First Republic Bank has shut its doors. But this bank failure is different from the Silicon Valley Bank closure in key ways.
First Republic Bank, based in San Francisco, has shut its doors. But this bank failure is different from another recent failure — the March closure of Silicon Valley Bank — in that depositors knew on the day of the announcement how they could access their funds, even if their balances were outside federal insurance limits, according to a JPMorgan Chase press release.
That’s in contrast to the March 10 FDIC announcement about Silicon Valley Bank’s closure. With that announcement, it wasn’t immediately clear that customers with deposits above the federal limits would be able to access their money. Two days later, a joint statement issued by the FDIC, Treasury and Federal Reserve said that “depositors will have access to all of their money starting Monday, March 13.
According to the FDIC, deposit accounts, such as checking and savings accounts, are typically insured up to $250,000 per depositor, per insured bank and per ownership category. The statement from JPMorgan Chase is notable because it allows First Republic Bank depositors to have access to their uninsured deposits, which generally means those with balances above the $250,000 FDIC limits.This is likely a welcome announcement for affected customers.
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