FINANCIAL EXPERT: Protecting your money following bank failures
ATLANTA, Ga. (Atlanta News First) - The failure of Silicon Valley Bank is the second largest collapse in U.S. history, and it came hand-in-hand with two other major fallouts: Signature Bank in New York and Silvergate in San Diego.
Although the latter two can partially blame their demise on the fall of cryptocurrency, Silicon Valley Bank is pointing a finger at the Federal Reserve’s aggressive interest rate hikes.
The government is stepping in to back deposits for SVB and Signature Bank beyond the usual $250,000 FDIC limit, but this major financial scare has many investors and savers worried. Are more collapses on the way? Will the Fed continue to hike interest rates? Should bank accounts be liquidated now, before it’s too late?
Local financial professional Bradley Rosen from Longevity Financial sat down with Atlanta News First to discuss the latest news around these bank failures and to offer advice to help consumers protect their money.
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