Hundreds of Massachusetts residents are lining up in person to access their money after Silicon Valley Bank, a financial institution that primarily serves the tech industry, failed.
Customers have reported difficulty logging in online to access their accounts, leaving them with no choice but to visit the bank in person.
While some customers only had a few thousand dollars in their accounts, others, particularly those in the start-up and tech world, had millions of dollars at risk.
However, federal regulators have stepped in and lifted the FDIC-insured limit of $250,000 to guarantee that all customers will receive their money back.
Shareholders and unsecured debt holders will not be protected by federal regulators, and no taxpayer money will be used to bail out the failed bank.
Experts advise people not to panic and to continue trusting banks, citing the rigorous testing that banks such as JP Morgan have undergone since the 2008 financial crisis.
