Bank customers are likely to face higher fees following the SVB bailout.
who grumbled about being hit with a bill for “FDIC Insurance Premiums” or “assessments.”
As of the end of last year, the Deposit Insurance Fund had a balance was $128.2 billion. By comparison, SVB alone had roughly $156 billion in unsecured deposits, according to company filings.The feds will also sell off the remaining assets of SVB and Signature Bank as part of their bid to make depositors whole.
The intervention went above and beyond the FDIC’s rules, which guarantee deposits up to $250,000 per account. Had officials followed the pre-existing terms, the tech investors and venture firms that comprised most of SVB’s customer base would have been out of luck.
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