks have well over $1 trillion of uninsured deposits. Signature Bank was among the most exposed.
, and now the collapse of Signature Bank, have stretched this system to a breaking point.
The authorities are giving the same special exemption to Signature Bank, so all depositors will be made whole there too. Signature had $89 billion in total deposits, and 90% of those were not insured by the FDIC. That's another $79 billion that this agency is taking on its shoulders. In the case of SVB and Signature, the high percentage of uninsured deposits is partly a function of having a relatively small number of clients with large balances. At SVB, for example, Roku revealed it had almost $500 million in deposits at the bank, extending far beyond the $250,000 guarantee. Banks with a much greater number of retail customers meanwhile would typically have a much lower average balance and a much higher percentage of insured deposits.
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