Almost 50% of Americans say they worry about their money being safe with a bank as shares of regional lenders plunge amid deposit outflows
The first collapse and regulatory seizures of American banks since the global financial crisis ignited the outflow of trillions of dollars from small and mid-sized lenders, and that anxiety is showing up in a new poll from Gallup. , 48% of adults in the US said they're concerned about the safety of their money in banks and other financial institutions. That includes 19% who were"very" worried and 29% who were"moderately" worried.
Gallup last polled Americans about their level of worry about money parked in banks in 2008, after the collapse of Lehman Brothers. The current rate of concern is at similar levels found 15 years ago. Not everyone is nervous about their banks now. Gallup found 20% of respondents to its telephone survey were"not worried at all" about their cash, and 30% considered themselves"not too worried." Silicon Valley Bank and Signature Bank imploded in March
. The Federal Deposit Insurance Corp. took over those companies to stave off a potential run on banks after SVB's bond-portfolio losses spurred fears about the bank's viability and uninsured deposits. The FDIC covered all depositors at SVB and Signature, even those over its $250,000 account limit. and the bulk of its assets were sold to JPMorgan.
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