Biden Effect: Massive Line Forms Outside of San Francisco Silicon Valley Bank Branch as Bank Folds

Biden Effect: Massive Line Forms Outside of San Francisco Silicon Valley Bank Branch as Bank Folds | 10 March 2023 | A massive line formed outside of a Silicon Valley Bank branch in San Francisco this morning. The FDIC insures up to $250,000 per depositor, per FDIC-insured bank, per ownership category. If customers were holding more than that amount then they are at risk of losing anything over $250,000. According to earlier reports, 90% of SVB customers had more than $250,000 in the bank. Customers also lined up in New York City. The NYPD responded to a Silicon Valley Bank branch in Manhattan Friday morning after investors showed up to try to pull money out of their accounts.