How to make sure your money stays safe while banks across the country continue to close

ODESSA, Texas (KOSA) - The collapse of Silicon Valley Bank and Signature Bank sent ripples through the banking world, causing stocks like Comerica’s to fall as investors looked to guard themselves against a potential domino effect.

Many Americans felt the ripple effects of the silicon valley bank collapse last Friday, fear arose as federal legislators worked to assure Americans their money is safe.

But how are Texans holding up?

“So, I think the impacts in Texas are going to be minimal if any,” said, Bill Day Senior Vice President for Frost Bank

The impact other Americans and banks across the country are facing after the Silicon Valley bank failure has not reached West Texans as the banks in our area have not had the same issues.

But even though Texas banks have not seen the same issues doesn’t mean Texas banks aren’t concerned about potential effects.

“But they could have things like regulatory effects in the long term. In the short term, it’s just a lot of questions that customers have and they should talk to their bankers about those” said Day

And the questions that are being asked the most are: is my money insured and safe? And are we related to what’s happening in silicon valley bank and others?

“We’ve talked to our customers to make sure they understand first their deposits are insured and they are safe. Second, we are not related to what’s going on in Silicon Valley Bank, we have a different business model” said Day

The nation has been through multiple crises, World Wars, The Great Depression, The Texas Banking Crisis of the 1980s, The Recession of 2008, and a Global Pandemic.

And banks have had to answer where the safest place for money is.

“Of course, the answer then and the answer now is, the safest place for your funds is in a bank that’s insured by the FDIC. That’s where you know your deposits will be safe” said Day

If you have any questions about what’s going on it’s best to reach out to your bank or a local financial expert to answer any questions that you may have.

Copyright 2023 KOSA. All rights reserved.